YACT: Do I buy out the Escalade lease or return it?

[D1gger]

I have had the enjoyable experience of driving a company supplied Escalade EXT for the last two years. Originally the owner of the company leased it for his own use, but then decided after 1 1/2 years he wanted something different, so he handed me the keys and I have been driving it since then. The lease comes due in 4 months and has a buyout of ~$35,000 Cdn.

Should I:

1) Have the company pay out the lease and keep driving the Escalade (it is starting to show some wear and tear (50,000 kms - 31,000miles on the odometer)
2) Have the company pay out the lease and then sell it and buy a new vehicle, likely a less expensive but fully featured 1/2 ton 4x4 extended cab truck
3) Return the Escalade at lease end and buy the new truck same as option 2.

Suggestions?

 

[RU482]

hahahahahaha

 

[mugs]

Will it be worth more than the buy-out at the end? If not, Option 2 sucks.

 

[EatSpam]

Originally posted by: redly1
hahahahahaha

I'd rather walk than drive that turd.

 

[Looney]

What kind of wear and tear could it have at 30k miles?!

 

[D1gger]

Originally posted by: mugs
Will it be worth more than the buy-out at the end? If not, Option 2 sucks.

A quick check of autotrader.ca and ebay indicates the resale value at $37,000 - $42,000 so there would be a couple thousand potential gain, but there were some listed for as low as $30,00 and as high as $75,000!

 

[D1gger]

I work for a heavy construction company, so not all of the miles have been kind. It has been off-road more than a few times.

 

[deadlyapp]

what construction company leases an escalade?!

 

[Koing]

Originally posted by: deadlyapp
what construction company leases an escalade?!

One where a manager/ exec wants to be pimp.

Koing

 

[rahvin]

Originally posted by: deadlyapp
what construction company leases an escalade?!

Your post makes it obvious that you have never worked in construction. The lead superintendent always has the nicest vehicle, it's a statement of position and class to the workers.

 

[Looney]

You should lease a Hummer then. Seriously.

 

[D1gger]

Originally posted by: rahvin

Originally posted by: deadlyapp
what construction company leases an escalade?!

Your post makes it obvious that you have never worked in construction. The lead superintendent always has the nicest vehicle, it's a statement of position and class to the workers.

FTW.

We have the worst time when we get a new order of pickups deciding who should get them. Invariably someone gets their knickers in a knot because they didn't get a new pickup when the other guy did.

It is a very sensitive issue to construction workers.

 

[EatSpam]

Originally posted by: rahvin

Originally posted by: deadlyapp
what construction company leases an escalade?!

Your post makes it obvious that you have never worked in construction. The lead superintendent always has the nicest vehicle, it's a statement of position and class to the workers.

No wonder he gave it up. The Escalade screams everything but class.

 

[Strk]

I'd dump it and get a regular truck (F-150 or something).

 

[Injury]

Keep in mind that with option 2 resale value and actual selling price are not going to be the same. Not to mention that the only way you're going to get a selling price higher than the buyout is selling it privately, which may not happen for a month after it goes for sale.

People who buy Escalades have a knack for NOT wanting them used and surely not wanting them used by construction companies.

Unless you REALLY like the Escalade and you aren't footing any repair bills, I'd rule option 1 out. Why stick with a car that you wanted less than a different one?

Shoot for option 3. Get rid of the Escalade and just get a new vehicle.

 

[ballmode]

sell it, the new escalade is coming soon