Somelexus

My 2011 ES has 10k miles on it. 36 month lease ends in December. We paid extra to get 15k miles allowance a year, and never drove it. I think the pay off is about $22k. It is the premium package (Mark lev, panaramic, etc). It's her car, but she doesn't like to drive it because of fear of scratching it ! So my dilemma, it's a pretty nice car for $22k, but I'd rather drive something else. What are my options?

spwolf

can you sell it for more than $22k on the market?

Mike728

Trade-in value should be around $26k. See what CarMax offers and go from there, if you're really not interested in keeping it.

Stormwind

You have 60 days to drive 5k more miles, maybe time for a road trip?

mmarshall

Welcome to CL as a new poster. Glad to have you.

If the lease is up in December, can't you wait just a couple of more months? Then you can take it back, turn in the key, and ether lease something else or go shopping from there...if you have something to drive in the meantime. If you don't (and you and your wife have only one car), you could wind up in a rental car until you actually replace it, so the most practical and convenient thing may be to just lease something else and take it home....something you and your wife can both agree on.

Frankly, though each to his own, I don't see why you don't like the ES. It's a nice comfy, reliable car and a good all-around daily driver unless you need AWD for bad weather.

Fizzboy7

You paid for the extra miles, now you should recoup that expense. Sell it privately and pocket the difference. If you simply turn it in, you are throwing money down the toilet. At the very least, take it to CarMax, as mentioned above. Just do not give it back to the dealer.

Somelexus

I think this is probably our best option. If Carmax doesn't make us a decent offer, we'll likely just sell it outright and buy something else.

Thanks for the responses everyone!

blacksc400

iTrader: (4)

I think OP only put 10k total on the car, which is 35k miles under for a 3 yrs lease. Yes I agree with other, sell it privately or to Carmax and pocket the difference.

96SC4

iTrader: (2)

10K miles in 3 years??
Wow!

Let us know what you end up doing!

corradoMR2

Agree with the posts above. Recoup some of the money you paid into the car as mentioned.

Here's another option which I've exercised in the past and will be doing again in the next few weeks is trade in the car as if you owned it, BEFORE your lease ends. The dealer (Lexus or otherwise) will evaluate your car based on condition, mileage (only 10k), etc, and you will most definitely get a higher amount than the buyout at 22K if it's in mint shape and no accidents. On my leased RX F-Sport for example, the buyout is 35K (Canada), yet the dealer black book trade-in value for the low mileage we have is 40-44k, and my exact model retails used for about 50k with higher mileage! In short DON'T just hand the car back at the end of the lease as you're throwing away a couple grand you can get very easily without the hassle of selling it privately.

Good luck!

4TehNguyen

iTrader: (1)

find out if you can sell it for more than the buyback value, pocket the difference

GoHuskers

I HAD DONE this before.....

Take your car into ANY dealers that you want to buy another car from, tell them you want to TRADE it in for a vehicle of your choice. They will tell you how much they give you for the Trade-in.

IF the trade-in price is BETTER than your current buy-out price (from the lease company) then DO IT and keep the profit yourself; otherwise, return the car to the dealer at the end of the release.

SOME states force you to pay the sales tax if you buy out your car from the lease company which in turn may reduce your profit or loose money if your sell that car privately and buy something else.

Good luck.

FastTags

I 1000% agree. My dad returned a leased Jeep, way under his mileage allowance, they sent him a thank you letter and a check for $350.

No guarantee lexus will do the same. Sell the car on CL and us the money to buy a new ride. Don't give them the CAR. Worst case scenario, Trade it in AT THE DEALER YOU WANT TO BUY A NEW CAR.

Its a nice ride and extremely low mileage. I would have bought it for my wife if I only knew a month back