lyk3n0other8

06 TL w/ Navi

Lease ends in 13 Months ...Est 32,000 Miles at the end of lease

It going to be August 08 when my lease ends, should I buy it out.

I got some mods now(check the sig), Id like to clear my lights and throw on rims, thats my thoughts of buying it out.


Should I buy it out ... Then sell ? Will it sell ?

stillhere153

iTrader: (1)

You tell me with 30k miles... what is the buy out 20k right... if you were to sell it on eBay you'd get more than 20k, I'd easily say you would get 23k for it

Ps. Go to kbb and do a value for an 04 or 05 model and see what the resale value is for today... bet you its also at or above 20k for 30k miles

Kostyan

whats the buy out amount at the end of lease? Right now, 2005s are going for 23-25K, so that should give you an idea of your car's worth, unless you put on more miles.

blazinginder

why do you have an 06 TL with a Type-S badge ?

stillhere153

iTrader: (1)

hahah I just noticed his avatar

Bearcat94

You shouldn't do much modding on a leased car. You end up losing some $ on the deal - either turning them in with the car or removing them to return to stock, then you've got parts. It's hard not to do, especially if you hang out here for a day or two. Just in tints and couple other cosmetic items, we've spent a few hundred $ we'll never see again.

But that aside, you should only buy out the lease if the car is actually worth more at resale than the buy out cost. Even if you don't resell it, you should do the comparison to know if you are getting a good deal.

Think of it this way: Why buy out the lease if you can get the same car at a lower price in the open market?

When looking at the cost to buy out the lease, get a quote from AHFC. Don't forget about things like tax, fees, docs, etc. Add all that together to get a total. Then determine a realistic resale value to compare against.

lyk3n0other8

Thanks...I wanna get started on adding all the info together. I want to figure out if I can reasonable hardwire a Radar Detector and Clear out lights

Vicman17

You forgot the "Powered By HONDA" sticker on the front windshield.

Vicman17

Sorry Edit Timed Out!

I was about to add:

If I were you, I'd check the current selling price of your model year around 2-4 months before your lease expires. If you end value is lower on your lease, then it makes sense to buy it out. Remember that after 36 months the depreciation on the car is not that much especially on a Honda, so you might be at an advantage if they gave you a much lower figure.

Also, be careful when removing your modifications, leasing companies frown on these when you return a lease, several relatives of mine found out the hard way and ended up shelling money large enough for another downpayment.

Always think of leased cars as a rental. Because it's treated that way after you give it back. It's inspected and anything out of the ordinary, even worn out tires, gets charged back to YOU. The car belongs to them, not you, so they will look for what suits their best interest and value of THEIR car.

I know a lot of people don't like to hear this but that's my opinion.