Hey all, I wanted to ask a question that I’m pretty sure I already know the answer to, but hey, figured it’s still worth an ask. You all offer great advice that has helped me secure some great lease deals over the years and I appreciate it! I do apologize if this is a “dumb question” but I’m just looking for some great advice again.
Back in February of 2020 I got a new ‘20 Acura TLX. (For a great deal, thanks to here) Obviously right after that is when Covid struck, and then I was working from home for quite some time. Now, I like my car. It’s really nice. Nicest car I’ve ever owned really. But now I’m facing a few thoughts. First, while I did get a great deal on the payments, it’s still way more than I usually have, and more and more lately I’m having the opinion that it’s a bit “excessive” for me. At the time I was a bit blinded by the whole “luxury” aspect, and actually being able to afford it. Like I said, I like the car, but it’s just not really for me. As my name suggests honestly I’m a VW guy. Always had been. It’s just my thing, and while this is super nice id be much happier back in a smaller, cheaper VW. So, I’m just kind of wondering if I have any kind of options in ending this lease at this early of a point. The plus side is it’s way under mileage, having just now hit 12,000 miles at 19 months, and looking up values it’s definitely worth a decent amount. But in doing research it seems Acura is another of those brands that forbids me from selling a lease to Carvana or CarMax, etc. So is there any kind of leg for me to stand on here, or is my only choice to just ride this out until lease-end? Just wanted to ask. Thanks, all.
Buy it out and resell it if you are sure it’s in the money. There is a current buyout number when you login to AFS. I would price out the new lease first though. Most will cost you more in the transaction currently (ie the VW May cost you more than the Acura). I feel you - my MDX sits all the time and has 8k in equity currently.
So to answer some questions, I’m paying about $420/month for it. Paid for 15k miles per year and it’s a 4 cyl with the tech package. Like I’ve said, nice car, and I like it, I guess I’m just kind of yearning to be back to my “roots” so to speak. Years past I was always in Golfs and GTIs. Basically I’m kind of more of a small, sport hatchback kind of guy. I know my smartest option is to just wait and turn it in at lease end in another year and a half, I just had the thought in my head if ditching it early was even a remote possibility.
It definitely is (assuming you buy the car out and then resell it), but I think you’ll find that what you can get now at the same price point is a lot less vehicle.
Which is not bad. I guess you have about 17 months left (if you had a 36 month lease)
So i kinda understand where you’re coming from.
But i think if we are talking only financial side of this,
Have you checked what’s your equity in the car is? (i.e. - highest offer from CarMax, vroom, etc. Minus your buyout including taxes)
Have you checked how much a lease for your preferred car costs?
If after all the numbers are compared, if you’re going to end up paying anywhere closes to your current payment, then You’re just better off keeping the current lease.
If you’re going to end up paying same monthly for a lot less of a car, then it is really not excessive, you’re just getting more value for your $$.
$420/month. Ok so you trade that in and get into a new smaller VW for about $350/month. Did you really save? (I’m considering features , mileage, build quality, etc)
Understood. And yes, I do agree that the way the current market is is probably sacrifice a ton of nice features for very little, if any, savings. The only thing I was maybe hoping for that would work in my favor is if I would have been able to sell it to a place like Carvana, but after looking it seems you cannot do that with an Acura. Can anyone confirm if that’s true?
The nice thing about leasing: it’s temporary. You don’t dislike the Acura, it’s safe. You won’t save any money transacting in this market. By the time your Acura lease is up VW might have some inventory (and fingers-crossed incentives). I would keep driving TLX.
I’m also a big fan of Acura and VW. Currently leasing a 2020 TLX A-Spec. It’s really comfortable. Love it. I’m still waiting for MK8 Golf R and new integra. I will pick one of them. For your question, I suggest you visit your local Acura and Honda dealer. My local honda dealer was willing to buy my leased TLX.
