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I've looked over the discussions on whether to buy my leased car or not. I've leased Hyundais for the past 9 years (!). My current car is a 2017 Sonata Sport that I really like. I had gotten a 6 month extension on my lease but have decided to buy it. Only minor problems, excellent shape inside and out and only 12000 miles. Residual value based on contract is $12768; True Car estimate is $14000-$16350. Sounds like a good deal? Except...
1. Lease extension agreement states I must call 855 537-8542 for purchase quote. Every time I call I get a message "We're experiencing a higher volume of calls. Please try later." No option to leave a message.
2. Extension agreement also states that if you wish to purchase the car in Florida (among other states), you must purchase from participating Hyundai dealership who may require a whole bunch of other fees (not their words).
3. Call to "participating Hyundai dealership" - left message, no reply. This is the same dealer that was rude to me when I was looking in January.
The advantage of buying my leased car is that I'm used to driving it and know that it has been maintained.

Any advice will be appreciated.
 

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2018 Sonata Limited 2.0T (DOM:11/09/17)
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I've looked over the discussions on whether to buy my leased car or not. . .
Any advice will be appreciated.
I can't give you any advice as I've never leased, but I have to ask (with only 12000 miles on a 4-year old vehicle!)... How often do you change your oil?
 

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If you like the car and know the complete history buy it. its been at least 20 years since I leased but the contracts as you stated have the residual value built into them. The contract should also stipulate any additinal fees required to purchase above that value, basicall a set buy out price. Based on what you have stated it should go for less than current retal value and you know the car.

If it is a Hyundai lease Im suprised that you could not go to another dealer to work it out. Be persistant try another dealer and call Hyundai again. Whoever negotiated the lease extension should be able to take care of you.

Good luck
 

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Buy it. It's a waste of money paying monthly when only driving 4k miles p/year.
At that rate, the car could last a lifetime, unless you're a teenager.

I'm on hold forever whomever I call, just be persistant and keep trying.
 

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I say don't buy it. You'll end up paying too much for the car when you consider what you have already paid.
 

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I say don't buy it. You'll end up paying too much for the car when you consider what you have already paid.
Now that makes sense??????? Return the car, keep leasing a vehicle and pay monthly for the rest of eternity. I know, turn this one back in and purchase an identical used model for $1000 to $4000 more with higher mileage.
 

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I say don't buy it. You'll end up paying too much for the car when you consider what you have already paid.


I don't understand that logic. If the OP turns the car in at lease end, he/she either walks, rides a bike or buys/leases another car. A car with known maintenance and condition priced below market value seems like a no brainer.
 

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Now that makes sense??????? Return the car, keep leasing a vehicle and pay monthly for the rest of eternity. I know, turn this one back in and purchase an identical used model for $1000 to $4000 more with higher mileage.
I don't understand that logic. If the OP turns the car in at lease end, he/she either walks, rides a bike or buys/leases another car. A car with known maintenance and condition priced below market value seems like a no brainer.
Let me preface this by saying that it's your money, do what you want. You earned it, and you should spend it in any way you see fit. Listen to everyone's opinion, but weigh the pros and cons and choose what's best for you.

Now, ask yourself "How much has he really paid for the vehicle?"

Lets say he buys out the lease for $12,768. How much did the car cost him? Not $12768, that's his additional cost going forward. If his lease payment was $300 a month over three years, that's another $10,800 he's already paid towards the car. If my math is correct, that means that by the time he's done, that car will have cost him $23,568, and that's not including the additional interest for three to five years on the new loan for a used car (probably another $900 ~ $1200 depending on term & credit score). At the end, you'll have an eight year old car with little residual value, and you will have been making payments for 8 years.

As with all car purchases, it all depends on how much money you are willing to lose. Buying out a lease doesn't make sense to me, but financial decisions are always subjective. Just be informed as to how much you are actually spending. I always ask myself "Would I be comfortable paying $XXX for 8 years for this car?" So far, the answer has always been NO.
 

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Past lease payments don't really factor in. If the OP hadn't been leasing this car, he would have been making payments on or leasing another or would have bought another for cash, etc. Should he be applying the previous costs (cash paid, car/lease payments, etc) to the cost of a replacement car? Doesn't make sense to me.
 

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IMO it has nothing to do with how much has already been paid either towards this car or any other.

What is important is what is she paying to buy a new car for her use. If she can purchase her 2017 for $ 13,000 +/- and she knows the history of the car (because she has been the only owner) vs buying a 2017 off a lot or PP for $14,000-16,000 (per her post) and not know the history it only makes sense to me to buy the car that is less $ and that you know the history.
 

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IMO it has nothing to do with how much has already been paid either towards this car or any other.

What is important is what is she paying to buy a new car for her use. If she can purchase her 2017 for $ 13,000 +/- and she knows the history of the car (because she has been the only owner) vs buying a 2017 off a lot or PP for $14,000-16,000 (per her post) and not know the history it only makes sense to me to buy the car that is less $ and that you know the history.
Exactly! If she(?) walks away at lease end, where else is she going to find another 12K mile 2017 Sonata with known history for $2K-$3K below market value?
 

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Like I said, it's your money, do what you want.

Your way is fine, it just isn't for me.
 

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I don't understand that logic. If the OP turns the car in at lease end, he/she either walks, rides a bike or buys/leases another car. A car with known maintenance and condition priced below market value seems like a no brainer.
Me personaly i would not do it. just because if your not able to afford the buy back at the end of your lease. your stuck with getting another model only from hyundai wich every couple of years will go up in payments because vehicles in general get priceir in time. if that's what xaran wants to do? hey go ahead personally i would look at a good 2-3 year old vehicle from Toyota to buy. i have a 2014 santa fe been a good vehicle but hyundai is a cheaply built vehicle compared to Looking at a 2-3 year old Toyota if you ask me.
 

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Me personaly i would not do it. just because if your not able to afford the buy back at the end of your lease. your stuck with getting another model only from hyundai wich every couple of years will go up in payments because vehicles in general get priceir in time. if that's what xaran wants to do? hey go ahead personally i would look at a good 2-3 year old vehicle from Toyota to buy. i have a 2014 santa fe been a good vehicle but hyundai is a cheaply built vehicle compared to Looking at a 2-3 year old Toyota if you ask me.
You are assuming she (? beth) cannot afford the buyback, but she says she is going to buy it, so a moot point. I'm not sure you can find a comparable 2 or 3-year-old Toyota Camry with 12K miles on the clock and a known history from new for $13K. The Sonata has a lot of warranty left, especially with the Theta II warranty extension. Much more warranty than a used 2 or 3-year-old Toyota.

I agree that long term lease rollovers don't make sense for most people unless you can deduct the lease payments out as a business expense on your taxes. When I owned a business I leased because it made sense...the payments were 100% deductible on my income tax.
 

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What he's already paid has no bearing. He's buying a $15000 car for about wholesale. The lease payments was a different deal.
 

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Like I said, it's your money, do what you want.

Your way is fine, it just isn't for me.
I still don't understand your logic. Are you suggesting that the OP walk away from a 12K mile car that they have leased from new, and are happy with, and can be had for $13K (which is $2 or $3K below market value) and go on the open market and look for something else? What do you suggest?
 
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