Continuing the discussion from California 10 day tax exempt For lease buyout:
I went to Honda last night to inquire about a new Civic Lease. I have a Lexus NX300, which they can take and will cut me a check for the equity for $6600. They’ll take the car and then I’ll take the new Honda Civic lease with $1k down and $330 month with 12k miles for 36 months. Does this sound good? Also, should I expect any hidden costs with the Lexus?
Moved to a new topic since this isn’t related to the previous thread
How does their Lexus buy out offer compare to the numbers from all the 3rd party dealers that’ll buy it out?
Honestly just by glancing that’s not bad.
What kind of Civic? LX, Sport? Etc
Def check with the 3rd party buyers to see if your can squeeze out more money than $6,600 on the NX
It’s pretty much on the money. The payoff is $25,935 and Carvana and CarMax are both offering $32,800 and 32,500. So they’re offering $250 less than Carvana at the moment
Would there be any hidden costs for me if I do this deal with them?
Ok, so it seems they’re close to Carvana and Carmax. Did you get quotes from the other dozen or so 3rd parties? How do you if another 3rd party will give you , say , $34k or even $34,500?
While that dealer seems competitive with the trade in offers, rarely do dealers give you a really good price on your trade in AND a great discount on the new car.
Separate the 2 transactions .
Have you done your research on what the residual and MF should be on this lease? What’s the MSRP of the Civic and what’s the selling price?
You cant really know if it’s a good deal until you get the breakdown of the entire lease on the Civic.
Good luck
That is a lot of money for a Civic, what is the trim level?
Agreed, $330/m for a Civic is a lot of money.
Have you checked other resources to see what individuals are paying for their Civic?
It’s a civic sport. I agree, I normally wouldn’t pay more then $300 BUT considering the market….
I honestly haven’t seen anyone post about the civic lease deals they’ve gotten. Please let me know if you see anything
My other option is to buy out my lease on the Lexus NX300. I currently pay $393/mo and the payoff is roughly $25,900. I’ve never bought a car before, only leased so I don’t know what a good deal would be. They called me from Lexus today and said the following if I decide to buy it out: “ We offer a platinum extended warranty for $3495 that you can mold into the miles and years that you drive and gap insurance to cover your loan incase of an accident and the insurance company can’t cover the entire loan incase of a total loss Gap will cover what ever difference. Gap is only $995.”
It def is, but that’s the market.
OP, run the numbers on the calculator at MSRP and see what you get.
You can probably buy the lease straight from the bank and not even involve the dealer.
When does your Lexus lease end? Looks like you have a pretty good payment. Not sure if 6K is worth the maneuver. You will probably have this much equity at the end of your lease. If you decide to exit and have MSDs with Lexus make sure they are not included in your payoff amount and that you will get your deposit separately. I sold my Lexus lease right before Covid 2 years ago and got my deposit separately but there was a moment when I wasn’t sure if I made 2K or lost 2K on the deal. Even the Lexus customer service lady wasn’t 100% sure and her answer seemed a bit shaky.
If you do buy out the NX, I’d probably skip an extended warranty if it’s been reliable thus far.
I suggest you either find a better deal on that Civic or buy out your lease. It’s a Lexus, you won’t have issues until far after that warranty expires. You also won’t need GAP because you’re loaning $7k less than the car is worth.
As a frame of reference, we’ve spent less than this on our 14-year-old Lexus RX in 7 years, even if I include the set of tires and two batteries it’s needed (which wouldn’t be covered by this warranty anyway).
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