Both are up in the summer and I’m trying to figure out what to do with them. My hope with this post is to get guidance on the information I should be trying to collect to make the most informed decision.
Also curious- in general, when you buyout after lease-end, is there a ‘general’ % decrease in the monthly cost of the car?
For the record, both cars are perfect and I’d be happy to keep but I figure with how long it takes to get a car, I should probably start to consider my options now.
OP, if you need a car, the pilot will be your best bet to buy out. It hold the value pretty well and since it’s honda, it should be trouble free and cheaper to maintain. Check penfed for their used car loan rate.
I’d test drive the 2024 Pilot, Telluride and GH to see if any of those feel like worth the upgrade and use any equity to finance one since the leases in this segment are terrible.
For anyone else with a returning CCAP lease I’d recommend checking the Jeep section of the Marketplace but in Maryland your payments are going to be way worse than everyone else’s.
It depends on what kind of loan you get. Plug it into an amortization calculator and it’ll pump out your monthly payments til term date. If your 4XE RV is $35k, at 6% over 60 months it would be about $676 not including any buyout fees or taxes. But generally, @forbs is correct in that your monthly normally goes up on a 60 month loan, and you really wouldn’t want to go beyond that on a car that’s already 3 years old.
What’s your buyout price for Pilot? Go to Penfed to look at their rate for used car loan. Plug it into car loan calculator n you’ll see your monthly payment based on how long u want to finance it? If you only care about monthly payment, get the 60 months, it’s a pilot, it will last u more than that. My parent’s previous car was a 2013 pilot which they sold for $7k in 2021 with 170k miles, still drives just fine, only regular maintenance + oil change.
I think you are looking at your buyout value if on the Honda Finance account page. Your retail value is what a dealer or private buyer would pay for the car. You should have equity in the Pilot.
Ask yourself why you lease? The main reason that I lease is because I don’t like to deal with service advisors that tell me I need this and that. Everything gets fixed under warranty. Plus newer cars tend to be more reliable in general. It also makes it easy to budget the monthly payments. Obviously, getting good deals from the LH community and my low mileage requirements also make it so that leasing makes more sense.
On the flip side, my wife has had it with me leasing her the exact same car 3 times in a row. I think she’s intent on keeping her MDX this time. I’ll sell some stocks and pay the residual in cash. No way I’m going to take out a used loan at today’s interest rates. So we’ll save $430/mo, but then there will be unexpected expenses once the car is out of warranty.
One other thing to consider. You are in MD, so you have already paid full tax on the vehicle. If you buy it out you should not have to pay taxes again. I suspect the RV on the Wrangler 4xe is going to be higher than what you can buy a used one for.
It is set at the start of the lease. You should not sign any lease until you fully understand the components of the lease, like Residual Value (RV) and Money Factor (MF). Check Edmunds Lease Forum for your specific vehicle to get these numbers, or look in the Marketplace for what brokers are offering on your specific vehicle. You should easily be able to find this information in one of those locations.
Dang, truly scary how little the OP knows about leasing financing etc! Dude needs to learn how to lease first. Go back and read the contracts that were signed and reverse engineer the leases he already has in the LH calculator so he actually knows how a lease comes together and can be terminated.
