I love my 08 IS350. Lease will be up later part of 2010. I normally get an itch to change cars after a couple of years (that, and business deductions is why I lease), but not the case this time around. I see myself staying with Lexus, and was hoping to enter into a lease for the 3rd Gen IS, but I believe it isn't due until late 2011 (i think??).

I could buy my IS350 for the "buyout" amt next year, but in Illinois you get "double dipped" on taxes. I've looked at the IS-F, but not feelin it...

Anyway, I realize I'm getting ahead of myself, but any lease gurus out there? 'Course who knows what will be available in a years time...

 

DO NOT EVER BUY OUT A LEASE! youll end up paying more for your car than if you ever would have just bought the car in the first place...... I would just recommend finding a different IS350 and buying that one.

What i would have recommened is that when you first leased the car roll the sales tax into the deal. Youll end up paying more a month BUT you wouldnt have to pay sales tax on a car that you NEVER really own, and in your situation where you are planning to buy out your lease, youll have to pay sales tax again.

 

Agree about the buyout. Not likely to go that route. So I will either walk away at the end or "extend". I guess I was curious to see how "extending" works. Has anyone done it? How do you negotiate that situation?

 

What? It's all in the cap cost at the time the lease was written and the residual value. The money factor makes a difference also. My money factor was several points under what was available in a loan at the time. New car loans were +/- 6.5%, m.f. worked out under 4%. In Wash. state you pay sales tax on a monthly basis, added to the monthly payment. Generally, maybe you've got a point, but not always the case.

 

First off, you only pay taxes on the portion you lease. So if you buy the car out, its not like you are paying double the taxes. Anyways, to answer your question....Lexus allows for up to a 6-month, month-to-month lease extension. Just give them a call. Did it with my 06, in order to get the vert.

 

+1, and they may go twelve months in a situation where they know the lessee is waiting to get a newer model. Good Luck

 

I wish it were the case that I only paid taxes on the lease portion. Here in IL, you pay taxes on the agreed upon sales price for the entire vehicle (you can roll that into the lease). Then, if you want to "buyout", you pay sales tax on the residual amount = "double dip"

Thanks for the info on extending the lease. Did your monthly payments change at all?

 

wow, that sucks. No, payments were the same. I tried doing the multi-post, but wasnt working. I think I did an 8 month extension. Reason being, well the vert wasnt out yet.

 

Wow this is great to know! I leased my 09 in early October 2008 (for 36 months) and have been fretting that my lease will be up before the 3rd generation is released. Thanks for the info!

 

You can always extend a lease and that should always be the preferred route instead of buying the car at the end (unless you can resell for more than the buyout amount). A lease is simply a monthly rental. All of the principles are the same as a purchase except, you're not buying it, you're renting it.

If you keep a rental longer than the term, you simply extend the rental term. I leased an 07 but, I'm way under my miles so, I might sell the car before the lease is up, pay it off and jump into the 3rd gen. We'll see how it goes.

 

When lease is up, lets say i decide to get the latest IS at the moment. Do i get any sort of credit towards the next car? in other words does any of the money i paid during my lease go towards the next lease?

 

Call Lexus Financial and they can extend your lease for up to 6 months.
Hope that helps

 

Several people who have extended their lease have said the monthly payments did not change over the added term.

Wouldn't the monthly rate on a lease extension have to be re-calculated based on the Market Value of the car at the time of "turn in" and the projected residual value "x" months later? Then figure the going money factor, etc. In other words, why can't an extension be negotiated??

 

The 3IS should be out at the end of the 2010 model year as a '11. A five year model run is Toyota's current program (2006-2010).

 

Extend it for a few months, but don't buy it out!