My low value 2016 Civic EX w/ Sensing

dthatcher7

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So I took my blue 2016 Civic EX w/Sensing to get appraised at CarMax and a dealership. 44k miles. "Good" condition on the Excellent/Very Good/Good/Fair/Poor spectrum...
CarMax: $12,500
Dealership: $11,000

I have a three year lease with 18k/mi per yr. My lease payoff is $13,855, my residual is $12,500 when lease end comes in June. Boy, Honda is gonna take a bath on this one when I turn it in!!!
If Honda is paying attention to the state of their leases at all they will offer me a better buyout before lease end.
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PhilF

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Traded my 2016 EX-L Coupe , 37K no sensing, in Dec for $15,100 actual, went on their Certified lot, sold in a week for 17k & change. Traded on a 19 Touring, don't have the # handy, but it was under MSRP, fairly decent price, It was a cash deal, did some online comparisons, it was a fair deal. Just checked the invoice, got about $1300 off MSRP.
 
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Sitio23

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I don't have sensing and I received a quote for 13k from CarMax. With bumper repair needed.
 

Billy4202

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In this current anti-car and pro-SUV climate, yes, you're gonna take a bath at trade-in. Regardless of trim, mileage, or year.
 


chandlervt

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So I took my blue 2016 Civic EX w/Sensing to get appraised at CarMax and a dealership. 44k miles. "Good" condition on the Excellent/Very Good/Good/Fair/Poor spectrum...
CarMax: $12,500
Dealership: $11,000

I have a three year lease with 18k/mi per yr. My lease payoff is $13,855, my residual is $12,500 when lease end comes in June. Boy, Honda is gonna take a bath on this one when I turn it in!!!
If Honda is paying attention to the state of their leases at all they will offer me a better buyout before lease end.
How is Honda taking a bath on this? They took your lease payments which had money factor. They will tack on the lease disposal fee at the end. The value is same as selling to Carmax. If at all, you can buy at residual price and then sell private party to come out ahead. Check Carvana.com. Usually their values are higher.
 
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dthatcher7

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How is Honda taking a bath on this? They took your lease payments which had money factor. They will tack on the lease disposal fee at the end. The value is same as selling to Carmax. If at all, you can buy at residual price and then sell private party to come out ahead. Check Carvana.com. Usually their values are higher.
The stream of payments over the life of the lease subtracted from the MSRP (yes there are taxes in the payments but I am leaving them in b/c of having to pay the disposition fee) is only 700$ less than the residual. The value is already at that point and I have 4 months left.
 

chandlervt

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The stream of payments over the life of the lease subtracted from the MSRP (yes there are taxes in the payments but I am leaving them in b/c of having to pay the disposition fee) is only 700$ less than the residual. The value is already at that point and I have 4 months left.
Its not going to move much in value unless you put on lot of miles. My trade-in value didn't move much for RX 350 in last 6 months. Car companies are pretty good at hedging. One question if you don't mind answering- you are 44k miles already? What was your per year lease allowance? 15k miles or 20k?
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