(South Carolina) Currently negotiating a new 2024 Honda CR-V EX-L 2WD. Sales price is currently set at 35,000 (MSRP at around 35,500). I plan on turning in my 2022 Honda Civic Sport lease early as a trade in (currently $242 a month with 11 months left, needing to upsize given my aging family and their/my comfort, $2,000 equity agreed upon). This new EX-L would require an additional $3,000 down payment (includes all taxes and fees) to get the monthly at $385/36 months/12,000 (I do not want to pay more than $400 a month as my future salary is dependent on me possibly returning to school/this is affordable for me in the long run). My goal is to eventually refinance the car at lease end and pay it off quickly. All these numbers mentioned were agreed upon prior to the dealer pulling my credit (around 750). We provided these numbers to the dealer and they immediately agreed (this is where my concern is). The car is on its way to them and should be here later this month. Nothing has been signed. Thoughts on this deal? I need all the advice I can get 
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You should also be eligible for a $500 lease loyalty credit if you take delivery by end of the year. Need more details on residual and MF to plug into calculator.
Can you elaborate on this going from CR-V to CR-V?
What’s the highest bid for your Civic sport?
Currently leasing a Civic Sport. Have a 87 yr old grandmother that I transport regularly and wanting something more comfortable for her to travel in/thinking long term comfort for myself. I travel regularly often hauling large things so an SUV is needed.
I actually received a quote through EquityHackr for 19,500. The current purchase amount is 18,500. The dealership has agreed to 2,000 equity, valuing the trade at around 20,500. Just looked into Carvana, $21,900 is their offer. How could I negotiate with the dealer to take more for my car if Honda does not allow third party buyouts? What could push them to give me more?
Thank you for this! Will definitely bring this up when negotiating later this month. I also was curious on those numbers. Tried to use the calculator myself but got stuck on those two values.
So does the $3k down include the trade equity or are we talking $5k total? If so you are equivalent of over $500/mo on a CRV, seems like there are better vehicles out there to lease. If you want to purchase the CRV just do it from the get go, leasing it to get a cheaper payment by putting money down and then just paying more in the end doesn’t make allot of sense.
5k total. I had the same thinking. I’m willing to pay more monthly if it means in the long run I am paying less for the vehicle. I appreciate the advice!
If you want to lease, look around and see what’s the best bang for the buck, Honda’s usually are not it.
Trying to break out of my leasing cycle. Not interested in the latest and greatest features anymore and really hate the set mileage. The Honda made sense as it’s a reliable vehicle and it’s what I’ve known all my life. Interested in Toyota and Mazda as well but when accounting for MSRP, car size, and features, the Honda made the most sense. Plus the third party buyout situation makes me think I can get more equity if I stick with them for my next purchase. Only reason why I looked at lease is to maintain my first three year payments low as I am not sure if I can afford a large monthly payment if I were to go back to school (for my PhD but salary is trash first two years).
So you have just 3 bids, one being the dealer? You need to click all the links in that thread and get bids from all.
You negotiate the same way you negotiate anything else. You’ll take your business elsewhere if it’s not working out. They want your car as much as you want to sell it. Used cars as a business is more profitable than new cars.
Oh… I misread. I thought you have CR-V and going into another one.
By breaking the lease cycle - are you planning to purchase this CR-V and drove till wheels fall off?
Will do. I appreciate the help!
That’s my thinking, yes. The lease was just tempting given the low monthly payment for the first three years as I’m not sure I can guarantee my salary in the future. I’m a newb at this and really trying to understand what is more cost effective overall while also keeping the payment as low as I can.
Honestly,
I’d be shopping for the cheapest lease for next 3 years rather than lock myself into a brand new $30k car loan probably at 7% interest rate especially if there is a possible future constrain on income.
Lease can offer lower payment for fixed amount of time - let’s say 3 year and you are out.
Mileage wise - get 15k miles per year unless you starting Uber delivery.
With all that being said - Honda almost never leases well. Just like Toyota.
And may be you should find payment you want not the car.
Like lots of Volvo right now being offer here for sale as well some Jeeps - are they most reliable? Probably not.
But for 3 years it would work as long as payment is low enough.
Why would that be the alternative? Honda is generally reliable and also offers some of the cheapest 6-, 7- and 8-year OEM extended warranties.
Your best bet, taking a 6+ year view, is to finance the lowest priced car that fits your needs at the lowest APR, rather than lease now and lease again in 3 years. Maximize your trade equity to lower your monthly payments.
One example would be the Hyundai Tucson SE which has 0% APR for 60 months.
Thank you for the advice. Salary is not an issue in a sense that I won’t have the money to pay for the payment but rather would be tight on savings each month. May be a dumb question but is APR negotiable? I really would like to stick with the CR-V given the price and the included features. I also saw that the Mazda CX-5 has a similar deal but would need to get to the Premium Select trim for the same features and the car is relatively smaller for about the same price if not more.
The markup, if any, is negotiable. But the dealer cannot offer you an APR below what the lender is offering.
I think I’ll be heading to the dealership soon before the car is here at the end of the month. I provided them with a pre-qualifying application yesterday and never heard back on what Honda Financial set my APR at. Thank you again for the advice! Definitely will be negotiating for more equity on my current lease.