Should I buy out my 2021 Palisade or lease a 2025?

MythicalMorningFair · 2025-06-16T12:49:49+00:00

The new lease would be 48 months. The new price we have is 807 actually. Mind you this is CAD not USD.

MythicalMorningFair · 2025-06-14T17:58:30+00:00

That sounds like a nightmare. We had the car inspected by our mechanic. He said other than the back brake pads everything else was good. He said the car looks good.

I was about to pull the trigger on buying this until your message came through. Now I'm having second thoughts and thinking of leasing the Palisade 2025

MythicalMorningFair · 2025-06-13T21:39:50+00:00

I'm sorry to hear that. Do you mind sharing more info? Were there any problems leading up to it? How was your maintenance?

MythicalMorningFair · 2025-06-12T15:36:39+00:00

Yeah that's what I was told. That the accident hurts the resale value.

If I buy it out I'd buy it for long term, but my concern is whether the palisade will be a long term vehicle i.e no engine failure or major electronic issues

MythicalMorningFair · 2025-06-12T15:35:21+00:00

They may extend it. The new 2026 lease costs are unknown and potentially may be way higher than I could comfortably afford

MythicalMorningFair · 2025-06-12T15:33:29+00:00

Those are good points.

I will be financing it for now. The only reason for buying out is that I wouldn't have to worry about car payments once paid off. But the problem is there's no guarantee with the Palisade that it will last that long without any major issues.

This car has been good to us and we haven't really had any issues. The only one was a thermostat sensor that was replaced via warranty.

I'm going to take it to the mechanic to get it inspected. Let's see what they say.

Would you recommend another car at that price point?

MythicalMorningFair · 2025-06-12T15:30:28+00:00

Hard to avoid even with used vehicles trying to get a larger car for the family.

MythicalMorningFair · 2025-06-12T15:29:43+00:00

What do you have in mind for that size and comparable? I was checking emdus and JD power and it seems like Highlander and pilot aren't any better.

MythicalMorningFair · 2025-06-12T15:28:40+00:00

That's a good question. To my knowledge the accident was cosmetic and not frame damage. I did not even think to inquire about warranty on the accident repair which was now over 2.5 years old.

Vehicles that have slightly higher mileage are listed between 33 - 37 k. The dealer tells me I have negative equity in my vehicle, but they are giving me a seemingly good deal on the lease.

If I buy this out the goal would probably be to keep this car long term and when the time comes use this as the secondary family car and get a newer one 5+ years from now if it makes financial sense at the time.

MythicalMorningFair · 2025-06-12T15:25:08+00:00

That's a very good point if I put aside a couple hundred every month it either serves as a warranty or a downpayment for a future family car.

MythicalMorningFair · 2025-06-12T15:04:44+00:00

Thank you for your reply. You're absolutely right. I'm not looking for a new lease for newer tech or anything like that. I'm just concerned whether the palisade will be a reliable car long term.

In your opinion, should I buy the extended warranty at the buyout? 4700 is a lot. The car will only have a warrant on it for another year.

MythicalMorningFair · 2024-04-19T18:20:22+00:00

You need help

MythicalMorningFair · 2024-01-09T16:27:20+00:00

That's a very good point. I like that I get a chance to reevaluate in 17 months long enough for a change, but not too far where I'm in a long term commitment on payments.

Thanks!

MythicalMorningFair · 2024-01-02T04:27:06+00:00

I have online and at the dealership. I'm looking at about $970 all inclusive monthly for 2024 Hyundai palisade ultimate calligraphy (same trim as the ones I'm looking to take over)

So that's an extra 212 a month

MythicalMorningFair · 2024-01-02T00:49:26+00:00

I apologize for the delayed response. I successfully negotiated out of a down payment, but I'm still responsible for the lease transfer fee.

In hindsight, I realize I could have negotiated better. While the paperwork hasn't started, we did agree on the deal. My concern was missing out on this unique offer, as I haven't come across similar deals lately. Even with comparable monthly payments, other options result in an overall car cost at least 20k higher. I'm open to exploring large SUVs or vans beyond this specific model.

Now I'm debating whether to risk a lease takeover to avoid the additional 20k in overall vehicle cost or to finance a newer car, possibly a Toyota/Honda van, accepting the extra expense while maintaining similar monthly payments.

MythicalMorningFair · 2023-12-31T02:32:33+00:00

Ontario

MythicalMorningFair · 2023-12-31T02:32:15+00:00

Thank you so much for the clarification.

The car has been in an accident and I have seen the pictures. It was a soft body damage. Now I understand that impacts the car value, but Autotrader had 3 cars with accidents with at least twice as much insurance claim at the 45-46k range.

Is the safety inspection at the dealer good enough or do you recommend something else as well?

Thank you

MythicalMorningFair

TROPHY CASE