My lease on my 2005 Toyota Corolla is ending in December this year, what should I do?

  • Thread starter Thread starter latitude
  • Start date Start date
L

latitude

Guest
I leased a 2005 Toyota Corolla, and my lease is ending in December of this year. I have driven almost 85,000 miles on it, and I have the option of turning it in, or buying it out for $5,200. It it in very good condition, I've taken care of it pretty well. The thing is the limit on mileage for turning it in is 75,000 and I will have to pay for the extra miles (15 cents a mile, not sure how much that will come out to). I have two kids now, so the car is too small and I would like to get something bigger, so I'm wondering if it would work out for me to buy out the car, sell it, and make some money on it to put towards my next car? Or if I trade it in, will I have equity in it to put towards another car? I'm not really sure how this whole lease thing works, and the dealership I leased it from aren't very helpful. If I can trade it in, does it have to be at the same place I bought it? Or can I go somewhere else?

I guess my main question is, how much is my car worth, and can I get anything out of it?

Thanks!
 
Back
Top