Got quoted on an Accord Sport 2.0t. Effective payment is $442. Seems super high but includes 18k miles and has everything rolled in including a damage waiver. Thoughts?
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I have zero idea why you’d lease this at 18k a year. I pay $20 more than this on a 60mo finance zero down for this same car.
Need the 18,000 miles and not interested in owning a car right now. Is that stupid in general? Just with this car?
Welcome to the forum, here a template to help so people can review your payment
you’re better off buying it and if you can get a cheaper auto loan through a local credit union in a few months, flip it after three years.
IMO in general, “not interested in owning a car right now” rationale doesn’t really make very much sense if you’re interested in leasing a car. I’d argue that there is much more commitment required in a lease contract than in a finance. If you go over or under miles you are throwing money away (over miles is $0.25/mi, under miles you’re paying for depreciation that you aren’t actually using). You are responsible for performing all maintenance and returning the vehicle in pristine condition. You are signed up for making 36 payments, and the only way to get out of the contract early is to sell the vehicle and come up with (or roll in) the difference between payoff and actual value at the time. For an Accord that last point probably isn’t such a big deal since they have traditionally hold their value well, but that argument also goes for financing since the lease residuals from Honda are usually very conservative. You save some sales tax on a lease but you pay for acquisition and disposition fees.
But regardless, I’d urge you to follow the template provided by Samson and do the math on lease vs. buy for however long you plan on keeping the car for. Leasing can save money or cost more money, it really depends on the vehicle. For an Accord without any lease cash incentive, I cannot see a scenario in which it saves money due to the high MF (higher than Honda finance special APR) and conservative residuals.