The lease is up on my 2008 Limited 4X4 in two months. Got a letter from Ford saying they would make the last two payments if I buy something else. Here's my options: 1) turn it in, walk away clean; 2) buy it, buyout is $20,500; 3) trade for new Expy.
Current vehicle has 15.5K miles and is in excellent condition and was recently serviced at 15K and found to have excellent tread and brake life in all 4 wheels. Car has only towed light trailer a few times. Truck is black and is a head turner and has garnered lots of comments from onlookers. Current lease payment is just under $600 mo. Current Kelly trade in value according to Kelly site is $31.7K.
Not sure what Ford will offer (if anything) to finance the $20.5K. Current rates around 6.5% figure around $540 mo.
I found a new 2010 EL Limited 4X4 near me with a sticker price of $55.3K. It is pretty much loaded with everything we currently have plus Nav & rear DVD, backup camera, remote start and power running boards. Ford new car financing is not that great right now with 0% for 36 mo., 1.9% for 48 mo., 2.9% for 60 mo. and 4.9% for 72 mo. Apparently Ford is not leasing these any more. If Ford came anywhere close to the Kelly figures (I know they never do) then we could possibly get out the door for $40K and for 60 mo. a payment of about $750. Anyone know of better financing deals?
I would appreciate thoughts on whether you think it is worth upgrading to the new EL or just sticking with what we have. We really would like to have the EL for the additional room. Ther are 5 of us and we have 3 teen boys and a dog that travel with us. We are also planning on getting a camper and 4X4 is a must here.
Was hoping someone else would chime in but I'll offer my two cents. You could not buy any comparable vehicle to yours on the market right now for 20k. Also You know the history of yours and extremely low mileage. Sound to me like you have a really nice ride there. Sometimes the dealers win on leases, sound like this time you won. Unless you really need the el or have an itching for something new - I would keep what you have. There have not been a lot of huge changes between yours and the new model year (I could be incorrect). Even if you want to get the el, I would throw yours up for sale and try to sell it outright. I believe you could make some money off of yours. Again - just my opinion, sounds like either way you are going to end up in a comfortable position. Thanks and good luck, Mike
No mechanical differences between yours and an a 2010. If you want nav, etc take a few thousand and upgrade that and have it detailed or put new wheels on it. I don't see how it makes sense financially to go after the 2010.
Thanks for the input. Went to the dealer today and looked at the 2010. Just about a carbon copy of what we have except add nav & DVD and a bit more room behind the rear seat. Don't really need the nav or DVD, but the room would be nice. The salesman's eyes popped when he saw our expedition and couldn't believe the mileage or condition. He came back and said wholesale for our truck would be $30K. Told us A plan price for the new EL would be $49K. We started talking and then they came back and said that because we were within 120 days of end of our lease they could only give us the residual on our truck and we would lose all equity that we have. They said if we bought the truck outright today that we would keep our equity. Said we couldn't finance it, had to buy it outright in order to do it. We shook hands and said goodbye and thanks a lot. My wife and I talked after we left that we really do have a sweet ride and it wouldn't be worth the extra cost to upgrade to basically the same truck with 15K fewer miles and a little more room. We have decided to keep the truck when the lease is up.
Congrats on renewing your vows with your current Expy. Sounds like you have a wonderful ride already and I am certain it it is looking forward to many more years with you and your family. In my opinion you definitely beat the leasing company this time. You can get one of those carriers that go in the receiver for the added cargo room if needed. Enjoy, Mike.
We just did the same thing.... We bought our XP when the lease came up.... It cost $20,800 plus we purchased a 4 year full warranty.... The dealer said they would love our truck, but we would not part with it! We have 31,000 miles now, still breaking it in..... The dealer said they would put it on their lot for $31,000..... We got a deal.... Good luck on your decision....
Thanks. What did the warranty cost? What does it cover over standard? How many miles? Last EW we bought we gave back 60K miles at the end. Covered for 6 yrs 120K and we only put 60K on the car. Warranty only used a few times for small $. Our portion of the repair always seemed like more than warrranty paid.
We paid $1800 for the Ford premium warranty.... It is bumper to bumper just like the factory, because it comes from Ford.... We have $100 deductible, but that is it... If we don't use it at all we would get half our cost back.... It is also transferable.... It is for 4 years, and I think 60K, not to sure about the mileage, but we only average less than 10K a year....
Just dropped $1700 on a 2005 Focus, for a wiring harness replacement that battery acid leaked on, then another $700 on a fuel pump, then I sold this car, too many issues..
The scary thing, these repairs added up so quick, I can't imagine if issues came up with the XP what it could cost!