I currently lease a 2016 Honda Accord Sport which expired on 10/24. I’m on a 10 day extension so I have to do something very soon. I’ve exceeded my mileage by approximately 10.4k at 0.15 per mile which comes out to $1,560. I called the leasing company and they are willing to waive $700 of it. So I have about $830 in negative equity if I lease another car through Honda.
I’ve done a lot of research on this forum and other sites, so I’m negotiating the new lease separately then I will look at trade in vs turn in.
So far I’ve stepped foot into 1 dealership ended up walking out. They contacted me a couple days later and made a pretty aggressive offer on a 2018 Honda Accord Sport 1.5t for 36/12k for $310/month with $0 down and $0 DAS. I’ve researched enough on this forum to know that Honda’s aren’t leasing very well but my lease end fees are pretty much forcing me to stay with Honda.
I’ve contacted other local dealers and they won’t work with me by phone or email. They want me to come in before they give me numbers. I’ve been maybe too upfront with them all and told them all the above and looking to sign a deal soon but not looking to spend a lot of time in any dealership.
With all that said, I’m looking for opinions on the deal I’ve been offered, alternative solutions and do I really need to go into these competitors to get an offer?
For the lease, have you tried CarMax? Honda’s don’t lease well since their residuals are conservative. But that means on lease end you often have equity. Even With you miles I’d guess you have equity or at least enough to cover buyout and avoid fees as long as your Carfax is clean.
As for the 2018, finance it. 310 a month is too much for a car with a 25,7xx MSRP. I’ve also tried to negotiate an Accord online and have only limited success even in DC with 10 dealerships within an hour of me. Only a couple were willing to talk and I didn’t get their best offers.
Why be so worried about monthly payment while not even including the over mileage fees and disposition fee you’re paying every 2-3 years? There are some not insignificant financial benefits to financing cars like this that have zero lease support (special lease-only incentives),
Negotiate the car based on the merit of its selling price, regardless of whether you lease or finance,!and go from there. As others have said you may have equity in your current car.
@EC99 Went to Carmax and they offered me $12.5k. My buyout is 15.8k + $350 disposition fee + $1,556 excess mileage = $17.7k Obviously that won’t work. I’m doubtful the dealer will give me a buy out. Which leaves me with turning it in as the disposition fee is waived and $700 credit from leasing company, if I buy another Honda.
@chrishs2000 my current vehicle is actually my first lease and I’ve never really had much equity when I’ve sold or traded in previous cars. Granted, that’s better than having negative equity. I’m trying to do exactly what you’re saying and explore all my options such as selling to a 3rd party, buyout, turn in. I’m also looking at cars comparable to the Accord
Based on my financial situation and monthly budget, a lower monthly payment has a bit more weight than potential future gains/losses.
Sounds like you’re financially stuck leasing another Honda as they’re willing to forgive a large chunk of the mileage penalty. Get some offers from local dealers and do your research on here, the 2018 Accord horse has been pretty beaten to death.
Always buy Honda’s. My payment is $393/mo over 60 months. Negotiated down to $21300 buying price for a 1.5T. I can still sell it after 5 years for 14-16K.
I’m leaning towards financing. I’m about to run some numbers on lease vs purchase
But I’m still curious how/why the payment comes out different. I’ve never been able to get the calculator to match their payment. Always off by $30-$50 bucks
Just checking but you made sure your buy out quote didn’t include tax? Also check to see what a honda dealership will give you. Heard they are sometimes higher bc they can sell them as certified.
I’ve been negotiating just on the new purchase. Now that I’ve shopped around and got the best offer I can get… I’m going to go to the dealer and see what they can do for me on a trade in or buyout
I got a quote from Carvana for $16,380, which I’m super stoked about. If they honor it, I’ll have $576 check coming to me
Bam. You are going to make $576 and you’re 10k over miles. Try doing that on an Equinox lol. Yet another example of why Accords make no sense to lease. Honda legit makes money on the back end reselling them.
@chrishs2000 I see your point now. If I had financed instead of lease I’d have more equity. Honda definitely making money on the back end, especially if they make it CPO.
Went to the dealership tonight… Something is definitely off. He showed me the term sheet and it was missing the $499 doc fee and there was $1,404.49 in the drive off field. So I’m pretty sure he’s trying to pull a fast one on me
You should be at 27k on the 2.0 or 23k on the 1.5 Sport. For better lease deal check out the 1.5 Touring threads, trim is being discontinued for 2019 and they are clearing them out.
I’m in AZ and haven’t signed any deal yet. I was looking at the Sport 1.5T and Sport 2.0… Might be going with Infiniti Q50 instead though. If I go with Honda it’ll be the 1.5T
