Help Support Ram Forum by donating:


  1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Lease Buy Out?

Discussion in 'General Discussions' started by RamClassic LI, Jan 2, 2021.

Sponsored By: All Mopar Parts
  1. RamClassic LI

    RamClassic LI Junior Member

    Posts:
    29
    Likes Received:
    37
    Joined:
    Apr 28, 2019
    Location:
    Long Island
    Ram Year:
    2019
    Engine:
    3.6
    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?
     
  2. HitchHiker

    HitchHiker Senior Member

    Posts:
    404
    Likes Received:
    326
    Joined:
    Jul 24, 2016
    Location:
    Delaware
    Ram Year:
    2012
    Engine:
    Hemi 5.7
    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.


    Sent from my iPhone using Tapatalk
     
  3. retired

    retired Senior Member

    Age:
    62
    Posts:
    791
    Likes Received:
    969
    Joined:
    Aug 19, 2020
    Location:
    montana
    Ram Year:
    2020
    Engine:
    6.4
    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.
     
  4. retired

    retired Senior Member

    Age:
    62
    Posts:
    791
    Likes Received:
    969
    Joined:
    Aug 19, 2020
    Location:
    montana
    Ram Year:
    2020
    Engine:
    6.4
  5. RamClassic LI

    RamClassic LI Junior Member

    Posts:
    29
    Likes Received:
    37
    Joined:
    Apr 28, 2019
    Location:
    Long Island
    Ram Year:
    2019
    Engine:
    3.6
    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.
     
  6. retired

    retired Senior Member

    Age:
    62
    Posts:
    791
    Likes Received:
    969
    Joined:
    Aug 19, 2020
    Location:
    montana
    Ram Year:
    2020
    Engine:
    6.4
    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.
     
    HitchHiker likes this.
  7. LeeD

    LeeD Member Supporting Member

    Age:
    67
    Posts:
    66
    Likes Received:
    55
    Joined:
    May 14, 2020
    Location:
    Humble, TX United States
    Ram Year:
    2018
    Engine:
    5.7 Hemi
    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.
     
    Guga and HitchHiker like this.
  8. HitchHiker

    HitchHiker Senior Member

    Posts:
    404
    Likes Received:
    326
    Joined:
    Jul 24, 2016
    Location:
    Delaware
    Ram Year:
    2012
    Engine:
    Hemi 5.7
    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.

    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.


    Sent from my iPhone using Tapatalk
     
    tron67j likes this.
  9. rule18

    rule18 What's next? Staff Member Super Moderator Supporting Member

    Posts:
    1,679
    Likes Received:
    2,357
    Joined:
    Jan 31, 2013
    Location:
    Orange County, NY
    Ram Year:
    2017 Rebel
    Engine:
    3.6, 3.92 and a Pedal Commander
    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?
     
    Canadianguy likes this.
  10. jws123

    jws123 Senior Member

    Posts:
    627
    Likes Received:
    424
    Joined:
    May 16, 2018
    Location:
    nj
    Ram Year:
    2011
    Engine:
    5.7
    Get a hemi makes the truck Fun to drive.
     

Share This Page