I will probably drive 12, 000 miles or more per year.
I was over my 12, 000 Miles per year on my last 36 month lease. It was due to end on Oct 1 2020. But I think I had crossed the 36, 000 mile mark some time around Feb/March. It was sitting in my garage for 2 months after that, not being used due to Covid-19.
A lightbulb finally went off in my head in the latter part of May, and I shopped around quotes for selling it to Carvana etc. I got an offer from Vroom, that was over my Payoff. So I was able to get out of the vehicle (which was NOT a lease hacker worthy deal), without any downsides/cost.
Based on my recent positive experience selling my vehicle to Vroom, my thinking is that I might never end up turning this vehicle into Honda, and dealing with mile overages. Of course, market conditions may be different then, and I might end up with a negative equity situation.
Also, I am not really Brand loyal, and will go with whatever has the best bang for the buck. (Hence the reason, I am shopping a Honda Pilot right now). So if I end up trading this in to another brand dealership, close to the end of the lease, I might also be able to avoid any mileage overage charges.
I am not sure if my reasoning is sound. It’s definitely not too late for me to switch to 12, 000 miles a year.
You might want to check on rebates. Leasing to buy is not really that good of an option, especially since rebates are higher on the purchase/finance IIRC.
If you want to have the car but not own it long, then lease it. Only you are able to figure out the mileage you need. If you plan to keep it throughout the term and you know you are going to drive the same amount of miles, get the miles at the beginning.
^^
Thanks for all the feedback and input guys! @volvo1 : I have no intention of buying at the end of the lease. I meant selling it (Carvana, Vroom, or to another Dealership).
I’ve never been clear on something: when selling to a dealership, they check to see if which option works out better financially: 1. Buyout 2. Remaining Payments.
I’ve always gone the buyout method. If a third-party Dealer is to choose option “2” (Remaining Payments), does that mean that they actually turn the vehicle in to the Captive, and I would be on the hook for the disposition fee? How exactly does this option work?
My other question is regarding the deal in this thread. Because of the whole work from home situation. I don’t have an immediate need for this vehicle. I started shopping around yesterday, hoping that I could lock something in by the end of this month, or by the middle of August. (I know sometimes these things take time, when you are looking for a great deal).
If I were to try to delay the start of this lease, I am wondering if the Dealership would think I am playing games/not serious. Also, there is inventory considerations. I am not sure if there are more 2020 Pilots en-route to Dealerships, or if what they have remaining of the lots is all the inventory that’s going to be available. So I don’t want to delay the deal, and end up having a hard time finding one on the lot in a few weeks time. In normal times, I won’t feel pressured by inventory concerns. But these times are a little different right now.
Obviously, you guys don’t have a crystal ball. But I would welcome your educated guesses on what you think is best/most logical. Should I just take the vehicle now, even though it’s going to be largely just parked up for the next month or so?
The deal is good with the market adjusting for limited inventory. Could you do better? Maybe. I would take a look at when the rebates expire and keep and eye on Pilot production.
Emphasis on 12K mileage allowance if you know you will drive more than 10K. @Bostoncarconcierge just saved you some dough. That’s what good brokers do.
Its such a good value to go from 10-12 (this is the first time 10K has been offered by Honda up this way), that its best to just pay and be safe (take an extra road trip, etc…)
Are you saying, that this would be good deal “if” it were only $338 DAS with all the other figures unchanged?
The likelihood of me getting that is very slim. It would require a lot of time and effort that I don’t think is worth it right now. I was dealing with quite a very General Managers directly. And at least 2-3 of them have bowed out already (two fully, one hemming and hawing and playing games).
I try to be realistic. I don’t think I’ll get the deal of the century every single time. I just want to get the best deal I can get by putting in a reasonable (for me) amount of effort.
Thanks all for engaging with me and all the feedback. I’ve come a long way since I joined this forum in Dec '19. And all my recent leases have gotten incrementally better. I just did one in Dec 31 2019/ Jan for my wife. I didn’t do too bad. But since then, I have read so much here, and grasped leasing so much better now, that I wish I could have a second shot at that, because I figure with my new knowledge I could do better than I did!
Strangely, the $1200 DAS did not included that first month’s payment at all. (Just the Acquisition, Doc Fees, and TT&L). So that’s the last little detail I am in the process of querying now.
Honda seems to offer it sporadically based on model and region from what I’ve seen. There’s been a few 10k Honda leases that popped up in the past that were definitely from HFS despite many of us not being aware that the option existed.
In the marketplace section, there is a Broker who is offering a deal that works out to be even slightly better than what I got here. Here is the link:
I hope this doesn’t break any rules.
Also, while I have never worked with this broker personally, there are several other members here who have, and who have posted their positive experiences.
Even factoring in the broker fee, I think it works out to even slightly better than my deal, because there is only the 1st month due at signing (vs $1164 in my deal).
Take note. Listen to our resident expert/broker @Bostoncarconcierge about pricing & inventory in your state. Sign the deal. Go pick up your Pilot. Don’t worry about whether or not you’ll be able to sell it to Carvana or Vroom before the lease is up. Take the 12K.
My wife drives a 2017 AWD Touring currently with 50K miles. It is a great 3 Row SUV. Rides great. Smooth power delivery when you need it. Plenty of room in the 2nd & 3rd row, decent cargo space behind the 3rd row.
@nyccarguy Thanks!
Yes, I spent a day mulling over everything. Looking here on the forums and seeing other comparable deals on Pilots and other 3 row SUV’s, I am pretty confident now that I’m in a good place with this deal.
I will be moving forward with it. They offered to to take the DAS now as a security to hold the vehicle, and have me do the actually signing and take delivery towards the end of the month. So that’s what I’ll be doing.
I’ll probably swing by today and check it out, and maybe take a test drive. (The last time I actually drove one, was about 2 years ago).
