Why did you lease? w/ Lease details

[dthatcher7]

Just curious, if you leased a 10th gen Civic, why did you do so, and what are the details of your lease?

I leased because:
1) Concerned whether I'd like the car over the long term,
2) Want the option to get out from under a payment after three years,
3) Really feeling the new car every three years idea + hate car repairs with a passion
4) Concerned that oil prices will hairpin turn and shoot up over the next few years
5) Lower payment

Lease details:
2016 Civic EX Sedan w/Sensing, 3 yrs/18K mi per year, zero down, ~$298/mo.

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[Kasai808]

I have leased my last 6 cars and prefer to do so for many of he same reasons as you. Lower payments (not necessarily needed), ease of getting new vehicles ever 2-3 years, no maint cost, always in warranty, and I usually make money off of them at lease end when I sell to a third party.
2016 Touring Sedan, 12k year, 3yrs, only title, lic fees and first month payment down, $260 a month.

 

[dthatcher7]

I have leased my last 6 cars and prefer to do so for many of he same reasons as you. Lower payments (not necessarily needed), ease of getting new vehicles ever 2-3 years, no maint cost, always in warranty, and I usually make money off of them at lease end when I sell to a third party.
2016 Touring Sedan, 12k year, 3yrs, only title, lic fees and first month payment down, $260 a month.

Yeah people think you can't build equity with a lease, you absolutely can.
Wow, 260/mo for a Touring at 12k/yr vs 298/mo for an EX at 18k/yr... I think you got the better deal, even with less mileage! I think my mistake was going with the EX w/Sensing, which was harder to find than the Touring. It just never occurred to me that stock issues could level the price difference that much. And I used a car buying service! (local business, not the big web based ones)

 

[Newflyer3]

My dad leases his BMW and does it for tax purposes because the CCA the government allocates is greater than the cost of the car lol. He also beats the shit out of it in a reasonable manner and doesnt care if the roof gets hailed up in July.

 

[justice_beaver]

Leased our civic mainly to keep they payments low right now. If I end up liking the vehicle I will look into purchasing it out. Put absolutely ZERO down and got the first month for free (so we only will pay 35 payments) for a EX-T CVT 3year/12K mile for $269 a month.

Love the car so far!

 

[josby]

I leased just for the lower payment. For me it doesn't make sense to pay a higher payment each month (financing) and then get money back out of it when I sell the car. I'd rather have the money free for other things than sunk into a car.

Although, like dbhatcher7 said, you still end up with some equity in a leased car, since Honda's going to set the lease-end buyout value low enough that they won't lose.

2016 Touring, 12K mi per year, $1000 down, $270/month for 35 months.

 

[dthatcher7]

Leased our civic mainly to keep they payments low right now. If I end up liking the vehicle I will look into purchasing it out. Put absolutely ZERO down and got the first month for free (so we only will pay 35 payments) for a EX-T CVT 3year/12K mile for $269 a month.

Love the car so far!

Yeah I see no point in putting anything down when buying a depreciating asset that can be totaled at any time. At least if your house burns down you get another one. With a car you get FMV + any GAP coverage and that's it.

 

[1.5CivicEX-T]

Lease details:
2016 Civic EX Sedan w/Sensing, 3 yrs/18K mi per year, zero down, ~$298/mo.

Curious, how much did they charge you for the extra miles? Or how did you get to 18k a year? Don't see many leases over 15k a year.

 

[dthatcher7]

Curious, how much did they charge you for the extra miles? Or how did you get to 18k a year? Don't see many leases over 15k a year.

I just asked for 18k/yr and they gave me a quote. Here is the relevant section from my lease paperwork:

 

[Browncoat3000]

I lease for the lower payment and because I never have a car out of warranty.

I traded in my 2012 for my Ex-T. Zero down, they made the first months payment, so 35 months, $239/mo out the door including all taxes and fees. 12k/year, which is plenty for me as I don't have a daily commute.

 

[Metfanant]

My mother leased her 2016 EX-T sedan...was somewhere around $2k at signing...no trade...15k miles per year....$221 a month...and they threw in the all season floor mats lol

 

[brclark80]

I leased at 12k miles per year, only had it one year and one month and already have 28k miles on it, 26k in the first year. Going to be a problem.

 

[Kasai808]

The mileage overage will only be a problem if you decide to turn it back into Honda and walk away. If you sell it to a third party, trade it in to Honda on a new lease (if you have equity built up), or turn it in and re-lease or buy another Honda, then the excess mileage is a non factor.

 

[latole]

http://www.consumerreports.org/cro/2012/12/buying-vs-leasing-basics/index.htm

" The financial workings of leasing are so confusing that people don’t realize that leasing invariably costs more than an equivalent loan. "
___________________________________________________
https://www.canadianmoneysaver.ca/buy-or-lease-a-vehicle-3/

Depending on the type of vehicle, buying can often be more expensive than leasing. And over time, once the vehicle is no longer under warranty, repairs can be very costly.

"One benefit of leasing is that it usually means lower monthly payments, because they are based on the original price of the vehicle minus the residual value, amortized over the length of the lease," says Chawla. If you use the vehicle for business, you may also be able to deduct lease payments, subject to limits set out by the Canada Revenue Agency (CRA)."

Another important benefit of leasing is that the vehicle is usually covered by a warranty for the duration of the lease. "In addition, you don't have to worry about selling it—you can walk away at the end of the lease," adds Gargarella.

 

[d1zguy]

http://www.consumerreports.org/cro/2012/12/buying-vs-leasing-basics/index.htm

" The financial workings of leasing are so confusing that people don’t realize that leasing invariably costs more than an equivalent loan. "
___________________________________________________
https://www.canadianmoneysaver.ca/buy-or-lease-a-vehicle-3/

Depending on the type of vehicle, buying can often be more expensive than leasing. And over time, once the vehicle is no longer under warranty, repairs can be very costly.

"One benefit of leasing is that it usually means lower monthly payments, because they are based on the original price of the vehicle minus the residual value, amortized over the length of the lease," says Chawla. If you use the vehicle for business, you may also be able to deduct lease payments, subject to limits set out by the Canada Revenue Agency (CRA)."

Another important benefit of leasing is that the vehicle is usually covered by a warranty for the duration of the lease. "In addition, you don't have to worry about selling it—you can walk away at the end of the lease," adds Gargarella.

Maintenance costs on a civic are so minimal and a 8 year 120k mileage extended warranty at 1000 usd is a drop in the bucket. Now lease a BMW, Merc, or Audi. For SURE! a Toyota, Civic nah cheap enough to buy plus maintenance is cheap and easy. I've been doing all my maintenance on all my cars, BMW's S2000, e30 M3, Audi S4 etc. Looking forward to doing easy maintenance on my civic and wondering why I didn't but one earlier.

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