Lease is ending soon


#1

lease on 15’ civic is ending soon. starting to get mail from dealer about buying out lease. even got one from a dodge dealer. he knew i had a lease somehow. thinking of buying civic. resid is $12.5. been looking online. retail is 12.5. have not seen any non-damaged/rebuilt cars for less than 12k. ok, did find a manual trans one with 65k for 11k .how do i find a clean car for less than 12k? since i have no connections.


#2

I’m not clear on your goal. You seem to be saying you want to turn in the lease and buy a second hand car.

Why not just buy out the lease? I would think that number is open to negotiation.


#3

Virtually never. I’ve tried. the lease companies do not want to negotiate the residual price. There could be one out there and other should weigh in if they’ve successfully done it.

That said, the buy out sounds like a pretty decent deal. I priced out the Blue Book on the cheapest Civic and the range was $12,693 to $14,100. If you like your Civic, just buy it, seems like a good deal.


#4

If the lease is through Honda Financial the buyout price is not negotiable. You did not state the model of Civic or the milage. Using an LX with 36000 miles, the Black Book wholesale is $13,000.
If you like the car, buy it. If you do and you want an extended warranty only get one through Honda. Go on line and shop price any Honda dealer can sell a Honda warranty.


#5

What is the milage on your Civic?If the milage is low and the car didn’t give you problems, I would consider buying it because you already know this car inside and out.The residual value is consistent with the market value of this car after 3 years and is not negotiable.


#6

The same way most other people search for vehicles. Have you not read any of the 400 hundred thousand threads about where to find vehicles ?


#7

Just buy yours. If you need a loan, consider trying at a credit union. Look around for one near you on the internet and check their rates. As far as I’m concerned, using a credit union is far better than a bank, for everything an individual needs, at a better price, with less hassle.


#8

I’m going along with the crowd. If the car is in good condition and you like it - then buy it. Civic’s are one of the most reliable vehicles on the road. Properly maintained - I’ve seen them last well over 300k and even 400k miles with minimal repairs.


#9

Zero issues. 32k miles. Its being in right place/right time to find a deal. Someone just might want to sell theirs for 11.5? Or less? Gotta be first in line for that rare deal


#10

Have you ruled out buying the lease? why?


#11

No issue with buying ours. Just want to pay less.


#12

Lets see if I understand this. Cavell has a vehicle that he knows the complete history of but wants to find the same type of vehicle that he knows nothing about for a lousy 1000.00 less . Good Grief !


#13

Think of all the macaroni he can buy with the $1000.


#14

I don’t know the details of buying out a lease, but $12.5 K for a 3 year old civic with reasonable miles seems a pretty good deal. I’d probably go for the similar car you mentioned configured with a manual transmission for $11 K myself, and pocket the savings of $1.5 K, but that’s b/c I prefer driving a manual transmission to an automatic. I find Craigslist to be a pretty good source to figure out the going price of used cars. Owner’s list a lot of them there. No way to tell if they are any good or not, but that’s just the used car scene.


#15

Maybe i’m just getting old and fat but 40 years from now or whatever number is appropriate, are your heirs going to look at their inheritance and say “gee I wish we had that extra $1000 that he wasted 40 years ago”. Once again we tend to forget sometimes but the purpose of money is to SPEND it, not save it. Not necessarily waste it but use it for it’s intended purpose.


#16

I’ve purchased a car at the end of a lease and it worked out great. Since I had cared for the car I knew exactly how clean tit was. That had value to me. The dealer has zero interest in dropping the residual buy out price because the dealer does not own that car. It is one of the odd things about leases. There is really nobody to talk to (in my limited experience). I also found the dealer to be less than thrilled to handle the transaction, but that was before the advent of surveys online for everything.


#17

I agree with some of the others:
knowing the history of this car, and knowing how you have cared for it would be worth the extra $1000 to spend on buying this one. That is pretty cheap peace of mind, IMO


#18

Probably.

But he’ll be dead, so he won’t care. :wink: