Hi guys. Currently in a 2019 Acura TLX Aspec FWD lease. The lease ends in May and I’m way over my mile allotment. Luckily, the Acura dealer appraised my car with roughly $3600 in equity. I am looking to lease a '22 TLX Aspec AWD w/ 15k miles per year. The payment on this car is insanely high and now I am really confused what to do as I’m not sure it’s worth this kind of money. My offer (after some back and forth) came to $690/month, including tire package with $1000 due at signing. MSRP on the car is $48,195, with $1k in loyalty rebate. I am in NJ, btw. Need to know if I am just reeling from the current car market sticker shock or if this is really a bad idea. I am thinking I need to look around at something like a Lexus IS 350 AWD, but it seems that no matter what dealership I end up in, the same issue of little-to-no inventory as well as no incentives will surface, so it’ll be a wash. Your comments are welcomed.
Most cars don’t lease well right now, and the TLX is no exception. But this seems especially bad.
If I’m not mistaken, you have over $5,000 in equity shown here ($26,500-$21,434.46), not $3,600.
Are you receiving a check for the lease equity, or did they apply it to this deal? If it’s the latter, then your $2,000 cash down is effectively $7,000 due at signing, truly horrendous.
The best approach would be to create a target deal to shoot for based on this month’s programs from Acura (36/15K residual of 57% and .00175 buy rate). I’d aim for MSRP with no F&I products or rate markups, which looks something like this (before equity):
Definitely expand your reach to multiple dealers in your region and do your negotiation via email, with a target deal in mind, rather than walking into a dealer and simply asking for a deal.
Edit: Also note the dealer installed accessories are non-residualized and add $800+ to your total lease cost. That’s a lot for floor mats and wheel locks.
Thanks for the info. The equity is $3600 ($26,500 appraisal - $22,912.40 payoff). Their spreadsheet is just a bit confusing. I am not clear on your sample calculator though - with the figures you provided, monthly payment sits at $696 for 36/15k. I would still need to pay roughly $3300 at drive-off. Assuming I just use my trade equity to pay this amount, i am not far off what they offered me. They gave me $690/mo for 36/15k with $1000 due at signing including Tire package. Isn’t this pretty much in the same ballpark? Maybe I am misinterpreting what you were trying to convey to me.
$1,000 due at signing is really $4,600 due at signing if they’re not giving you a check for the equity.
Are you receiving a check for the lease equity, or did they apply it to this deal?
Assumption here was that they’d roll it in rather than cutting me a check.
Imagine paying $700+ for an upgraded Honda!!
Add some insurance and skyrocketing gas prices and that ride is going to cost you over $1200 a month!!!
$1200 a month for a car. Let that sink in for a moment.
Maybe that will help you decide to just buy your current acura out and save yourself thousands a year.
Yo, my man— you reply on every single Accord/TLX thread and comment how shitty of a deal it is, especially vs YOUR Accord.
Everyone on this forum knows you got some sort of semi decent deal 5 years ago on a Accord and how these cars are not worth it now.
Instead of posting the same shit, how about posting some constructive feedback to help the OP dissect the deal and learn where he can understand the numbers/deal and how he’s gettin’ taken.
While I completely understand where you are coming from, just buying out my current car isn’t as simple as it sounds. For starters, I’ve got almost 48k on the odometer. That puts me out of warranty in the next 2 months or so. I’m not going to go in on a car like mine without a warranty, so now there is additional cost per month for that. Secondly, I’ll have to finance the $23k buyout price, which will need to be done over 4 years or so? When you add those two numbers together, I’ll quickly be right back in the $600s/month on a car which is getting older by the minute. In addition, this car will be due for new tires soon. As you can already see, this decision isn’t exactly straightforward.
While normally I’m not a fan of Traderx’s approach to posting on every Honda/Acura thread, I will say the second half of his post is far more useful than the first half. While 1200 may be a little hyperbolic, he does bring up a good point that OP would be spending an insane amount of money for what is effectively not much more car. The AWD is nice, I guess.
OP, I am a little confused as to why you’re so concerned about the vehicle being out of warranty. I do not recall second generation TLX’s being unreliable or repair-prone.
It sounds like you simply want the new flashy. You were right to skip on the current deal, it’s not a strong one. This market is just trash right now and you’ll likely have to look out of state to get a decent deal.
An Acura isn’t going to fall apart at 50,000 miles.
Why do you think getting a new car will be less expensive than paying for an occasional repair?
Hyperbolic on the $1200??
Hmmmm.
Let’s break this simple math down!!!
$725-$750 car payment
$250-$300 in gas and only going up
$175-$250 estimated car insurance
Total $1150-$1300 per month!!!
I never compared any accord to this deal. And I gave extremely constructive feedback by providing simple 3rd grade math with 3 figures the OP has to pay in order to decide if paying $1200 a month for an acura is a wise decision, the conclusion I gave was its not and that the OP should buy out his current acura. I believe that’s very simple and very constructive to understand, don’t you think so?
Honestly, my concern is that pretty much everything on my car is touch screen, so if that goes, I’m looking at serious repair costs. I know my TLX is not going to be as costly as a BMW to maintain, just concerned the flood gates are going to open and I’ll be upside down with the cost of maintaining an aging car.
You should not be concerned by this. All of that touch screen technology is based on decade-old tech and I have not actually see Honda/Acura systems degrade and fault over the long term. Worst thing that happens is after a few years it won’t look as good as the new stuff that rolls onto the showroom floor.
How much extra money is it worth spending to insure against that remote outcome?
$50?
$5,000?
$20,000?
$1 million?
- Have you shopped your trade at other Honda/Acura dealers? I would bet you can get more for your car despite needing tires. That’s minimal. (You can only sell back to Honda/Acura if in a lease). Don’t assume this is “good offer” for your car.
I had multiple offers all over the place for my 2.0 with acura and Honda- some were $3k apart.
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I’d squeeze as much equity out of it as I can and ask for check ($5k maybe), then start fresh with purchase of something new at msrp with low apr if possible (Accord 2.0? K5 GT?)
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3rd option can be keep car and purchase outright with your own financing. Payment should not be $600. Nothing is going to happen to the screen of that car after 3 years and cost of tires is still less than your down payment. In another 6-12 months if you’re that worried then you can sell to Carmax or any other dealer.
i have TLX a-specs available in nj…mine are not priced like this…
Can you send me a link to your inventory? Much appreciated.
Fwd aspec black on red
Awd tech gray/espresso
Fwd aspec white/black
Awd advance silver/black
I am looking for an AWD Aspec in Black/Black. Anything like that due in soon?