I know its premature, but I was considering buying out my leased car. Lease is up next year. I have headers and CAI installed and will probably get the RES when it becomes available. I would even consider the supercharger but with all the transmission woes going around, I'm not so sure I still want it. My question is has anyone ever bought out a leased car? If you did, were you able to buy it for under the price in your lease contract. My buyout is $18,000 however I would like to try to buy the car for $15,000-$16,000. The lease is through American honda. Any advice would be appreciated.

 

Don't buy this car. You said any advice!

 

If I were u, I would take the headers and cai and res(when u get it) out. Buy or lease a 6MT CLS, and put it in Then you can drive over here and take me for a ride.

 

the buyout is as negotiable as the original sticker price on the car. bear in mind that the last thing american honda finance wants is another car coming off lease that they'll have to get rid of, especially with the current used car market conditions.

my boss' lease came up back in october/november and the lease company offered him a deal on the car (and it was significantly less than the residual/buyout amount in the contract).

 

If you're serious about this, read this article from Edmunds -

http://www.edmunds.com/advice/leasin...0/article.html

The buyback figure is not written in stone.

IMHO, the best part of leasing is a new car every 2~3 years...

 

Thanks for the info guys

 

Hmmm... I thought the residual payment on a lease was non-negotiable? That is what I was told by several different dealers.

 

i would not keep the car go and bye a new one

 

You can definately negotiate the buy out. AHFC will start calling about five months before the end of your lease to discuss the disposition of the car. I'd wait until until about a month before the lease expires to start negotiating - you'll do better that way.

 

Dude you should give back your car and get the 6 speed CL, which will be faster than your current CL.

 

if no one else will ask..i will....Are you "THE" njtypeS????i dont see how with as few posts as you have???

 

The general rule is "never buy out a leased car"......there are very few cars that would pay for one to buy it out after the term is over, basically after adding up your monthly payments/buyout/out of pocket costs/etc it would not go much above or below a retail finance (total amount)- this sometimes works with cars that have an unusually high resale.

Unfortunately, this is not the case for the CL.

 

Beltfeld,

I don't understand the logic of your post. The lease was for a predetermined time at a predetermined cost. When it ends, the lessee is essentially without a car. Replacement options include buying a new car, leasing a new car, or buying a used car. If NJTypeS wants to buy a used car, what better car than one he's driven and knows the history of? Assuming AHFC gives him a good price, buying his off-lease car is no different than buying any other used car. Additionally, if he wants to finance the car AHFC offers favorable terms to off-lease purchasers.

 

I must be the only one that feels like he did OK on a lease. I bought a '98 CL 3.0 on a 36-month Honda lease. At the end of the lease, the residual was $3800.00 cheaper than the dealers where selling the car for on the lot. Honda also refused to negotiate the buy-out. When it was all said and done, the down payment, total payments, plus the buy-out was only $1060.00 over the purchase price of the car, buy far the best interest rate I’ve ever received on a car.

I'd gladly do this deal again.................

 

I don't know what his contract is, but generally after you lease a car and then decide to buy it out....if you do the math, financing from the start would generally have been a hell of a lot cheaper (sometimes $8-$10k cheaper), depending on interest rate/length of loan/money down.

Plenty of people do it, doesn't make you a glutton for punishment.....its just not the smartest thing to do most of the time, if $$ isn't an issue, then forget anything I said.

 

Not a flame, just don't understand your logic or numbers. I don't believe either can be substantiated!

Quite simply the difference between a purchase and a lease boils down to if you want to make the down payment in the beginning or the end of the deal.

If you negotiate the price and the rate prior to doing the deal as if you were buying the card, the numbers have to work out exactly the same unless you do something like get a lower payment by limiting you annual miles allotment.

One of the biggest advantages to the lease is at the end of the term you can evaluate the residual against current market value and have the choice to walk away if you like. I much prefer this situation rather than purchase up front and then get burned on a weak resale value.

To each his own…….. Regards-

 

In theory it should work, but it doesn't usually.....especially with cars that are on subsidized programs.

Unless you really know your shit, the finance and lease will generally not work out the same.

Leasing costs more in the long run, most of the time.

I don't hate leasing my cars are always leased.

 

I do not know who THE njtype s is that you are referring to, I'm new to the forum.

Like Barry H said, the only reason I would consider buying out my leased car is that I am familiar with it since I had it from day 1. I have also slightly modified it. I'm also planning on buying a house in a few years and it would be nice to have no car payment for awhile. As far as the six speed being faster, I already have headers, and intake and am most likely getting the RES. So I'm not that concerned if the 6 speed is a little faster. Besides there is always the supercharger which I would get in a second if Acura fixed the transmission problems!!!!

 

...lol i figured as much...one of njtypes' first posts was...so where should i take a hooker for holloween and most contained something to do with how much pot he smoked in his cl...lol... ahhh the good ole' days...anyway with that in mind...you may consider a name change...as far as leases go i sold my first lease to a dealer when i received a 5K$ reduced lease end residule and bought my second lease my wifes 98 accord 23K miles 17K with tax....less than dealers were selling this car for but maybe slightly more than available off the street...but we know her car and did i mention 23K miles... 98 accord v-6...so say what you will ...i like leasing and if you should buy at the end...you certainly know the car you're getting NJ welcome...now change that name LOL