End Of Lease Options

[Newlexushybidguy]

Hi:

End of lease coming up on my 07 RX 400h. I'm okay with miles, but wife and kids have been a bit rough on the car, so I'll probably get dinged pretty good if I just turn it in and walk away.

Considering trading in for a new 450h but don't want the increased payments. Are there good deals now? What are people paying for it? My cap cost was about $43K for the 07 (loaded) and I won't be wiling to pay much more for the new one.

I am also considering buying my vehicle. How negotiable (if at all) is the residual price? Does Lexus offer financing for buying your leased car or do you need to finance it like any used car?

I think my preference would be to extend the lease for about a year. Does Lexus let you do this? If so, how does this work? Does Lexus set a new residual value and you pay the difference between the old and new residual costs plus interest (good deal) or do you just continue with the same payment for the extended period (bad deal)?

I'd really be interested in hearing from anyone with knowledge or recent experience regarding these options.

Thanks.

[BobBass]

I am in the same position except mine is in excellent condition (no kids.) My lease is up in November. Any input from the members would be much appreciated.