I’m coming to end of my lease term on my 2021 Honda HR-V with about $1000 in equity. There are only 5500mi. on it. My wife is interested in the CR-V Hybrid. Is this a good deal? Thanks for your help.
MSRP $37,355
$2000 discount (equity/loyalty/cash off)
There is about $1000 equity in the HRV.
MF .00210
RV $24,654With $3000 down payment is $414 on a 3 year/30k lease
Please post your best attempt at the calculator.
Is that $3K all going toward capitalized cost reduction, or is the $3K due at signing?
Of course, sorry about that. The $3000 is going towards capitalized cost reduction.
How is that possible? What’s the payoff?
Is buying out your HR-V and putting another 5500 miles in 3 years an option?
Payoff is $18,711. I bought the car for my wife and she doesn’t drive it at all. She’s adamant about needing a car, and with a newborn I can’t really deny that. At least in the CRV I wouldn’t mind driving it as well.
I suppose it’s always an option, but it’s an incredibly boring car.
Is a CR-V Hybrid Sport really going to scratch the “non-boring” itch?
I’d considered this for some time… it’s certainly an upgrade, and my entry into hybrid/electric vehicles. Hope that makes sense.
An upgrade, perhaps… its still a Honda appliance CUV, just larger. There’s nothing wrong with that but if you are looking for something that isn’t “boring”, I’m not sure that will check all the boxes.
Appreciate you looking out. It seems like my only logical choice if I choose to stay with Honda. Any thoughts on the deal offer itself?
If you’re not driving that much, you should at least own it to benefit from the value retention from the low miles.
Only $1,000 in equity after just 5,500 miles in 3 years on a Honda — almost feels like you’ve been swindled.
And a CRV hybrid won’t dip your toes into electrification. Get a PHEV for that. The RAV4 Prime is the rockstar of value retention in its segment. And the extra power/acceleration will make it a little less boring.
I would attempt to get independent offers for your existing car and see if you are being shorted on your trade. It may be worth comparing the Hybrid version to the gas CR-V as well if you are looking to stick with Honda. How do the programs compare? It doesn’t look like you are getting massive incentives in exchange for going with the Hybrid, is the higher price worth paying for a benefit you probably wont realize over a three year lease?
Ask them for 1500 off at least before any equity or loyalty, so 37355-1500-750 for loyalty, and they have 3.9 financing atm for 48 months, so you can own it for a bit more. Then sell Honda to third part after you used the loyalty. I just bought my third one in the family and always 2500 off. Hope that helps.
CarMax just offered me $21,500. I’m thinking I sell the car to them and get into a Tesla Model Y now… they have $8000 rebates in NY. I could theoretically take the profit and use it to install a charger at my home.
That sounds great in isolation but Ariya, ID4, Ioniq, etc have even more rebates.
And just as importantly they have really reasonable leases which means you don’t need to take any unknown depreciation risk.