Signed: 2020 Honda Civic Sport Hatch $235 P/M (Opinions)

Hey peps, so after half a day of doing Leasehackr, edmunds and YouTube. I don’t think I did very best but maybe decent at most. How did I do?

Year, Make, Model, and Trim: 2020 Honda Civic Sport Hatchback
MSRP: $24,605
Monthly Payment: $235 (after taxes and what not) original yesterday was $335 a month.
Drive-Off Amount: $2000($528 add-ons, $602 sales tax, 570 dealer/state fees)
Months: 36
Annual Mileage: 12k
MF: 0.001210
Residual: $15,255
Incentives: $500
Region: MA/NH
Leasehackr Score: 7.6
Leasehackr Calculator Link: leasehackr.com/calculator?make=Honda&miles=12000&msd=0&msrp=24605&sales_price=23108&months=36&mf=.001210&dp=2000&dealer_fee=170&acq_fee=595&taxed_inc=500&untaxed_inc=0&rebate=0&resP=62&reg_fee=400&sales_tax=6.25&demo_mileage=0&memo=&monthlyTax_radio=true

Notes: Also added 2 minor features which paid up on the total today. Previous lease on 2018 Civic 2dr-LX, payoff $14,099, 12 payments left of $307 a month.
Thanks.

Pretty good. Did you sign?

Also, what do you mean by add-ons?

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Oh I forgot to specify. That’s some minor things I added like the side moldings and mud guards. I just paid them in full because I’m keeping this car for sure.

Okay. Well congratulations!

Just making sure it was not ignition rust protection lol

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Why would you lease this if you are keeping it for sure? You’re gonna end up paying $10225 + $15255 + tax on the RV.

Not great. Discount is pretty meager and looks like you paid list price+labor for the non residualized accessories. Next time take your time and shop around. Enjoy the car until then!

Dealer bought the 2018 Civic for your payoff?

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I’d like to think I’m keeping it because I like it a lot. however in 3 years a lot happens and my situation doesn’t allow me to finance right now. I know i can do a good down payment and lower my monthly payments but then again because my situation I can’t afford that. Now with this I’m way better than the rip off I got 2 yrs ago on my civic coupe.

Yes. I didn’t have any negative.

I think they rolled some “negative equity” into the lease.

I can’t imagine they just paid $3,600 out to Honda to let it go, so probably bought out the car with some sort of Honda incentive, and rolled whatever they thought they were going to lose on the car into your new payment.

That was not to say there was definitely some more meat on the bone with only a 6% discount pre incentives, but whatever extra discount you had was taken away to cover anything that they may lose on your old one.

Still, I really don’t think it makes financial sense to pay this lease off at the end and keep the car. If you do the math (($235 X 36 months) + $2000 at signing + $15255) you get YOUR total cost of the car at $25715 (4.5% over MSRP). At that rate, just turn it or use this forum for assistance after you have already negotiated a deal on a car or need a broker to do that for you.

Good luck and enjoy the car!

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Thanks! Will do definitely.