MSO4gtt

I have a 2004 SSM/black, 6MT TSX. Just a hair over 24K miles. The car has been babied and detailed to death.

My lease is ending in December, and I'm weighing my options. My allowable mileage was 36K, so I'm not going to be near that in 5 months or so.

My pay out amount right now is $16, 362. Am I foolish to think I can sell the car and make a little money on it? Could I get $18-18.5K for it? More?

I hate to turn it in as it is in such good condition, and the mileage is so low. Then again, just turning it in saves me the hassle of trying to find a buyer.

What do you think?

wickedk24

Wow a lil over 24k, you'd be foolish not to sell it for 19k IMO. But why not purchase it yourelf?

MSO4gtt

That's what I'm considering. I'd just like to be reassured that I'll get at least $18,500-19K for it. Otherwise, I'm not sure the hassle of purchasing and then selling it will be worth it. I do feel that I'll be throwing money away if I turn it in given the condition and mileage.

S14 n Tsx

I would just turn in find something like IS250, Tl-s, 328i, etc.

MSO4gtt

Leaning more and more toward buying it instead of turning it in. I think I'll be wasting money by turning it in as the car is worth more than the lease payout amount.

I'd then have a few months to sell it and find another car before winter comes. Or I could just put chains on my M Coupe! Not.

black label

Do you realize you can actually trade in your lease? Don't even mention to the dealer that the car is leased, just tell them there is a payoff of 16362. The car is probably worth more than that as a trade in, if the dealer call the car at 18000, you have $1638 in positive equity that could be yur inception fees on a new lease or a downpayment if you purchase.

I'm not sure how it works in Kentucky, but in MA, you need to have the title to sell the car. If it's the same deal down there, you would have to buy your car out before you could sell it.

Just to confirm my though, I ran a KBB on your car (good condition trade value) and it came up $18480, I also bumped your mileage up to 28000 (guessing where you may be in 5 months).

My suggestion, trade it in and take the easy equity without the hassle of selling it private sale.

fees

I would buy it out as I am sure that you can make a little money on it. Worst case scenario, you've got a dependable and fun daily driver (you're M to play in) in great condition. Best case scenario, you make a couple of grand but without having to aggressively sell it, being that you have another car. One thing I would consider would be the tax you would pay on selling it. I don't know what kind of tax bracket you're in, but it is certainly something you want to think about.

MSO4gtt

Good idea, but I believe I do need the title to sell the car. Thus, I'd be buying it anyway. Plus, I'm not sure I'd get the value in trade that I would if I sold it outright to an individual. Thanks for the idea though.

black label

You would definitely get more by selling it on your own. My thought is that you can still make a profit and take all of the work out of it by trading it in.

If you can make $2000 by trading it in, I'd do that over making $3000 and putting in the effort to advertise the car, then show it to people and eventually sell it.

When you figure out what you want to replace it with, it's worth it to have them appraise it and see what they will do. Just don't tell them it's a lease, if they know you can just return it they ave no incentive to pay what it's worth.

calbear2k1

Don't know what the sales tax rate is in Kentucky, but you will have to pay sales tax when you buy the car, which will cut into your profit when selling it to another private party. If it's anything like the 7.5% here, that will erode much of the difference between the private party and dealer trade in value. Unfortunately, on top of that, Honda Finance won't let you sign the car over to another private party at payoff, so then buyer will have to pay sales tax as well. You will get ~$1600 in equity back from a dealer towards a new car, so if you can trade it in BEFORE the lease is up, that would probably be the easiest and sensible thing to do dollar wise. Of course, dealing with a dealer is never that easy.

black label

Hey C'mon, I'm a dealer and I'm trying to help!!

MSO4gtt

That payout amount of $16, 362 includes tax. I think I'm going to purchase the car and go from there. I think that is a good price for the car plus I'll avoid the last 5 months of lease payments (about $1700), and I can take my time finding a buyer for the car. I'll look into trading it, but any chance I get to avoid talking to car dealers........j/k blacklabel

super4

ohh man if that 16 and change includes tax defenatly buy it and keep it for yourself, you can use it like another year and then sell it for practically the same, like having it for a year for free. but if your bored with it thats a diff story. i see there are going to be soo many nice new cars comming out....next gen TSX, Evo X, BMW X6