Is this a good deal?

[Z06]

Just leased a 2006 Tundra double Cab, base model. $199 per month for 39 months with 0 down and 0 deposit. I didn't pay a single cent and drove it away with just my signature. Sticker price was $27,700. Did I do OK?

[Barren]

My payments are $560 a month.
I'd trade with you any day

[krodad]

I looked at leasing when I bought.

Lease price is great because of the zero down, but man, watch those miles! I was going to lease and pre-buymiles at 10 cents vs. 20 Cents for whatever miles would be over the limit at lease end.

the great thing about pre-buying the miles is that you can then buy the truck at the residual based on the miles it is supposed to have, rather than the miles actually on the truck. If I had leased with 30k miles per year (pre-buying an extra 15k per year) I could have bought the truck outright for just under $17,000, 'cuase they were basing it on just over 90k miles. Try to find an 05 DC limited in 3 years for $17,000...don't think it will happen. The truck lists for well over $30k
My company gives a hell of a car allowance plus fuel, and they were going to pay for the lease, so I did not need to figure in the cost of 3 years of leasing, but still, it would have been a bargain.

My biggest reason to buy rather than lease is that I have the freedom to do some mods without worrying about removing/losing money at the end of 3 years.

However, if you don't put on more than 12-15k miles per year (I forgot what the max allowable is as standard), then I would go for the lease. $200.00 per month is about the same as making payments on a $9000.00 used vehicle, but you get to drive around a Tundra. Go for it and let the Dodge owners look at you with envy.

[dexley74]

Originally Posted by Z06

Just leased a 2006 Tundra double Cab, base model. $199 per month for 39 months with 0 down and 0 deposit. I didn't pay a single cent and drove it away with just my signature. Sticker price was $27,700. Did I do OK?

Wish I had a $200 truck payment. Mine is $450 though I do have the limited but I purchased, didn't lease.

[jasbus]

In my opinion, it all depends on how long you plan on keeping the truck. If you like to trade in every 3 years or so, then you're not really ever gonna pay off a vehicle anyway, so why not lease, as long as you can keep it under the alotted mileage.
If you plan on keeping the truck, think of it as, $200/month x 39= $7800, plus the cost of the residual. Most lease programs are basically just the "using" the car price. So, take the window sticker price, and subtract $7800 from it. That "should" be close to the residual, not always, but usually. They basically, project what the car will be worth at the end of the term, and set the payments accordingly. You'll need to read your contract, to see what the buy out option is, because your payment is so low, I'm guessing that there will be a fee also when you go to buy it at the end of the lease.
Generally speaking, you're always better off just buying if you plan on keeping the vehicle, especially higher cost vehicles, where the automaker wants to make alot of money out of both deals...

[jasbus]

Oh, and I forgot, generally, your insurance rates will be a tad higher too, they want good insurance to protect their asset...

[pintnight]

Originally Posted by Z06

Just leased a 2006 Tundra double Cab, base model. $199 per month for 39 months with 0 down and 0 deposit. I didn't pay a single cent and drove it away with just my signature. Sticker price was $27,700. Did I do OK?

I bought my 2005 Tundra Double Cab SR5 for $27,000 with 0 down (I had to pay for taxes and license fee). I didn't do a lease because I know I won't be able to keep the miles down.

[RaceBizz]

Yes you did good. The lease program right now on the Tundra is very good. Meaning they are giving it a high residual value which equates to lower payments. They are doing this I believe because the new body comes out next year and this is typically what a manufacturer will do when that is the case. The mileage issue is only a factor if you go to full term and turn the vehicle in. In most cases, especially with Toyota holding there values so well. Is you can often sell it for more money than the residual value. Which you can do at any time during the lease. All you have to do is call Toyota Financial and get the current pay-off then see what the market is doing. In my opinion this lease is great because we do not know how popular the new Tundra is going to be. If it is very popular what will happen to the old body style like we have. Just look at Chevrolet in 1999 when they introduced the Silverado. The C/K models took quite a hit in the used market because everyone wanted the new body style. And after being in the automotive Industry for 10+ years I have seen this more than a few times. The most important thing you can do on a lease is educate yourself about them. All the terms are different and dealers use that to there advantage. But if you know what evrything means then you can find very good deals. Well, I could go on and on about this but I will stop boring you guys now, and just say that you did well.

[Z06]

I'm not planning on buying it at the end of the lease. I thought it was a great deal to be able to drive a brand new Tundra for only $199 per month with no up front expenses.