Our 2018 Acura MDX SH is approaching end of lease in a month. We opted for 12k/miles year option (36K miles total). However, so far we have only driven 18K miles. I expect about net of more than $6K in positive equity if selling to Carmax, Carvana etc. which is great.
However, I’m tempted to just payoff $29K (residual value) to the Acura finance (cash or finance it) and keep the car for another 5 years as it has low mileage and everything is clean. I paid $1800 at lease signing and $575/month in lease payments.
If I sell now, what great lease or buying options exist out there for Acura MDX or equivalent SUVs.
Take the positive equity and lease a brand new 2020, lots of shared deals here, many in the $400 range. There’s still like 80 of them in California. This seems like a no brainer.
Do your homework before pulling the trigger, here in new york theres some dealers with 2020s and their not willing to discount them i been getting quoted for 2020 tech with 2k DAS 36/12k for $560 a month.
OP should get a reliable buy out quote and see what kind of deal on a 2020 he or she can get in California. There are still quite a number of units and 575 current payment is not exactly cheap.
With the two pieces of information you can easily run the numbers and make an informed decision. Good luck!
Sharksfan, are you suggesting getting a buy out quote from a dealer with the 2020 $400/month lease or buy quote from Carvana etc and check with the dealer on the 2020 lease?
Get a buy out quote from vroom or carvana for your current car. Then find out what 2020 MDX are going for in California. If you have 6000 in positive equity. That will subsidize your next lease. You will then have a new car as supposed to keeping your current car that will come out of warranty in a year
I’m in a similar situation. 2018 MDX SH-AWD w/Tech package. 20K miles on the car. I’m paying $493/month and did $1600 DAS in NJ.
Acura will let me extend the lease but I don’t want the car to fall out of warranty. 2020 MDXs are pretty much sold out here in NY/NJ and those that are available are going for around $570/month for the same car I have now. 2022 model is a lot more.
I understand I can sell the car with $5K-$6K positive equity but still need a vehicle comparable to what I have now.
Everyone forgot about one thing. A year or 2 years ago You would have around $0 equity on Your MDX and deal for new unit with Tech about $510/m.
The math is simple. You are in better spot now to lease 2020 or 2022 unit.
With your numbers extending the lease makes no sense. If you can get 5k equity, assuming you can get 1k drive off at 570 a month. You will pay effectively 455 for a brand new 2020. If you know your numbers for payout and new lease. Then you can make an informed decision.
I agree. The main issue is that around me no one has inventory on 2020 models. 2022 is available but so far the deals are around $620/month with $1600 DAS.
I’m with you on that. Instead of doing it through a 3rd party I’m trying to see if the dealer would do that deal directly knowing the lease equity my current vehicle holds.
Payoff Quote for my 2018 MDX SH-AWD tech package from Acura is $29K. Add ~$3K for CA DMV (registration/title transfer) and I’m looking at $32K for pay off.
I’m getting a quote for 2020 MDX FWD w/ tech package for ~$520 per month. $1300 DAS, 10K miles. If I take out $5K in equity, pay $1300 DAS from that and discount the rest of my lease, I’m looking at a net payment of $420/month.
