Is250 Lease Buyout Advice

[pokerplaya]

hey guys i have a is250 lease that's going to end soon, and before this i was sure that i was going to buy out. but shortly after i got into a car accident and only my front bumper got clipped off nothing else was damaged, with this issue here i am now stuck with the lost car value, i lose money either with buyout the car or return the car, any advice?

[pokerplaya]

damage is around 3k and buyout price is about 19.5k

[clubfoot]

If only the bumper got clipped off, just replace the bumper. Or, if you liked the IS250 you had get another one or an IS350 instead since the come RWD and AWD now.

[LEX-SV]

Either way, need to get bumper fixed.

[pj8708]

hey guys i have a is250 lease that's going to end soon, and before this i was sure that i was going to buy out. but shortly after i got into a car accident and only my front bumper got clipped off nothing else was damaged, with this issue here i am now stuck with the lost car value, i lose money either with buyout the car or return the car, any advice?

Let me see if I have all your information.

From the model year, 2008, I assume your on a three year lease.

Based on the info in your profile box, the car must have approx. 90-105,000 miles on it.

The bumper was the only thing damaged. No other damage to the body or undercarriage.

The repair amount is $3,000.

The buyout is $19,500.

The actual market value is ?

Replacement value is ?

Given all of this, I just wanted to make a case for looking at more than your buyout and the bumper cost. If my figures are correct, do you really want to buyout a car with 100,000 miles on it after only three years. Your the poster child for owning, not leasing. Leasing works best for those that drive less than 12-15k a year. You have got to be killed on excessive mileage!

Your going to have to fix the bumper before you turn it in. I would guess that the 3k figure is from your body shop and not from one the leasing company has approved? If you don't fix it before you turn it in, my personal experience has been that the leasor will charge you more than just the repair cost.

My advice would be to repair and turn the car in. The cash loss is going to hurt no matter WHAT you choose. But, the car on the lot can't be worth what the buy out is if the numbers above are right.

[cduluk]

$3,000 for a new bumper?

[LEX-SV]

$3K bumper damage is significant damage.

[pokerplaya]

only 34k miles my bad, 3k worth of repair is bumper and hood repaint if i remmeber right also lost the front lis plate duno how...

[pokerplaya]

im also on a very tight budget for next few years

[LEX-SV]

Consider upgrading job for higher income.

[tex2670]

You need to factor the value of the car once it is fixed. Was it the other driver's fault? If so, you can push his/her insurance company to kick in some $$ for the diminshed value of the car. As long as you are not a pig about it, they might pay you--I got $1500 extra from the other driver's insurance co after I had an accident. See if someone at the body shop can give you a written statement showing the difference in value between a car that was repaired vs a car that never had an accident.