1.5 with about 28k miles.
I contacted Costco Auto and they put me in touch with the local Honda dealership they work with. I gave the Salesperson a few different vehicles I was looking at, and he sent back pricing, which was basically MSRP and said the Costco discount was $500 off of that price.
I would like to keep the Accord but we need something bigger. When I got the Accord there were just two of us. Now, there are two of us, plus three dogs, so doesn’t really work as well anymore.
I loved my ‘18 1.5T Touring. Just got totaled but they appraised it right around what your trade-in prices were but at 37k miles. Got a nice chunk from it back despite only have 4 months left on it.
I think now Honda wont allow me to sell a leased car to places like Carmax. At least in CA. But I wonder the two options of yours, dont you need to pay sales tax when buying out the lease? which could be around 2k?
I called honda, and they said my payoff amount on my monthly statement includes the taxes in the county I reside in. Right now my payoff is around 21k. Lease goes back in 4 months so my payoff will be about 20k.
Usually varies by state as to if the buy out includes tax or not.
I made my payoff with Honda, and no taxes were added to the payoff amount. I did a bank transfer for the payoff amount, and it’s showing that it is paid in full. I sent in the Odometer Disclosure Statement, and now I am just waiting for them to send the title.
Yea the buyout price on your monthly statement include the taxes already.
Now that you own your car are you selling it to a third party or?
This varies by state and should always be confirmed.
Once I have a replacement lined up I will get quotes from Carmax, Carvana, Vroom, Honda, the dealer I am buying the car from, etc.
At least for MN, the buyout price included all the taxes.
I have to correct myself from earlier comments.
When I went to the DMV to transfer the title to my name, they collected the sales tax. So while it wasn’t collected as part of the payoff made to Honda Financial, it was collected by the county when I went to transfer the title to my name.
May I ask if Carmax or other online dealer takes care of buyout, do you need to pay that sale tax as well ?
Similar question…I’m curious if there is a tax savings if I trade in my Acura MDX Sport Hybrid lease to an Acura dealer. I live in WI where sales tax is collected monthly on the lease. Do I have to apply all the equity on my MDX to the new Acura vehicle lease in order to avoid paying sales tax? Or can the dealer apply a portion to the cap cost and cut me a check for the balance of equity without me having to pay a sales tax?
Honda will not sell to Carmax. Only Honda / Acura.
He can, but he will try to sell you a car and tell you all about the ‘law’ that he’s going to make up.
When you sell the car, no matter who you sell it to, you do not have to pay sales tax.
You pay sales tax when you purchase the vehicle. If you have to buy out your lease prior to selling it because your bank doesn’t allow 3rd party buy outs, you will pay sales tax when you purchase the vehicle from the lessor.
I don’t believe that any state that collects tax monthly on a lease provides any trade in tax credits.
With that said, if the dealer buys out your MDX, there is no sales tax due on the buy out.
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