Leased 2021 Honda CRV AWD Touring.
Premium Radiant Red Paint.
Cincinnati, Ohio, August 17th, 2021
36 month lease.
10,000 miles per year.
MSRP $36,770.00.
Agreed upon selling price $36,395.00
Residual value $23,165.00
Money Factor 0012%
My out of pocket was $1,691.00
Monthly payment on CRV is $374.41
My monthly payment on the Civic was $289.35
Payment increase of $85.06
2019 Honda Civic EX, with 23,500 miles.
Traded leased Civic in 7 months before end of lease in March, 2022.
Trade in allowance $18,600.00
Lease payoff about $16,300.00
I don’t think I did too bad on the deal, the value of used cars is crazy high right now.
I would have extended the lease on the EX and waited it out. Absolutely zero need to rush into a market where prices are completely over inflated. That’s just my thoughts. I’m in the same situation and all I’m doing is taking my lease further out into 2022, will wait it out and if things don’t straighten out by then I’ll happily buy out my current lease and still be saving thousands of dollars over trying to lease anything in this upside down market.
Exactly a year ago, August 2020, was able to negotiate a deal on a CRV EXL for about $300 36/10 Honda lease, with 2900 out of pocket which included taxes and first payment. Not sure what the price difference was on the touring but I think the MSRP on the EXL was 32 something. The residual was around $20,000 and I was looking to buy after so I thought that was high. Had nothing to trade and back then there was no equity in a lease anyway. Prices have changed a lot since last year! Ended up going with a completely different car in a cheaper lease due to being in an SV trim but really liked the CRV. They considered loyalty then and I had that so it helped
@Traderx I really do wonder when this will end. I thought about holding on to my Highlander where the lease was up but it already had one warranty repair and really did not want to pay to fix a car I did not own if something went wrong. Had I realized I would be hangining on to it, would have gotten cheap extended warranty through my insurance when it was new
Agree the way market is going its better to Buy then lease. I don’t think situation will improve in next 2 years as per some CEO of these companies. I think issues are much deeper then just one Chip missing. Most of the manufacturers saying the chip shortage mostly affecting communication part in the vehicle like GPS SOS … Why not ship them without the Chip and then Add the Chip later when available.
Dealers are getting these big Markoff and I hope they don’t get used to it , then prices will never drop. If one really needs a new car then just Buy it and if already leasing then buy it at the end of lease.
Time to bring back jobs and semiconductor factories back to USA. Moving them to Malaysia Taiwan not worth it . There plants keep shutting down due to pandemic crisis.
I can still go out and Buy the latest iPhone , Samsung or iPad with discounted price with no issues.
I used to always buy my cars pay them off and keep them for 10 or 12 years, but I got tired of having to deal with the unexpected repairs that happened as the cars aged and the miles accumulated along with outdated technology.
As far as I was concerned I would always have a car related expense either it be a monthly payment for a new car or the unexpected payment for repairs on an old car, I have decided that leasing works for me, as it allows me to stay in a new car that is covered under the manufacturer’s warranty and the only expenses are about 4 oil changes done through the life of the lease.
I am 63 years old and retired, and really enjoy driving the CRV.
Have a great day everyone.
I see you what you are saying about not wanting to pay to fix a car that already had one warranty issue. I have additional warranty coverage that comes included with my insurance.
It has to be purchased at the time when leasing the car and carries a $250 deductible. Covers 7 years 100k
Cost is only $40 a year.
It covers
Engine
Steering
Air Conditioning
Transmission
Cooling|Brakes
Drive Axle
Suspension
Electrical
So in the end after my 3 year warranty is up in Dec 2021 I’ll still be able to carry it out until dec 2025 or 100k mile if I decide to buy iout my lease, which I believe I will since it’s cheaper to buy out my high optioned out car than lease a base trim level of the same car I’m leasing at the moment.
Traderx it looks like you have a good plan for yourself.
I was lucky to get the CRV, the dealer only had 2 Touring models on the lot and 8 Special Edition’s, the Special Edition’s were a lower trim level than the Civic ES I had, like you I did not want to go down to a lower trim level than I had.
I checked the dealer’s website out a couple of days after I had the CRV and all but 1 Special Edition had been sold.
Also the dealer listed my Civic for $22,500.00 and it sold in a couple of days also.
I am glad I got the CRV and am done with car dealers for awhile, it will be interesting to see how the market conditions change going into the future.
Have a great day.
The point about buying when the lease numbers are not favorable is that you can sell after the same 36 mos you would have turned in the car, and be less total out of pocket. No warranty issues, etc. But that can require more money up front and the process of selling can be bothersome for some. So from a simplicity standpoint, some people still find leasing the way to go even if it may cost more in the long run. You’ve found your Happy Place, enjoy and congrats!
