Approaching 1 year with the Maverick

[NorthShoreMaverick]

I am approaching 1 year with my Maverick and I have enjoyed driving it thus far.

It has come in handy with transporting larger items, has a peppy turbocharged engine and gets very good gas mileage averaging close to 30 mpg on the highway.

My one regret is not financing the vehicle and leasing the vehicle as I am already over the 10,000 miles per year around 12,500 miles as of today. Leasing was the cheapest way to drive this truck at the time of purchase for me as I had other expenses I had to deal with. I don’t think the mileage will be a big deal as I will most likely buy the truck for the purchase price at the end of the lease which I believe was a little over 20k if I’m not mistaken.

Is anyone else is the lease versus buy predicament like myself?

thanks!

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[JimParker256]

Many years ago, before I was as smart and savvy as I am today , I was talked into leasing a personal car (no business to write it off against). And I wound up with the same issue - WAY more "months" than "miles" left on the lease. It was a 36 month, 36K mile lease, and at 24 months I already had about 32K on it... If I kept driving it, I would have to pay a fortune for the extra miles. (Probably should have paid more attention to that extra miles fee clause in the lease...) My solution was for my daughter to drive it to school (university), where it was basically parked the whole time.

At the end of the lease, the buyout price wound up being ridiculously higher than the actual value, so I returned it to the leasing company. They charged me for new tires (at their inflated cost) because according to them, the tires were in unacceptable condition per the lease terms. I had put new high-end tires on the car one year before the lease ended, and they had maybe 2500 miles on them! My choice was pay for the tires or go to arbitration in the leasing company's home state... (Again, probably should have read the lease agreement a bit more closely.)

Leasing can make sense for someone who can write off the lease as a business expense, but not for "Joe Average" driving a personal vehicle, no matter how the leasing companies try to convince you.

 

[NorthShoreMaverick]

I appreciate your input. I read my lease clause and my buyout is $20,580 with a $500 buyout charge plus any applicable fees and taxes. The purchase price of my truck was around 34,000 with taxes and fees. I can certainly lower my miles per year by taking public transportation more often, but I’m more comfortable driving

Thoughts on this buyout price?

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