Hey guys,
Last July(2017) my Suburban was giving me fits, and we needed a truck like vehicle to tow our camper. We looked at a bunch of used SUV's and trucks, but it was going to be a replacement for my wife's Sienna which she had been driving for 10 years. I figured she was due for a newer vehicle. Ultimately we decided a 4Runner would be a good vehicle. Used ones were crazy priced it seemed even with highish mileage.
In a moment of weakness we ended up leasing a brand new one at a local dealer that was recommended by my sister, and not the regular Toyota dealer we had bought a few cars from. Long story short we were taken advantage of, and lied to about a few things.
We love the 4Runner, and could probably afford to keep it through the lease(24 or so months left), but in my head it just isn't making a ton of sense. Biting the bullet on what we owe compared to the trade in value isn't great either, but might make the most sense in the long run.
Since we got the 4Runner we've only used it to tow the camper once, and our life has changed enough that I don't see us using the camper much more in the next couple of years(haven't used it once this year). I might even talk her into selling it as I don't like camping anymore anyway. I guess to me it doesn't seem to make sense to have a high lease payment on a truck that probably isn't needed, and is too much vehicle for her/our needs. It is an awesome truck though!!
On paper there's a gap of around $3-4k between what we owe on the lease, and what it's worth on trade in. Significant money, but maybe something I'd entertain considering what it will cost to keep the lease for the remainder of the term. This is all on paper, and not in the real world dealing with a salesperson. Keeping the lease until the end will cost us around $13k with reg/taxes, excise, etc before fuel. We don't own it at the end either. Buying something will be more expensive total I suppose, but we can spread it out over a longer period, and we own it afterwards. I hate payments, but this lease while an affective way to get a car you normally couldn't afford is something I don't think was wise for us. I should have known better, but like I said it was a moment of weakness. We are well under the allowed mileage, so that helps us I suppose.
My thoughts are maybe eating the $3-4k, and buy a slightly used/new small SUV/CUV for around the $17-25k range and still be ahead of the game over the length of the financing. I say this as right now there are a few manufacturers offering 0%-0.9% on new cars. Also used with low miles means you can get a lightly used car with good features for less money. We could probably get more features in a new or used CUV. I say this because while our 4Runner is well equipped it lacks a few cool features that a lot of lower level cars have now, like heated seats, sunroof, etc. It does have some cool features that she/we will never use(TRD off road crawl control stuff). A small SUV/CUV will most definitely get better MPG's too. Also my short wife seems to struggle parking the 4Runner even a year plus later. She struggled with the 4wd shifter last winter as well. AWD might be the right ticket here.
I'm thinking about Mazda CX-5's, Toyota Rav-4's, Mitsubishi Outlander, Nissan Rogue, etc..
On paper I like the Outlander GT V6 best as you get a lot for your money with a regular automatic opposed to a CVT. Best warranty as well. You guys seem to E36 M3 on Mitsu, but critics like them it seems. I'm a Mazda and Toyota guy though so I think the CX-5 (also traditional auto)is probably the best bet. Any thoughts on these choices? Mazda, and Mitsubishi are offering low interest right now(0%), and I haven't checked on Toyota/Nissan yet. Might go check out a left over 17 CX-5 touring tonight. No Sirius/XM radio on the lower level Mazda's is a bit of a turn off though. Thoughts? Am I nuts?
Chris
