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.
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.
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.