End Lease Early?

[MoTeC R]

Thanks for all the helpful replies. Just an update, work is busy this week so I made an appointment to get the car appraised on Friday and see how much equity (if any) I would be getting from trading it in. Hopefully the nunbers work out and a good deal is to be made.

If not, then all is good and i'll just be waiting a bit longer. One thing thats popped into my head that this pretty much only makes sense if I'll be trading in for a Honda, otherwise im assuming the fees and penalty associated with just turning it in early wouldn't be worth it. I have thought about the possibility of even getting something more fun like a GTI, but I havent driven a turbo Civic before so if am satisfied with the way it drives and the numbers are good, i'll be driving home in one

You don’t have to trade a Honda for a Honda unless there are incentives from Honda to do so you only lose what Honda’s offering there’s no difference in trading in a lease vs a purchase in the end.

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[civicmanic]

Listen man, that car you "traded in" needed tires. Nice. $800 Canadian. They are now into it for 11K, and that's assuming no other reconditioning necessary to retail (if they Honda certified it, I can guarantee it needed more). They listed it at 3K of margin, best case scenario. Let's assume they had a little wiggle room, say $500 -- maybe more. $2500 margin on a used deal is normal. Why are you all worked up? No one is taking a vehicle in at 50,000+ km without a few grand in margin. Cars aren't inspected by the shop during the appraisal. They need some buffer to protect against growing reconditioning costs.

I am worked up? That's news to me. More like, you're just overly sensitive. You're likely a used car salesman, based on your defensive attitude on the subject. So that's understandable. Cheers.

 

[civicmanic]

Thanks for all the helpful replies. Just an update, work is busy this week so I made an appointment to get the car appraised on Friday and see how much equity (if any) I would be getting from trading it in. Hopefully the nunbers work out and a good deal is to be made.

That's exactly what my mindset was and it all worked out for us to get the new vehicle. Good luck, hope it works out for you as well.

 

[Dubers]

I am worked up? That's news to me. More like, you're just overly sensitive. You're likely a used car salesman, based on your defensive attitude on the subject. So that's understandable. Cheers.

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[Hats_N_Hoodies]

Thanks for all the helpful replies. Just an update, work is busy this week so I made an appointment to get the car appraised on Friday and see how much equity (if any) I would be getting from trading it in. Hopefully the nunbers work out and a good deal is to be made.

If not, then all is good and i'll just be waiting a bit longer. One thing thats popped into my head that this pretty much only makes sense if I'll be trading in for a Honda, otherwise im assuming the fees and penalty associated with just turning it in early wouldn't be worth it. I have thought about the possibility of even getting something more fun like a GTI, but I havent driven a turbo Civic before so if am satisfied with the way it drives and the numbers are good, i'll be driving home in one

As some one who has far too much experience with this over the past 3 years. I would suggest doing the research into looking for what you really want. Wait till the lease is over and just start a new one or finance the next car.

There will almost always be negative equity carried over to the new lease even if they give you incentives for trade in.

I made the similar trade in from the 2018 Sport to the 2020 Sport Hatch. The extra 40hp and acceleration from the turbo made it well worth it for me. Plus they finally offered the Sonic Grey Pearl on the Hatch Sport model so I chose that colour. It was previously only available on the Touring and Type R.

 

[The Vyzitor]

I leased a 2016 LX and I basically did the same thing you’re thinking of doing. Though not as early as you. I believe I went in about two months early.

Dealer took the car as a trade, not end of lease turn in. They gave me a decent trade in value (Enough to pay off the car and a little over the top towards my purchase) BUT they tried to take me to the cleaners on my next car. They were actually pushing pretty hard towards a Fit Sport... loaded, for full MSRP (something like $21k) I contacted most Honda dealerships within about 100 miles to get quotes on a Civic Sport hatch, and brought those quotes to the salesman’s attention, that there are other dealerships that would give me a Civic Sport, not a Fit, for the same price. They agreed to price match and I left with my Sport hatch.

 

[redcoats1976]

Coupe' looks great but I need the rear seat for my daughter to be available., so probably a turbo sedan or hatch. I actually thought about going for an Si but I don' t know how I feel about the manual transmission for sitting in traffic and commutes.

took 3 grandkids and my wife on a 110 plus mile trip,other than ingress/egress the kids had no problems,and two are 17 and 16 years old.at least try the coupe if you like the styling better.

 

[Rickmeister 48]

In my experience with these sorts of things, the only way to know for sure what's gonna happen is to go to a the dealer and see. It doesn't matter what any of us tell you, I really think it depends on the actual dealer, and how they feel at that moment,lol
Could be one deal one place, whole different story a few miles away.

 

[TheKevinlyFather]

I'll throw a recommendation out there to check with Carvana. They paid top dollar for my Si earlier this year. The whole process was super simple and I didn't have to leave my house. They can even check your payoff through HFS if you want them to.

 

[Shankmeyster]

It also depends on the lease companies rules. When I had a leased Mustang the place I traded out of it at said that if it had been through Ford I would have only been able to trade out of it at a Ford dealer. Glad I got out of it for what I did.

 

[jred721]

Thanks for all the help guys, after test driving a Civic EX-L and getting my car appraised, I decided that I would wait till my lease is up to change my car. Reason being is that there's a good chance that by next year, I might not be needing a 3rd car all because I might end up working out of a different branch. I did in fact have positive equity in the car for anyone wondering and I could have gotten out with a nice deal, but I decided it's more financially prudent for me to just wait it out and see what my needs are in 9 months .

On the flip side, I finally got to test out a turbo engine and it felt great. The added torque over the 2.0 is really what I like the most. So if I am looking to switch out my Civic next year, I know the turbo sedan is a solid upgrade.

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