2007 Es-350 End Of Lease Options

[joebruinIAm]

Hello, everyone,

I recently joined LOC. It's nice to join an online community of fellow Lexus owners.

Technically, I am not an owner, but rather a "lessee", if that is the correct term. I have a question re my end of lease options. I have a 2007 ES-350, with one month left on my 36-month lease. I originally leased it with 12K per year, or 36K total. About half way through my lease, I moved my office very close to my home. So as a result, instead of something close to 36K miles, as of today I have about 15,600 miles. Thus, the actual residual value of the car is a lot higher than originally anticipated. I have the option of purchasing the car at the end of the lease for $21,800. It does not have the UL package or Nav, but it has most other options outside of these two. I found a certified similar ES-350 on my local Lexus dealer's lot with 21K miles, the exact same color, options, etc., and it was priced at $31,200. So it's like having a chance to buy a low mileage 2007 for close to a $10K discount.

I wanted to ask other owners of the 2007 ES-350, what has been your experience of owning this car beyond 3 years and with higher mileage? Are there any common minor or major repairs that are needed when owning this car say for 6 or 7 years or putting 70K or 80K on it? Would you suggest getting an extended warranty, such as with warrantydirect.com? Is there any additional helpful maintenance that you would suggest beyond what is recommended in the owner's manual?

Any suggestions would be appreciated.

Thank you,

joebruinIAm

[mhawkin1]

To be fair, it isn’t so much a $10k discount but more that you already paid for the depreciation costs in your lease agreement.

At this point, I would buy it. Low mileage, you know where it has been, how it has been taken care of and then you won't be in the endless no-equity cycle that is leasing. If leasing cars wasn’t more financially beneficial for Lexus than you, then wouldn’t offer leases.