Strategy with paid off civic and ranger lease

Ask the Hackrs
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I live in so cal, my wife and I have a paid off 2016 civic (carfax offer $13k) and a 2021 ranger lease that has an end of lease purchase price of $24k, Ford dealer just offered $33k trade in.

We would like to keep the compact car and midsize truck (or suv) combo and are open to leasing 2 new vehicles.

Monthly payment on the ranger is $380.

I have a few questions, could we potentially trade in the civic for a new civic lease and have little to no payment?

Should we sell both private party and use the cash to make payments on the new leases?

What would you all do? Curious to hear the different opinions! Thank you all in advance :smiling_face:

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IMO sell and take the cash. Release something and make payments.

Cash is always better to have

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It has been years since i sold a car private party that wasnt a beater…is the market good to sell a 21 ranger for kbb ~$35k private currently?

4

Try Carmax Carvana Vroom to see what they think it’s worth.

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Not trying to give unsolicited advice here, but since you’re asking, I’d probably just buy out the Ranger. Finance it as needed. Whatever it depreciates from here, is probably less than what you’ll spend on a new lease.

If you like the Civic, I’d stick with that too. Generally a very reliable car.

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This was my first instinct, but my wife has been working hard and wants an upgrade lol! May still keep the ranger, i like it!

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+1 (or at least +0.5)… keep the Ranger if you like it, that buyout is pretty good price and probably could drive it a few more years with minimal cost. Check out the CU thread for banks with good rates for lease buyouts.

On the Civic… if you really have the itch for something new, sell that. I’d bet you could get pretty strong $$ for it. There still isn’t a lot of inventory out there for cheap & reliable used cars and this probably has a lot of life left in it. Put cash in your pocket and then look for a replacement.

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This is what I am leaning towards.

Keep the ranger and trade the civic for a new civic lease, and hopefully have little to no payments ont he civic for 3 years. Is that doable?

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Did you check that your civic has about $14,000 in equity? $400/month for 36 months

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A civic lease is a terrible value in this market, incentives are awful on it. The lease is very high on them, there are much better vehicles out there with similar payments

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I would keep them separate. Easier for dealer to play numbers with trade value & payment on new car if you combine them. Sell the Civic, put cash in bank and then you can always use the money to pay the monthly on something new, or to do a “one pay” lease if the brand you are looking at offers a reduced rate for that option. Do not use the trade value as cap cost reduction. Don’t think a new Civic leases all that well so might be better car to purchase, or consider a different brand for a deal on a lease.

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My wife is the opposite. I’ve leased her three MDXs in a row. Pretty much identical. She’s had it with getting a new car every three years. 8 more months left on her current lease. I’m hoping that she charges her mind by then. If you can find a 2023 Acura Integra, they seem to be leasing well, at least better than the Civic. Here is an example broker offer on one 👔 Acura June Specials SoCal - LUXCONCIERGE - #4 by LuxConcierge

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Thank you, what comes to mind? We are open

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