Lease Buyout - Need Advice

[sidb55]

Hello - I have a 2015 Rav 4 EV with 22300 miles. My lease is up in another 9 months and the buy back option is for $19,500. I am looking for advice on the following areas -
1. Has anyone experienced issues long term with more miles on a 2015 model?
2. Is this a good price to pay for buy out?
3. Do you recommend an extended warranty. I have read about a 8 year/100K miles warranty for roughly $1500. I doubt I will get to 100K in 8 years since commute is low.
4. When I return on a lease with low miles, do they evaluate a higher value?

Thanks much!
Sid

 

[eplantz]

There is no 2015 model. I assume you mean 2014.

if you have less than 36K miles (or will near lease termination), get the extended warranty.

the dollar amount specified is in the contract, so they have honor it if low miles or not.

 

[sidb55]

Thanks! You are correct - 2014 model. Do you know if that is a reliable model? I know they need to honor the contract amount but is it a good deal to take it over or return? I will likely have around 25K at lease completion (instead of 36K). Would the dealer give a higher value for low mileage - I assume not?

 

[eplantz]

the dealer will not care about the mileage in the case of lease-end, unless you went over what the contract specifies. if you buy, it does not matter at all.

It appears Toyota is loath to dicker on lease-end buy-out amounts.

you amount is average. I have 2013 and the buy-out was $19,900. is it a good price??? this is subjective but i decided to buy. i would NOT have if i could not get the extended warranty from Toyota.

 

[miimura]

Hello - I have a 2015 Rav 4 EV with 22300 miles. My lease is up in another 9 months and the buy back option is for $19,500. I am looking for advice on the following areas -
1. Has anyone experienced issues long term with more miles on a 2015 model?
2. Is this a good price to pay for buy out?
3. Do you recommend an extended warranty. I have read about a 8 year/100K miles warranty for roughly $1500. I doubt I will get to 100K in 8 years since commute is low.
4. When I return on a lease with low miles, do they evaluate a higher value?

Thanks much!
Sid

1. The RAV4 EV is only 2012/2013/2014. So, 2015 model is impossible. Simple mistake.
2. A residual value of $19,500 is a reasonable price to buy out your own leased low mileage car.
3. If you're planning to buy it out, definitely buy the Toyota Platinum Extended Warranty before the 3 years and 36,000 miles pass.
4. Toyota does not negotiate residuals. Either you buy it at the price in your original lease contract or you return it. Well, actually, there is one more option - extend the lease month-to-month for up to 6 more months. The residual will decrease with the additional payments. Toyota Financial can tell you exactly how much it will reduce for each extra month.