I am debating purchasing my Acura MDX 2020 Base model lease and was wondering if due to the supply chain issues buying it from Acura for its final residual value of $26,329.10 + CA taxes would be a good deal once I am done with the payments? (see attached contract). It has currently 22,000 miles on it with the car having to be returned to dealer in March 2023. Currently looking at the same car used on Edmunds, its going for $35,000+
Also what should I consider doing if I would like to buy the car? e.g. dealer servicing 1 month before buying it + I see an acquisition fee of $595 is that something I need to pay if I am buying it or can I negotiate my way out of it?
Beside buying the Acura MDX 2020, I was contemplating keeping the lease by paying $416.99 monthly for a little longer till I see some worthy EV SUV to purchase. What do you guys think?
If you like the car and want to keep driving it, then it makes sense to buy it out. I would get quotes from Acura/Honda dealers to find out how much they would pay for the car, since what similar vehicles are listed for on Edmunds does not tell you the true value of the car.
Both used and new car prices have been dropping, so waiting a few months would probably be a wash.
2020 Acura MDX at a $26K buy price should be a safe hold for a bit. Resale values on these have always been decent. Even if you had $8K in equity on your 2020 (not saying you do) it is still hard to justify the monthly on a new one with only a 5% discount off MSRP and 3.9% interest (yes I know in this climate the discount isn’t bad and interest rate isn’t either).
My 2020 has a lease expiration in July so I have more time than you to figure it out but it will take a major change in the leasing market to justify not buying it out.
If I recall correctly, the fee was charged in situations where a 3rd party dealer bought the car. I do not recall seeing anyone report that they were charged $350 when they bought the car themselves. If they were charged when buying the car themselves at the end of the lease, that clearly was in violation of the terms of the lease.
I’m in exactly same situation with my current (extended by 12 month) lease on a '19 MDX with 25K + tax +fees buyout price ending next march. I have 28k miles on it and even though there is a 30k mile service waiting for me + tire replacements, it is still the cheapest alernative to keep driving a ‘luxury’ vehicle at this price point. Assuming MDX stays trouble free of course… .
i think buying it as well makes sense for you unless inflation and supply chain issues are controlled by then but I have doubts.
as you said buying it would be the cheapest alternative and JD power rates the Acura MDX 2020~ as a highly reliable car which means we should be able to do at least 160,000 before having to do a major repair or maintenance on it. So far mine has been great, love the smooth ride.
I am unable to justify buying or leasing an EV as they are ALL first generation and in my rental building we cannot have and also dont have an EV charging station… I think it will take few years for the EV market to mature and id wait for the 4-5th generations from Acura, Honda and other manufacturers before making the jump (at least thats what im thinking). First gen EVs will have lots of quirks and I dont feel like going to servicing my leased or financed car as a genuie pig… . I was considering getting a Tesla Model Y or X but they have terribly reliability and lots of servicing in the first few years due to Quality issues.
Yes 2020 was the previous Gen model. Ok only issue is the 2022-2023 arent so reliable so not sure with their high prices and high % interest its worth going there yet. I will wait a little longer and see what happens. Hopefully supply chain issues are resolved and prices come down from now till March.
Right I am considering extending and paying $416 monthly if needed for several more month upon lease ending and see what my options are. I honestly dont want to lease again with those prices. How much is the 2023 lease going for for 36 months?
$350 disposition fee only applies when anyone but the leasee buys it out. I just bought out my HFS leased Odyssey and no disposition fee was applied.
Two years ago I sold another one to Vroom and was charged the $350. I complained to HFS and they refunded it. It is explicitly stated now when getting a payoff you can’t sell to a third party. So it is either you buy it (no disposition fee) or turn/trade it in and it does apply.
I believe the information about Tesla is fake news, since Musk has been an outspoken critic of hydrogen cars.
California is spending a lot of money pushing hydrogen cars, and Toyota was offering really good deals on its hydrogen Mirai pre-Covid. However, there are very few stations where you can get hydrogen, and there have been hydrogen shortages and pump outages that have caused much range anxiety to drivers of hydrogen cars. If you are concerned about first generation EVs, hydrogen cars are far behind in terms of generational development.