My current 2016 Acura MDX Advance package lease expiring in June, I am currently paying 550$/10k/year and residual value is 31374 (without tax). I still have 10k miles left out of 30K. Can you pls help me advise me if I should consider Return or Buyout? Based on my below considerations (I may be wrong, pls correct me).
Most of the features I use in 2016 Acura MDX Advance package are made available in 2018/2019 MDX Tech package. Now should I buyout 2016 model which has 20k on speedometer for 34858 (including tax) or go for new 2019 Tech model lease (and take advantage of 10k left over) ?
As MDX is pending for redesign for 2020 or soon (I see all the technology features like adaptive cruise, line assistant and safety features are already available in 2019 Honda Odyssey), now does it make sense for me to go for 5 years loan for buyout and by end of my loan my car may be outdated MDX version?
Should I forget about those 10k miles and go for any other SUV like Infiniti Q60 which sounds more value for money and less monthly lease than MDX.
Pls suggest me.I am fine with any SUV lease under 500$/10K/Year based in Chicago.
thanks for your response. I am trying to understand that am I getting trapped for 10K miles and getting into something which is not value for money when compared with Q60.
I think you are inflating what that extra 10K miles is really worth… probably $500-$750 in additional value so wouldn’t make a decision solely based on that.
If you are flexible on the vehicle, you can definitely get a comparable one with all the features you want for under $500/month including a new MDX.
Go lease something else. You buy this out your payments on a 5 year note before interest is high $500’s, that doesn’t make sense. Plus in 5 years it’ll be old
FWIW, Acura does pull your remaining lease miles toward your next lease. That said, I don’t think they offer a lease below 10k per year so not much value there. They are leasing well right now so you may be able to get into an MDX tech at 10k per year and save some money with the $750 lease loyalty tacked on.
Acura does offer 7,500/year, so could save $500 vs. 10K and rollover the mileage. Also, save the disposition and gain loyalty. If he’s thinking about buying it out, I assume he likes the car so a good option.
Also check into lease equity especially with the low miles. If the Kelly Blue Book value of your car exceeds the buyout, you can have a place like Carmax buyout your lease and write you a check for the difference. You also skip all the end of lease turn in hassles.
Being underwater is a good thing from a leasing perspective since you paid less to have the car than it’s actual depreciation. Most cars have inflated residuals and only a small percentage of cars have positive equity at the end.
Just another reason why to lease and not buy. Besides the value of knowing the car history, you are likely overpaying if you bought it out.
Acura recently sent us a loyalty flyer in the mail and leftover miles are compensated by Acura. I don’t remember the exact amount but it was X dollars for X miles. Edit: it may have been also that you can rollover unused miles so maybe aim for 7.5k miles to save $$ since you can rollover a lot!
Worth a look if you are going to lease another! Plus they cover up to $1500 in damages on existing lease!
I would say testdrive the other suvs to check if you even like the drive quality. The Pilot even though is a sister brand does not drive anything like the mdx unless you take the elite or touring which is a different transmission but then lease payment maybe as high as mdx payment.
I would say the same about the XC90 and QX60. At the end, its you who will be driving for it for the next 3 years.
Like Britten said, look into a 7500 miles per year lease and you can rollover a max of 7500 miles from your old lease to your new one. Also wear n tear gets doubled to $1500 and save on disposition fees.
I believe that Acura will rollover unused miles in to a new Acura lease. That’s a great deal if you have that many miles to rollover. It could lower your payment by a ton
I was given 31374 (without tax) RV in 2016 for MDX AWD advance package but when I check in KBB today it is showing around 28500$ even for such low miles (20K) and excellent condition. My point is even after 10K left over miles, my RV is no ware close to KBB value, does this mean dealer gave me an inflated RV ?
I called in Acura finance and they informed me that I can extend my lease upto 6 months for 42$ sales tax per month + current monthly lease amount, I am planning to extend the lease until Aug or Sept. Assuming Acura will release 2020 MDX (either same generation or redesign/refresh version) guessing dealers may give better deals on 2019 MDX than now and also I will get to see how 2020 MDX looks like. Can you pls advise if, I am going in right direction and is it worth extending couple of months ? I am not sure what are the con’s in extending leease tenure and also what is the regular 2020 release timeline for other SUV’s in this segment like (QX60 or RX350 or Q7) to take price advantage on those.
