Posting this on behalf of a friend.
His lease is ending on August 26, 2021, and we will be on the lookout for a new lease by month-end. The current car is Honda Civic 2018 EX-T and he is planning to get a BMW 330i. With current market conditions and scarcity of vehicles on the market, it is almost impossible to negotiate deals that were possible a few months ago. Thus, we wanted to seek your opinion on how to proceed further. See Scenario Below:
Honda Civic EX-T 2018
Lease Term Buy-Out from American Honda Finance: ~$13.5K
Carvana Offer: ~19K
Currently Monthly Lease Payment: $255/month.
What would be your suggestion?
Option 1: Should we return the car and start looking out for a new lease.
Option 2: Or finance/buy the car from AHF, and then wait for the market to normalize. We can sell the car to Carvana in a few months, assuming the market doesn’t crash, we would still have some positive equity.
Any other options?
Also, as mentioned above, we already have positive equity on the car, as the offer far exceeds the current finance amount. Let us know your thoughts.