Trade up or buy out lease dilemma

[Bubba67]

I currently lease a 21 Ram Big Horn, it only has 26000 miles and has all the option I needed. My lease buy out is $27k, I swore I was going to keep it, but now have started to look at the deals on the 24 Laramie's and new 25 big horns. With interest rates the way they are if I buy it out, my payment may be higher than a new lease. A local dealer has told me they will give me 10 k more than I owe to trade for a 24. I love my hemi, but at the same time like the specs of the new turbo I6. What do you all think?
Thanks!

 

[HSKR R/T]

I currently lease a 21 Ram Big Horn, it only has 26000 miles and has all the option I needed. My lease buy out is $27k, I swore I was going to keep it, but now have started to look at the deals on the 24 Laramie's and new 25 big horns. With interest rates the way they are if I buy it out, my payment may be higher than a new lease. A local dealer has told me they will give me 10 k more than I owe to trade for a 24. I love my hemi, but at the same time like the specs of the new turbo I6. What do you all think?
Thanks!

If the finances work out in your favor, I say go for it. I bought out my lease in January and got a 5.7% interest rate. But I have a Built to Serve that I never intend on getting rid of.

 

[Redz72]

So if you turn the truck back, the dealer will take 10k off the MSRP of a MY24 or 25. That’s the way I’m looking at it. And 10k off is usually a great deal. But I’ve seen much better than that on the Forum here. And from what I’ve seen, the truck market is in the buyer favor now so hammer them for more. Otherwise, a 3 year old truck with 26k miles is a steal to buy for $27k. Just my two cents. Good luck and do what’s best for you for More Smiles per Gallon.

 

[2021QCBH]

You’ve already had a 3 year trial of that truck although low mileage. If it’s been really good to you and only required maintenance that would be the way I’d go. Pretty cheap buy out even with the market softening up and you already know its not a dumpster fire electronically or mechanically.

 

[Ros]

Wow, I wish my dealer offered me any kind of deal on mine, though mine has had an actuator replaced, a speaker replaced, an RF hub replaced and is now getting a new rear window and complete carpet and sound deadening replaced. They probably don't want this dog back and said it's only worth $23K to them and I'm free to just hand it in to them at lease end. Same buyout too, $27K. The only leases that were close to what I'm paying currently are for base no option Bighorns. It's a shame too, I really did like this truck and had always planned on buying it out at lease end (only 22K miles on it) but with all the problems its already had....

 

[HSKR R/T]

So if you turn the truck back, the dealer will take 10k off the MSRP of a MY24 or 25. That’s the way I’m looking at it. And 10k off is usually a great deal. But I’ve seen much better than that on the Forum here. And from what I’ve seen, the truck market is in the buyer favor now so hammer them for more. Otherwise, a 3 year old truck with 26k miles is a steal to buy for $27k. Just my two cents. Good luck and do what’s best for you for More Smiles per Gallon.

Yeah, that's probably what they are doing taking $10k off MSRP of new truck, not giving him $10k more for his trade. And some of the recent deals I've seen posted here and in commercials, that's about the same as discounts you can get even without a trade in. They are just trying to make it sound like they are giving him a better deal than he's getting

 

[DEG]

There are currently 10K+ in discounts on purchase of a new 2024 Rams at most dealers. If the 10K they are offering is in addition to existing dealer discounts and manufacture rebates, I would forget about leasing and purchase a new 24.

 

[HSKR R/T]

This is why you negotiate trade in value separately from sales price, and preferably after you have settled on a sales price

 

[Ram1500OwnerMaybe]

You’ve already had a 3 year trial of that truck although low mileage. If it’s been really good to you and only required maintenance that would be the way I’d go. Pretty cheap buy out even with the market softening up and you already know its not a dumpster fire electronically or mechanically.

I prefer the known rather than the unknown.
Sounds like the truck is a keeper.

 

[MarPar]

This is why you negotiate trade in value separately from sales price, and preferably after you have settled on a sales price

Exactamundo. First the sales price then the trade. It will boil down to making 2 different deals.

 

[millerbjm]

I currently lease a 21 Ram Big Horn, it only has 26000 miles and has all the option I needed. My lease buy out is $27k, I swore I was going to keep it, but now have started to look at the deals on the 24 Laramie's and new 25 big horns. With interest rates the way they are if I buy it out, my payment may be higher than a new lease. A local dealer has told me they will give me 10 k more than I owe to trade for a 24. I love my hemi, but at the same time like the specs of the new turbo I6. What do you all think?
Thanks!

Your post is a bit confusing because you say the dealer offered you 10k more than your buyout if you trade the 21 on a new 24 but you lso talk about the I6 which would be the 25 model. Either way as others have said if you are able to negotiate a good price on a new 24 with the Hemi or a 25 with the Hurricane and also have 10k in equity on the current truck for a lower payment, newer truck with more options and continued warranty I would say go for it. I have flipped 3 trucks like this starting with a 2014 and each time negotiated a great deal 1st and then discussed finance/lease rates and trade value to come to a sweet deal for me. If you love the 2021 and buy it out you can always re-fi when rates drop but if you're like me and like a new upgraded truck now could be a good time.

 

[HEMIJAKE]

I currently lease a 21 Ram Big Horn, it only has 26000 miles and has all the option I needed. My lease buy out is $27k, I swore I was going to keep it, but now have started to look at the deals on the 24 Laramie's and new 25 big horns. With interest rates the way they are if I buy it out, my payment may be higher than a new lease. A local dealer has told me they will give me 10 k more than I owe to trade for a 24. I love my hemi, but at the same time like the specs of the new turbo I6. What do you all think?
Thanks!

In a similar situation, although not as much equity. But I do have a question. Are they offering to straight buy out your lease, or are they requiring you to buy it out and then flip it to them?

 

[cerbo]

Take the $10K in a check and then negotiate your new lease. Make sure they are discounting the new truck well too.
I have done similar a few times.

 

[scottmoyer]

He didn't say that the dealer would give him $10k more than buyout when he turns it in. He said another dealer is offering him $10k more than his buyout amount as a trade in on a new truck.

Turning this truck in at lease end and losing that $10k is a bad choice, so trade it for $10k in equity, or keep it and pay the $27k for the buyout. Either way, you win.

If you like the truck you have, and it's been problem free, keep it. If you want new, trade it for the $37k and negotiate on the new truck to get it below invoice. That price below invoice, plus your $10k in equity might get you a similar lease price on new, but why would you give the dealer $10k just to lessen the lease amount?

 

[cerbo]

"A local dealer has told me they will give me 10 k more than I owe to trade for a 24"

Maybe I m not getting it, he has a $27k buyout and a dealer will give him $10K more after paying the buyout.
If that s the case, he can pocket the $10K and lease a new truck (making a good deal hopefully). He doesn t have to put that 10K into the lease payment figures.

He ll have to clarify what his options are I guess.

 

[yellowboy]

Get away from Ram ASAP and don't look back !

 

[HSKR R/T]

Get away from Ram ASAP and don't look back !

And yet here you are, still posting on a Ram forum .

 

[cerbo]

Get away from Ram ASAP and don't look back !

He obviously feels different and has enjoyed his truck. Maybe what you say can be taken as "keep the truck you got".
That s is the other opinion , keep what you know instead of opting for the unknown of a new vehicle.

 

[Bubba67]

In a similar situation, although not as much equity. But I do have a question. Are they offering to straight buy out your lease, or are they requiring you to buy it out and then flip it to them?

They are offering $10k above by buyout, then use the equity towards the new truck as cash down

 

[Bubba67]

I prefer the known rather than the unknown.
Sounds like the truck is a keeper.

I test drove two different Laramie's, and I even though I realize its a nicer truck, with leather, 19 speakers and other toys, I can honestly say I like my 21 Bighorn better. I feel like the seats are more supportive, the way it drives and just over all like it better. Plus I would end up buying all new accessories, tonneau cover, bed rug, new E rated tires for towing, etc. I really appreciate the posts and opinions, especially those that state how I already know what I have, and it may be best to keep it.