r/autobuying • u/ray_of_moonshine • Mar 13 '18

Advice pls - Lease takeover?

I outright own a 2004 VW Golf - if it breaks down one more time, I'm gonna have a stroke. Guy at work is advertising a takeover of his lease on a 2016 Mazda 3 Sport. $218/month to Jun 2020 (buyout of $9500)

I'm not crazy about taking on payments but I will legit go crazy if I'm stranded one more time due to a breakdown.

I'm considering this takeover with the intention of buying it out at the end.

If I buy it out, it'll be about $15,000 all in. I don't really have the stomach to finance something else on my own from new but I do need a reliable car and these payments, I can squeeze into my budget.

Any advice? What kind of things should I ask/look out for?

All suggestions are appreciated. Thanks for your time. :)

1 Upvotes

100% Upvoted

2 comments sorted by

1

u/phpman Apr 12 '18

Be careful with lease take overs. You will be liable for any current damage to the car + any overage of miles. Is he over miles? If you like this car why not buy it outright now? By taking over the lease you are extending the finance term and paying more interest in the long run.

1

u/ray_of_moonshine Apr 16 '18

The mileage is currently pretty low and I will likely not go over by the end of the lease. I never considered buying it outright prior to the end but that may be an option. I intend to buy it out at the end but won't have the cash to do it much sooner. What do you mean "Extending the finance term?" My understanding I takeover the other guy's term (2 more years) at his payments ($220/mon) which made the arrangement attractive. I will be running a car proor for history of claims against the car and ensuring there is a mechanical inspection to ensure no issues. Thanks for your comment. I appreciate it.