Curious what your thoughts are on the attached CR-V EX-L lease deal. The trade-in is pumping about $800 cash into the deal as the payoff is $20,200 and they are offering $21,000 (20,500 trade allowance + 500 trade bonus). $540/month seems high to me for a $36K car, but I think this is because there really isn’t much of any incentives on the CR-V from Honda right now? This offer comes from a dealer my family has done a lot of business with over the years and they assure me they are providing a great deal. I want to believe them; $540/m for a $36K Honda seems like a lot though. Is anyone else getting much better elsewhere on a CR-V EX-L? I’d be happy to buy out of state and drive it back to Florida if that would make a big difference. Thanks in advance!
What’s the highest offer you received for your current car?
I think @AutoCompanion has $2,200 off? His dealer is in NE.
I would push for a higher discount since there is about $1,500 in dealer fees in your worksheet.
$1,500 in dealer fees, where? I see a $799 dealer fee and then they actually waived that under “previous guest savings.” So the dealer fee seems to be $0. I was told the $693 “taxable fees” represents the $595 lease acquisition fee and $98 title fee. And the $400 “non tax fees” is the registration and doc/stamp fees charged by the state.
I didn’t see the previous guest savings and I didn’t know taxable fees included the acquisition fee. Since you are using your current tag $400 registration shouldn’t be more than $100-$150.
Did you get multiple offers for your current car?
And why not purchasing it instead of leasing?
You might be right about the registration being less since transferring tag.
Leasing instead of purchasing to keep the monthly payment as low as possible.
Is your 2019 leased? If you own it you can save around $1,400 taxes when purchasing the 2024.
Own, but trying to keep monthly payment as low as possible. Financing new one would make the monthly payments far higher than desired, regardless of the tax savings.
Ummm the 2024 CR-V is $37K not $25K?
Ummm do you have zero equity in your current car?
Anyway I give up. Enjoy your new lease.
In this particular case, leasing at that monthly payment makes $0 sense.
Stop thinking about monthly payments for a moment.
1 - Value and sell your car somewhere else.
2 - With $541 monthly payment - in 72 months, you own it. Fear of monthly payment? Find an 84-month loan - it would be even less monthly payment while you pay more in interest and still better than leasing.
3 If I ever talk about “trying to keep monthly payments low,” I would be looking at ANY car on the market that gets me THE LOWEST price.
But then again - it’s HONDA, and there is some voodoo magic there happening that users such as you have been here before with these HONDA deals that have been told time and again not to sign such leases as they are not just meh but are rip-off.
You wont be able to use your same tag if you are moving from owning your car to a lease since technically you don’t own the car in a lease. Considering you can lease a $50K BMW 330I for about the same monthly cost, I don’t consider this a good deal. There is no value in leasing a Honda without incentives. What is the MF and residual used in the calculation?
I appreciate your trying to help, but the math doesn’t check. The lease would be $541/month. Financing 84 months at 7.29% (the lowest I can find for 84 month term) would be $571/month. And you say, well, I would own the car then for $30/month more, but the residual on the lease is 65%. At $36,440 MSRP that means my lease buyout at the end of the 36 months would be $23,686. And if I financed it, after my 36th payment there would be $23,724 remaining on the loan. So unless I’m missing something it would cost almost exactly the same to buy the car at the end of the lease and yet I would just be spending $30/month less. Which is why the lease seems to make more sense here.
What am I missing?
Brokers doing 8% off in Northeast, and your dealer is giving you a grand discount of $446. Please don’t lease a Honda, either finance or lease something else.
The $23,686 buyout would need tax, title and any purchase option fee to be paid on top. Unless you’re paying cash, then you’d be financing it with a used car loan, and APRs for used car loans are always higher than new car loans. And if you have the cash, then the apples:apples comparison would include using that cash as a down payment in your financing.
The bigger picture is that for most people it’s financially destructive to transact so often and cycle between brand new cars every 2-3 years.
Where? Who do I talk to to get 8% off a new CR-V?
That’s true, so there would be an extra $1,600 of taxes to pay if I did the lease buy out, but that works out to $44/month and I’d rather get a $30/m break on the payment out of the gate via doing the lease, and just pay what would amount to $500 more ($14/m over 36m) at the end of the lease if I decided to buy it.
Yeah, I don’t think I can get into that much details of $10 here and but I know leasing Honda has made sense in about 5% cases.
You are trying to save $10 while from overall picture losing thousands.
At that payment would lease anything But Honda and Toyota.
Unfortunately prior experience on this board specifically talking people out of Honda leases has failed and I see we are going the same path.
You are trying to prove me that your decision is good while we trying to tell you it isn’t.
Several things here:
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Is the equity that the dealer is giving on your current lease accurate? What are the usual buying suspects offering?
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Hondas don’t lease well as people have mentioned already. It’s a bit smaller, but Volvo XC40 leases pretty well and you have some of the biggest Volvo dealers in your backyard. Shop around and see what you can get.
You’re splitting hairs worth $30/month and you can’t see beyond that?
A. Financing the payoff? Seemed to conveniently ignore how expensive that will be. How much will that $23,xxx end up costing you?
B. Most people who get on this hamster wheel will just stay on it. $20,000+ over one lease becomes $40,000+ over two leases, $60,000+ over 3…