Makes Sense, But It's Not Enjoyable

Our 2019 Lexus has mainly sat in the garage.

In July we realized that, contrary to the original plan of turning the car back in, there was a distinct possibility that we would exercise the fixed-price purchase option to buy the car at the end of the three-year lease.

A quick check of prices shows that a used car of the same year and model is going for $7,000 more than our option price.

Mostly because of the pandemic, at 8,000 miles in 27 months we are also well under the expected mileage for the model.

Now it's March, when our lease expires.The Wall Street Journal says that the 2021 price of the average used SUV is $31,415, which is $6,124 higher than 2020.

Prices of used SUVs. "Then"=2020. "Now"=2021. 2022 is likely higher.

For the record our Purchase Option (before sales tax and processing expenses) is $33,719.46. Since it's right in the ballpark of the average SUV price, and we've only driven the car 9,000 miles in three years (normal wear and tear assumes 30,000 miles) we are proceeding with the purchase. A comparable new 2022 car, if we can find one, would cost at least $10,000 more than a new Lexus in 2019.

The heart wants to lease new, but the head says to buy used. Well, I've gotten this far following the head, but it's usually not enjoyable.