Ouch! Dealer quoted me $9,000 out of pocket cash to roll my current lease (buy out of $24,500) into a new lease on a 6sp w/ the same monthly payment. I ran some numbers and couldn't see how they got to this number. The only thing I can figure is that mfg. wholesale is way below the buyout price. Is the depreciation on our cars really that bad? My car is 1 year old, w/ 15K miles...I can't hardly believe that dealer wholesale is that far below the current buyout of $24,500....anyone else traded a lease lately?

 

That's horrible!!! The car has depreciated, but not that bad. Sounds like a screw job to me.

 

Beware of the lease........change an expensive option!!

 

I'm doing this now. My out of pocket is close to $6K. My 02 is a little over a year with 19K miles. Buyout is $24K. Difference in buyout, & what the car is worth is about $4K. Add the $1500 down for the new lease, & that's almost $6K. Not cheap. But I get a 6 speed for the same payments, & the car stickers out at $28K. (non nav)

 

Leases are a pain in the arse...you've got to be in them for a few years before you make a dent. My 02 has a similar buyout & these cars are selling at auction for $24K...so they want to make a few grand on top of that. It still sounds like a raw deal though, Fuzzy's numbers sound about right. Shop around & Good Luck!!!

 

You guys are lucky, atleast you only owe 24k on your car, my car has 18k miles and i still owe 26k on my car, i was upside down on my GTS for 4k and the cl-s was 26k. so add the 4k to the 26k and i leased out the car for 30k, payments now are 560 for 39 months and i would love to get a 6spd but i would hate to see how much money i would have to take out of pocket just to keep the same payments.

 

Leases can be great, but just make sure you stay in the car for at least like 2 years on a 36-39 month lease. As most of you know, the first year of a car has the most depreciation, not to mention you are also being hit for interest on a lease (so that's a double whammy).

Make sure you don't sign up for a lease that is longer than you think you'll be able to stand the car for. I know that's difficult, but try to figure it out.....because having some slightly higher payments for a shorter lease, will "definitely" be cheaper in the long run when comparing it to buying out of a contract.

 

I just contacted Bank of America and they wanted 11k to as the buy out option for my 98 Accord! I'm checking blue book value and its only $7500! I was really hoping for the buy out option to be lower since I don't really have a need for a new car, but thankfully the guys at Acura are willing to work me a deal and get me into a Cl-S. 6 spd here I come!

 

Damn...what dealer did you get your car from? If you got it from Courtesy (was Don Mealy) then that sounds about right. They tried to screw me. They wanted $560/mo with $1500 down on my lease. I walked out and went over to Fountain. I got no money down $450/mo (Well I had to pay first month and tag) That sound's pretty high for a lease. My car was $32k. I got it right when the 3.2 came out.

 

I got mine at fountain, that young guy with the TT supra sold it to me........i got the car for 26k brand new, not a bad price, but i was upside down on my trade-in GTS celica, they didn't know i had a blown engine, i was upside down 4k, so i couldn't really complain considering toyota wanted 3k to fix the engine. So i leased the car for 560 for 39 months with 1000 down, 15k miles a year, @ 6.9% interest.

My residual value is like 16,800 or something.

 

3.2 cl-s...You did the right thing by keeping the term short though .....Beltfed is 100% right.

It's a pain now, but the residual is good on this car based on the 1st generation numbers. After your 39 months, it'll almost be a wash...that's the ONLY thing good about a lease. It's really the only way to get the inequity back from a bad trade. You just have to keep it short & stick with it.