A question about buying my lease out or trading in for a new lease??

pcsavvy

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Hi all, my lease is ending March 2020 and I really like my 2017 Hatchback Sport, Blue, CVT but I am not sure if buying out my lease or if trading in for a new Civic would be smarter. It is looking like I will be slightly under the mileage and currently my car is in good shape except I have curbed my wheels. Ugghh I have added front tweeters and an under seat powered 10 inch subwoofer but everything else is stock.
This is my first lease with Honda and second car from Honda that I have financed through HFS.
Do they offer special financing deals to buy out your lease or for a new lease/purchase when it comes closer to ending? The end of lease purchase price is $13,785.00.
I am looking forward to 2020 since the Hatchback should be getting a refresh of some sort, one hopes.
If I trade in I am thinking of upgrading to either a Sport Touring or Coupe SI

If this is the wrong forum, let me know I will move it.

Thanks for any info.

Edit: corrected the year my lease is ending to 2020.
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DJayG3

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I assume you meant March of 2020....

Your options are the same, for buying or leasing, now, as they were when you got your lease in 2017. The residual you listed plus your remaining payments is your “actual” payoff on the car. You can walk into the dealer today and negotiate a deal with that payoff in mind.

Seems like the lease worked for you this time around. I say, keep leasing. It is a much better way to own a car especially if you have NEVER paid one off. I always get bored of my cars before they’re paid off. I made the decision to lease 3 cars ago and couldn’t be happier.

Good luck.
~DJ
 

87elco

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I'd wait because there is no telling what's in store for 2021 civics
 

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I don't think the Hatch will get any serious changes in 2020, I think that will happen in 2021 most likely. So that being said, upgrading your lease to a 2020 Hatch probably won't get you many changes unless you opt for a higher trim this time around instead of the Sport which is based on the LX trim. I'd see if you could maybe extend your lease a bit so that you can upgrade to the 2021 Civic once that comes out.
 

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Hi all, my lease is ending March 2022 and I really like my 2017 Hatchback Sport, Blue, CVT but I am not sure if buying out my lease or if trading in for a new Civic would be smarter. It is looking like I will be slightly under the mileage and currently my car is in good shape except I have curbed my wheels. Ugghh I have added front tweeters and an under seat powered 10 inch subwoofer but everything else is stock.
This is my first lease with Honda and second car from Honda that I have financed through HFS.
Do they offer special financing deals to buy out your lease or for a new lease/purchase when it comes closer to ending? The end of lease purchase price is $13,785.00.
I am looking forward to 2020 since the Hatchback should be getting a refresh of some sort, one hopes.
If I trade in I am thinking of upgrading to either a Sport Touring or Coupe SI

If this is the wrong forum, let me know I will move it.

Thanks for any info.
I've been leasing all my cars from 1985 till now. From the way I understand it if you bought it right now you would pay $13,785 plus the remaining lease months, minus the monthly rent charge. So if the rent charge was $3600 on a 36 month lease and you have 6 months left you would take $600 off the total. That way if you buy it at any time during the lease it's not a bad deal.
 


jgreen16

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If your lease is through HFS, then there should be a payoff amount listed on each one of your statements, along with a "payoff good through" date. This obviously changes with each monthly statement, but is a good indicator on what it would cost to end the lease early if you wanted to keep the car.

When turning in a lease with Acura/Honda, there is typically a disposition fee, and in most cases this is $350. You would not pay this is you opt to buy the car at lease end, or if you chose to lease a new Acura/Honda. I turned in an Acura TLX, and then leased a Civic Si. The fee was waived.
 
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pcsavvy

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I guess I am trying to figure out if it is cheaper to buyout the lease or get a new lease but I guess that is kind of hard since everyone's finances are different. I know the 2019 hatches now have Honda sensing and raised the prices a bit. When I got my 2017, I had to roll over the negative equity from my 2015 Honda Civic Coupe that I had for about a year and half, upped the mileage to 15,000 miles and added free oil changes for 3 years from the dealership so my payments were comparatively high. But it was worth it, I am much happier with this car than I was with the coupe due to the engine.

I liked the 2015 Coupe but for me the engine sucked. I always wishing it had more oomph under the hood. I kind of would like to try out the SI but I am not sure if having a stick shift would aggravate my tennis elbow on my right arm. I had severe tennis elbow from a work injury though it has been about 4 years or so since my case was settled I am not sure if driving a stick would be in my best interest. Unfortunately, my right arm is 5% permanently disabled due to the work injury.

So I am kind of thinking of getting the Sport Touring Hatch or Coupe Touring trim level.

Thanks for the information.

Edit: Secondary question, can I go to a different dealer to get a new lease if I decide to go that route?
 
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jgreen16

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Edit: Secondary question, can I go to a different dealer to get a new lease if I decide to go that route?
Yes, you should be able to choose whichever Honda dealer that you like.
 
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pcsavvy

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I double checked with HFS about my lease and I should have no problems getting into a new lease. I am looking to lower the payments of what I am paying now.
So I am currently shopping around, looking at either Coupe SI or Hatchback EX or Sport. The Sport Touring seems to be really big jump in price compared to the Hatch Sport trim level. I am trying to lower my monthly payments if possible but it would be nice to upgrade. I really like my Sport but I wish it had better headlights and sound system though I did add front aftermarket tweeters and an under seat powered subwoofer.
The best thing for me is to test drive a SI to see if at this time it aggravates my tennis elbow or not and also test drive a higher trim level hatchback too.
My current dealer is Valencia Autonation Honda and they seem to add mark ups to their cars so I was thinking of shopping around for the better deal at other dealerships. I just don't want to have to drive an hour or more to take care of servicing or warranty work. The Finance Manger there has always been willing to work with me but I am not sure if another dealership would offer a better deal.

As an example they have a 2018 Coupe SI with the HFP package for close to $30,000 Dealer price and online it is showing lease payment to be within $5-10 dollars of purchasing payment.
 

baillieul

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I traded my leased 2016 Sedan on a 2019 Hatch Sport and had positive equity of $1000 upon trade. Made the upgrade very cost effective. I think interest rate incentives are better father into the model year, so keep that in mind as well.
 


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pcsavvy

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Went to my local dealer and tried to do a deal for SI Coupe but the numbers were not in my favor. The way it was explained to me by the sales person was this would be treated as a normal trade in rather than a lease turn in. The value of the trade was close to KBB but I think it was about 1000 less than KBB so I guess I should pay a few more payments and get my balance lower. Wait till the year end when they have more specials too.

Either that try for a Hatchback EX instead that be a more workable deal.
 

baillieul

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Their first offer to me was low, but essentially they treat it like normal trade in value minus what is left to be paid on the lease. If you had negative equity from the 2015 transaction worked into your current lease, then ya, that doesn't go away. It doesn't hurt to try and see where you are at with them. I have a buddy that always does 4 year leases, but has been able to flip them to the dealers at or around the 3 year mark with little penalty. As you said, maybe try again in a few months.
 

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Went to my local dealer and tried to do a deal for SI Coupe but the numbers were not in my favor. The way it was explained to me by the sales person was this would be treated as a normal trade in rather than a lease turn in. The value of the trade was close to KBB but I think it was about 1000 less than KBB so I guess I should pay a few more payments and get my balance lower. Wait till the year end when they have more specials too.

Either that try for a Hatchback EX instead that be a more workable deal.
You haven't mentioned the price of the new car, how much of a discount was there off the MSRP of the Si? Was the dealers offer for your trade in higher than the amount owing to buy out the lease? Can you sell your current car privately for a few thousand more than what they offered you?
 
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pcsavvy

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Unfortunately I had $4000 negative equity rolled into my lease. The dealer trade in value was about a $1000 less than what i owed. I shot for a Coupe Si and they only took off about $1000 for Costco discount. I got the feeling they really did not want to work with me at this time. This weekend I might go to Carmax and see what they would pay me for my car and see if the amount would pay off the loan and leave me with a bit of a cash. I ran True Car and one of the responding dealers listed MSRP as $24,300 + $920 delivery charge = $25,220 - $1,885 Discount = $23,415. On three SI Coupes one Rally Red and two Black ones. This is with no accessories at all. This deal seems more reasonable.

Edit: By the way checked with Carvana and i would still be about $1200 in the negative so I probably should be patient and wait for my lease to mature and see what 2020 brings..
 
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pcsavvy

pcsavvy

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Hi all and thanks so much for your replies. My right arm flared up a bit at work so most likely driving a stick is permanently out of the question. I had injured my right arm at work about 7 years ago, world's worst tennis elbow, took 5 months full disability before I was able to go back to work.
Darn it.... So I guess I am stuck with driving a CVT so my choices are getting a 2019-2020 Hatchback Sport or EX or Sport Touring or 2019-2020 Coupe Touring or maybe Coupe EX but I am not sure which is the most bang for the buck at this point. I do love my 2017 Sport but I get new Car fever and I am checking websites for the latest news on new cars. The Honda sensing seems like a good safety feature to have at this point too.

Edit: Next time go to a dealer with all my ducks lined up rather than just walking in. (Sucker)
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