Lease-end question

DAC17

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Greetings. I have a 2017 Si sedan in perfect condition (only used seasonally) with approx. 13K miles on it and my 36 month lease is up at the end of November. The buyout on it is about $14,700, but I'd have to pay Florida tax of 6% on it, making my total cost around $15,600. What say you guys; buy it out and sell it, or just let it go? I know the dealer will probably put it on the lot for at least $18,900.
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herox

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Greetings. I have a 2017 Si sedan in perfect condition (only used seasonally) with approx. 13K miles on it and my 36 month lease is up at the end of November. The buyout on it is about $14,700, but I'd have to pay Florida tax of 6% on it, making my total cost around $15,600. What say you guys; buy it out and sell it, or just let it go? I know the dealer will probably put it on the lot for at least $18,900.
That's a good price if you want to keep the car. If you're not interested in that I would check what price you can get from Carmax and Carvana, I have a feeling it's more than 15.6k but do let us know.
 

civicmanic

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As a private seller, you won't get full retail. You'll typically get between wholesale and retail. Also, are there any other fees associate with the buyout? Admin fee? Title transfer fee?

If you want a different car, maybe you can trade it in and get benefit of that positive equity. Not sure how it works in your country, but in mine you can do that.
 

disgraced.fk8

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If you like the car I would buy it out! Especially with the low miles. If you continue to drive it seasonally and keep miles low, in a few years you may be able to get a pretty good chunk of change too since it's an SI and will hold value better
 

dstix747

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I went in to buy out my customized 2018 EX hatch and they made me an offer I couldn't refuse on the Sport Touring hatch... straight across money at $23k. There aren't any cars out there right now, and dealers are desperate for lease turn-ins that could be certified. They may trade you into a 2020 for a crazy price reduction. The dealer gets the benefit because they sell lease turn ins near the original price.

To put it into perspective; mine re-sold for $500 MORE than what I paid for it, and I had already paid down $9k through the lease program. That gap money all goes to the dealer, and is worth more to them than worrying about the price they give you on the latest year model as a trade.

They tell you not to modify a lease too much, but mine appraised at $2k over residual, and they threw $5k as the bait to get me talking. The ST hatch ended up dropping $7.5k to get to my price point.

My daughter's 2017 EX hatch, on the other hand, was just lightly driven and had low mileage, but appraised for -$1300 at turn in for "refreshing". When I agreed to the trade for a '20 EX hatch, they wiped that out, and I got the same deal I did in 2017.

I say let them appraise it, and make the decision based on what they offer up. Just know that the cards are DEFINTIELY in your favor to get a really great deal on a '20, including an Accord if that is interesting to you. There are updates to a 20 that are worth having at all trim levels, sound proofing being one of the most prominent.

Good luck!
 


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DAC17

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Final answer. Checked with Carmax; they will give me $18,300 for the car. Will buy out the lease and sell it.

Thanks for the thoughts.
 

civicmanic

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What about all the money you’ve already paid for the car? You have to factor that in.
He paid for depreciation. Everybody pays for depreciation on daily driver type cars. Whether you lease, finance or pay cash.

The question here is can he make money another way instead of simply turning the car in. And he can, so he will.
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