Lease Buy Out?

Is it worth buying out your current lease? I have a 2019 Classic Quad Cab with the Pentastar and the lease is coming to an end soon and I have the option to buy it out for $22k. Its spotless and I only have 15K miles on it, we use it to tow our 24ft 4,200lb camper around 5-6 times a year with no issues. Is it worth upgrading to a Hemi and crew cab? A new truck will probably be around $40k. The trailer is new and my two kids are young so we will not be upgrading the trailer for another 8-10 years, which then would need a different truck to it, probably a 2500 Gasser. Is a lease buy out worth it?

It may be worth it even if you decide to buy a new truck instead. Right now used cars and in particular used SUVs and pickups are at premium market prices. If the value of your truck is 30k for example - it may be worth buying out the lease at 22K (plus taxes/fees) and then reselling the truck private party, and using the proceeds toward the new truck.

My lease on my 2018 RAM 1500 Limited is up in April 2021 and my buyout is 28k IIRC. I may end up doing the same thing.


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I would think a 2019 with low miles like that in perfect condition is going to sell for more than $22000. Have you checked blue book value. email several dealers and asked what you would get trading it in. If anything over 22K then even if you are wanting something else buy it and then trade or sell it yourself and pocket the extra money.

just doing a quick Kbb it looks like worth at least 23K even if it is the lowest model.
https://www.kbb.com/ram/1500-classi...e-in&condition=excellent&options=8704392|true

its a 2019 Ram Classic Express Quad cab v6 4x4 with the blackout package, KBB states a private party sale would fetch around 26K. Its just a matter of deciding is the extra monthly payments worth it now for a hemi and crew cab.

the other way to look at it is your present vehicle will never be worth more than it is right now so now might be the best time to sell or trade it. You can negotiate a trade-in at any time during your lease. See what a dealer will give you on a trade.

Besides all of the great suggestions keep in mind that your children are going to get bigger and a crew cab might be in your future anyway.

retired said:

just doing a quick Kbb it looks like worth at least 23K even if it is the lowest model.
https://www.kbb.com/ram/1500-classi...e-in&condition=excellent&options=8704392|true

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Take it to a CarMax and see what they will offer for it - if you have one not too far away. Sometimes if it’s in really good condition and in demand they may give you midway between trade in value and private party value - which may be enough for you to buy it out and then drive it right to CarMax and avoid the hassle of having to transact a private party sale. [emoji3]

You could also use the CarMax price as a negotiating tactic for getting into a CC Hemi - if your dealer really wants to move a vehicle they may come down more on the price of the new vehicle since another dealer is willing to give you more than the 22k buy out price for the leased truck you have now.


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It's only worth trading up if you want to, nobody can spend your money but you (although we try like hell!). If you're happy with the truck and it meets your needs, why incur expenses?

Get a hemi makes the truck Fun to drive.

I bought out one of my leases some years back because I couldn't touch a similar vehicle for the price of the buyout (It was a 2007 Honda Odyssey minivan). I think you're going to find that same situation with your truck.

You are not going to touch a 2019 Ram 1500 classic QC, 4x4 pentastar for $22K. KBB trade-in value is probably around ~$23K for that truck right now and retail would be around ~$28K.

IMO, you could buy it out, drive it for another year or two and still be ahead.

I had the same truck, but a 2017 and traded it in on my 2019 1500 classic CC, hemi 4x4 w/ 15K miles on it 6 months ago. I traded up to the CC because of my 4 kids, but it really was more of an impulse buy (as is my custom). I could have easily still gotten by with the quad cab. Hemi or pentastar doesn't really matter to me. I love them both.

Like said above, you could easily get out from under your truck and into a new one, but it's probably going to cost you a lot more than it did for the 2019.

Carvana and Edmunds also can give offers right on the website. I have found them a bit low, but at least a starting point. You know the truck, seems like a good price, if you buy it out you don't have to worry for a while about needing to buy something else.

I had a quad cab, by the time my son was 6 we needed the crew cab.

My two little girls are 7 and 5 and are on the petite size (7yr old is around 45lbs). The v6 tows my current camper fine and gets decent mileage when towing as well, could I benefit from more power, sure who wouldn't. In 8 years from now when we decide to upgrade the camper I will probably would want a 2500 gasser. I guess it makes sense to buyout my current lease since it does serve my purpose now (wife will need a new vehicle in 4 years too) then spend an extra 15k just for the 1500 Hemi/Crew Cab. Sucks trying to be financially smart with the family lol.

I was soon ending a two year lease on a 1500 Laramie. Carvana offered way more than end of lease value. Made almost $9,000 letting them deal directly with leaser to end four months early. This saved a couple thousand in sales tax to state.

Let them give you an offer. May be better than you can do with buyout. Very easy process and no surprises.

I would only caution this from personal experience - we had a lease on a Durango years ago and our buyout was way less than what the dealership could buy it out for. Ultimately we ended up writing a check to buy it and trading it in as we did have significant equity in it. I am not sure if all or most leases are written that way but for whatever reason the dealership could not buy the vehicle themselves for the buyout price on our contract.

Barney556180 said:

I was soon ending a two year lease on a 1500 Laramie. Carvana offered way more than end of lease value. Made almost $9,000 letting them deal directly with leaser to end four months early. This saved a couple thousand in sales tax to state.

Let them give you an offer. May be better than you can do with buyout. Very easy process and no surprises.

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This ^^^ I sold a car to Carvana last year and it was awesome. I made 3k on mine over what I paid for it. They pay a premium for low mileage newer vehicles. People that get low offers usually have unpopular or higher mileage cars or have accidents reported. They offered me ridiculous money for my Wranglers.

What I'd do:

Get rid of the truck. And if I was making payments on the camper, I'd get rid of that too.

Get out of debt, and pay cash for the next "new to me" vehicle.

But hey, that's just me and my Stress Free mindset.

Barney556180 said:

I was soon ending a two year lease on a 1500 Laramie. Carvana offered way more than end of lease value. Made almost $9,000 letting them deal directly with leaser to end four months early. This saved a couple thousand in sales tax to state.

Let them give you an offer. May be better than you can do with buyout. Very easy process and no surprises.

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Can you elaborate? If I'm understanding you correctly, Carvana, acting as your agent, bought the truck from the leasing company and sent you a check for almost $9,000?



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PowrRam said:

Can you elaborate? If I'm understanding you correctly, Carvana, acting as your agent, bought the truck from the leasing company and sent you a check for almost $9,000?



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Carvana offered $39k for my truck. I was about five months out from the end of a two-year lease with Chrysler with the buyout at around $31k.

I first contacted Chrysler about purchasing and selling myself. However that would have triggered a couple thousand state sales tax.

Carvana dealt with Chrysler lease directly (no tax event) and paid me the difference- almost $8,700.

Truck values were crazy in August so the spread was worth ending lease early.

Have done several sales to Carvana and very satisfied with their service. They seem to pay top dollar for clean low mileage vehicles. No surprises or issues. [emoji1303]

Barney556180 said:

Carvana offered $39k for my truck. I was about five months out from the end of a two-year lease with Chrysler with the buyout at around $31k.

I first contacted Chrysler about purchasing and selling myself. That would have triggered a couple thousand state sales tax.

Carvana dealt with Chrysler directly (no tax event) and paid me the difference- almost $8,700.

Truck values were crazy in August so the spread was worth ending lease early.

Have done several sales to Carvana and very satisfied with their service. They seem to pay top dollar for clean low mileage vehicles. No surprises or issues. [emoji1303]

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OK, that's about how I figured the process went.

I'm in a similar boat. I've got a 2018 Big Horn in my third year of a three year lease. I'm allotted 30,000 miles over those three years and I only have 13,800 miles on it so far. The lease is up in May. I think my buyout is $23,000, but I need to check my lease contract.

For the past several months, because of the super low mileage, I figured I would buy my truck at lease end and keep it. However, I checked prices around Thanksgiving and similarly equipped Big Horn's in my area are advertised for $32,000 to $33,000. Now I'm thinking I should sell it, but the hit I would take on the state sales tax would be significant. Not a deal breaker, but almost $1,700.

Then I saw your post. Now I'm thinking I let Carvana hassle with everything. The fact that they would take me out of the sales tax equation is a $1,700 bonus. I went to their website and one of their criteria for buying out an existing lease is it must be done at least 60 days before the lease ends. Not sure why that is, must be something in the lease contract that addresses this issue. They had several Big Horn's on their site, again in the $32K to $33K range.

Did you follow up and find out what they listed and/or sold your Laramie for?