SW03ES Posted February 11, 2005 Posted February 11, 2005 Well I got a letter about a week ago from my lease company with a buyout price for my ES300, just like I did last year (apparently they send one every year). I looked at the price and it wasn't bad at all at $24,500. My lease is rated around 17,500 miles a year and so far I'm at 43,000 so thats almost 22,000 miles per year. If I continue the lease I'll be due about $3000 in mileage overage charges at the end. I did some research and this car would sell on the dealers lot even with my mileage for $29k or so and privately for around what the buyout was. So I called my accountant and we kicked it around, what kind of tax savings I could get if the vehicle were purchased vs what I get now with the lease weighed with the cost of paying the overage charges with it under advisement that I'd probably upgrade the car within 2-3 years and we both agreed, I should buy it. So I did, I liquidated some assets and overnighted them a certified check for $24,500. She's all mine, bought and paid for. Now all I have to do is get her inspected and go swap the tags next week and pay the sales tax after the bank transfers ownership. My dad always says when he pays off a car "The loudest thing rattling around in this car now is the deed in the glove box!" well I can say "The ONLY thing rattling around in this car now is the deed in the glove box" ;)
SW03ES Posted February 11, 2005 Author Posted February 11, 2005 Thankya thankya. So now I'm going to do some things that I was a little unsure about doing since I didn't own the car. I'm going to improve my satellite radio with a VAISTECH aux in adapter and a new antenna mounted on the roof, install that 2005 ES license plate trim with the chrome strip, and might look into getting factory chrome wheels maybe this spring.
NeiLtYmE Posted February 11, 2005 Posted February 11, 2005 i can see that your very happy! Congrads. those 05' wheels do look pretty nice actually. You should get those projector headlamps too. those set off a whole new look.
SW03ES Posted February 11, 2005 Author Posted February 11, 2005 I dont know that I'd do the 05 wheels, I'm afraid the 17s would effect the ride. As for the headlights, I dont know. I like them, but something just seems a little riceish to me replacing certain parts with some from newer years, I dunno. The chrome strip isn't a big deal but I'm undecided about bigger things like head and tail lights. I'll have to think about it. Its down the street now having the inspection done (cars must be inspected in MD whenever they change ownership). I've already noticed a different feeling driving it when I own it vs leased, it is a different feeling. Leasing has a lot of benefits for someone self employed like me but it sure feels good to own it 100%.
Gumart1 Posted February 11, 2005 Posted February 11, 2005 Congratulations! It sounds like even when you were leasing, you valued the car and cared for it like a baby, now it really is your baby! I strongly believe in ownership for many reasons, but most of all the bond you feel and pride of ownership and the extra care that goes along with it. Although I understand the benefits of leasing for some, to me it is like owning your own home vs. renting. Great decision.
SW03ES Posted February 11, 2005 Author Posted February 11, 2005 Oh boy now am I going to be nervous parking it places lol
Matthew_McNally Posted February 11, 2005 Posted February 11, 2005 nice one Steve welcome to the Lexus OWNERS Club ;)
ArmyofOne Posted February 11, 2005 Posted February 11, 2005 Thankya thankya.So now I'm going to do some things that I was a little unsure about doing since I didn't own the car. I'm going to improve my satellite radio with a VAISTECH aux in adapter and a new antenna mounted on the roof, install that 2005 ES license plate trim with the chrome strip, and might look into getting factory chrome wheels maybe this spring. ← you have a lexus frame on there now? if so, im accepting donations/paying for one... :) congrats. i know what you mean about rattle free. mine is 15 years old and STILL no rattles. :D wish i could just write a check fr $24.5k. well, i could, but i would have to leave the country right after doing so...
SW03ES Posted February 11, 2005 Author Posted February 11, 2005 Thats right Matt lol, now I'm legit! Army- Nope, no Lexus frame. I do have a chrome rimmed frame though. Hey, you want a Lexus frame? I have two off of my dad's old LS400 when he traded it (he bought new frames) just sitting in the garage, they're a little pitted but nothing some chrome polish couldn't fix upIf you wanna cover shipping they're all yours. I like the look of the Lexus frames but they cover up the "Treasure the Chesapeake" on the MD bay plates and they're annoying to clean. BTW, your polishes came back apparently they had insufficient postage. This time I'll mail them MYSELF and make sure they have enough postage LOL. If you want the frames I'll throw em in there for ya. As for the check, LOL its the biggest check I've ever written. I called around but the best rate I could get on a lease buyout was 6.5% which wasn't great, with that in consideration it was better to liquidate some lower performing investments than to pay the interest.
ArmyofOne Posted February 12, 2005 Posted February 12, 2005 Thats right Matt lol, now I'm legit!Army- Nope, no Lexus frame. I do have a chrome rimmed frame though. Hey, you want a Lexus frame? I have two off of my dad's old LS400 when he traded it (he bought new frames) just sitting in the garage, they're a little pitted but nothing some chrome polish couldn't fix upIf you wanna cover shipping they're all yours. I like the look of the Lexus frames but they cover up the "Treasure the Chesapeake" on the MD bay plates and they're annoying to clean. BTW, your polishes came back apparently they had insufficient postage. This time I'll mail them MYSELF and make sure they have enough postage LOL. If you want the frames I'll throw em in there for ya. As for the check, LOL its the biggest check I've ever written. I called around but the best rate I could get on a lease buyout was 6.5% which wasn't great, with that in consideration it was better to liquidate some lower performing investments than to pay the interest. ← please do!
SW03ES Posted February 12, 2005 Author Posted February 12, 2005 You got it, that'll be my contribution to the restoration!
Lexusfreak Posted February 12, 2005 Posted February 12, 2005 Well I got a letter about a week ago from my lease company with a buyout price for my ES300, just like I did last year (apparently they send one every year). I looked at the price and it wasn't bad at all at $24,500. My lease is rated around 17,500 miles a year and so far I'm at 43,000 so thats almost 22,000 miles per year. If I continue the lease I'll be due about $3000 in mileage overage charges at the end. I did some research and this car would sell on the dealers lot even with my mileage for $29k or so and privately for around what the buyout was. So I called my accountant and we kicked it around, what kind of tax savings I could get if the vehicle were purchased vs what I get now with the lease weighed with the cost of paying the overage charges with it under advisement that I'd probably upgrade the car within 2-3 years and we both agreed, I should buy it. So I did, I liquidated some assets and overnighted them a certified check for $24,500. She's all mine, bought and paid for. Now all I have to do is get her inspected and go swap the tags next week and pay the sales tax after the bank transfers ownership. My dad always says when he pays off a car "The loudest thing rattling around in this car now is the deed in the glove box!" well I can say "The ONLY thing rattling around in this car now is the deed in the glove box" ;) ← Congrats SW! That's awesome.....I would have done the same thing. :D B)
blake918 Posted February 12, 2005 Posted February 12, 2005 Congrats Steve!!! :D How long are going to keep her(I know how much you want a 430!)?
SW03ES Posted February 12, 2005 Author Posted February 12, 2005 At least a year, but maybe a couple. I want to wait until we have a better idea what the 07 LS is going to look like before I buy one because I'd like to keep it for a really long time, if the 07 looks like its going to have good style and lots of new features I'll want to wait for a mid-model 07 or maybe an 08. If I don't like it I'll buy one of the last 06s on the lot and drive that ;) Plus within a couple years I should be in a better position to afford one lol. They don't look that expensive on paper, but the payments on them are always a mortgage payment. I stopped by my Lexus dealer yesterday before I mailed the check to look into some options for a 430, found a color I really like (Cypress Pearl) and drove one (first one I've driven with the 18" wheels) and I ran some numbers. If I bought my car and waited 6 months, then traded it and put that money down on an LS, the payments would still be $800. A lease with mileage I wouldn't be over on, $1150. standard payments with nothing down $1300. Thats with a $6,000 discount on a Modern Luxury car (63k sticker) to say nothing for a CL or UL! Its a very expensive car, makes much more sense to drive mine for a few more years. My clients will just have to be a little cramped lol
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