SilvahGX

Hi all,
Well my lease ends on Monday, and I have two options from US Bank.

1). They have given me the option to finance the car for about three years for a price of about $34K, they say this is the price they would get at an auction.

2). Just return the vehicle, and leasing a Range Rover HSE (it's a demo but in good condition).I am going to end up paying around $1100 with $3000 drive off for 2 years (this is the best I could find in all of California).

My car was based on a 3 year/12K mile lease (its an '05), and I have done approximately 42,600 miles on it so I will have to pay them about $1500 in excess mileage.

However, if I finance the car, I will be paying about $1,000/month for about 3 years. So that brings me to my question, I know that this car has decent resale value, assuming that it has about 70K miles in 3 more years, what would be the expected resale value (just a ballpark figure)?

My current dealer has also offered me an '08 for the same price that I'm paying on my '05 but with 15K miles a year.

I have enjoyed this vehicle thoroughly, but I think I'm due for a change now. I'm crazy, I know.

Any advice is greatly appreciated!

<VENOM>

The only concern with resale value may be gas prices in 3 more years, dealer lots are already starting to fill up with larger vehicles

Lexy

Checking Autotrader.com that seems to be a little on the higher side for a 2005 with that kind of mileage. It always seems so unfair that you don't get some kind of credit for the "Lease" money that you paid during your 3 years. I just bought a 2006 GX from Fremont, CAL for under $ 40K, it has the Nav and nice Chrome Wheels, but the kicker was the mileage at 16,900 miles. It is in great shape, so I think I got an exceptional deal.
Having said that, you are going to be responsible for the excess mileage anyways, and if you loved the vehicle and you kept it up. It's not a bad deal at $ 34K.
Certainly I think the build quality and dependability is higher on a GX than Rovers. As you heard Ford just sold them to the large car manufacturer in India. But they are still a really nice vehicle.
Good luck and keep us updated on your decision !

Cheers

Mike from Surrey, BC

LexusBob

I also have an '05 and plan on keeping it a long time. Just paid off 3-year loan and title is clear. Be careful, Range Rover reliability records have been poor (see Consumer Reports). There may be some future higher maintenance costs on the GX to consider as the vehicle ages, but it's not going to fall apart on you IMHO. Also, you're going to own the vehicle after 3 years with the $34K purchase option and still get several miles over 70K! Is there something you really need or want with the '08? Other than being newer, it really isn't all that much different than the '05.
Good luck!

kutsyy

Check your lease papers. There should be a price at which you can buy out the car (and they would have to sell a car for you) it is usually called " residual value". The price was set 3 years ago when you took the lease, and has nothing to do with current market/car condition/car value.

Vadim.

SilvahGX

Yes, the residual on the car was around $36,000 and the bank offered by $34K.

Well, after much deliberation, I thought about all my options and how much I wanted to shell out of my pocket and opted not to buy the GX470. I also opted not to get the Range Rover, becuase I just could not justify the price with all the reliability issues considered.

However, as I stated above, I really wanted a change to a new brand and I've never had a BMW before. So I went to my local BMW dealer and saw the attractive lease deals on the 328i and I was sold. The deal was amazing and the car was great, plus I won't have to worry about service for the next two years. I know that it's not going to be anywhere near the Lexus, but its also a lot nicer on my wallet. I can do without a big car for at least a year and when the time arrives, I will most likely be back at Lexus.

I've definitely enjoyed this forum!
Thanks for everyones advice.

GX4704ME

I am sure you will enjoy your new BMW and feel free to visit the site often. By the way, before buying the Lexus I almost purchased the BMW X5 which also happens to be the only BMW I would consider purchasing.