Hey guys I have a question. I am currently driving a 2021 Honda accord special edition and I got a call from my dealership earlier today, essentially they’re telling me they will give me $6000 to leave my lease. I’ve only had a car for a year and two months, and have almost 20,000 miles on the vehicle. I went to them in person today and they actually wrote me a check that will expire in one week. They appraised it right then and there on the spot. My payoff is $24,000 and they’re evaluating the car at $30,000.
what’s everyone’s thoughts on this? My only worry is if I were to give them the car and walk away with $6000, what am I getting into next that would be somewhat reasonable in today’s market.
I don’t dislike the car, just wished I had more power. If I can find a 3 series at 500$ tax in I’ll sell this all day to honda lol. I’ll even consider essentially any lease takeover!
You could probably find a base 330i for that amount, including some of your equity. Whether you find a base 330i to be a worthwhile upgrade over your current car is a different story…
Gotta go outside of FL that’s for sure… Look for the NE brokers and take the auto train down with it, is my suggestion, will be cheaper than picking up in FL in 99% of cases.
It’s been a while since i got a BMW (2020 demo and 2021 lease transfer). I’d recommend checking the marketplace (Northeast - FORUM | LEASEHACKR) and hitting up the usual suspect brokers: Autocompanion, aronchi, ALN, nextlevel, etc. Some of them won’t sell out of region, but others will.
Even if you can get a base 330i for $500 per month, have you looked into what your car insurance would be? Don’t forget paying for premium gas vs regular gas.
These might be minimal monthly costs but they do add up.
I am in a similar situation. Wife leased a CRV (EX AWD) in 2019 for $1500 down (included 1st months payment) plus $265 a month. The lease is now up and the local dealer is offering us the same deal on the same new model (EX AWD).
The equity in the vehicle (~$5k) is being used to offset higher purchase price and markups. I am wondering if I should get the new model for the same payment or buyout the lease which means shelling out cold hard $20k. The $250k per month is barely noticeable in the grand scheme of things but the $20k will hurt considering the savings rate right now is 2.2%.
Hey @rpntk, I personally & highly recommend you follow that deal. Trade in your car for the newer model & keep the payments. The 5k in equity will eventually fly away and you’ll be stuck with the same year car, when the newer one has some key differences which i believe include a facelift. $265 you can’t go wrong even if your leasing a new vehicle for 3 more years. Hopefully by then things cool off, but at-least you have a newer car to enjoy rather than debating in your head what you should do with what you currently have.
