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Smart Shopper Smart Shopper-Archives Lease Questions - Ask Here 
23872 messages, Last post on Sep 20, 2005 at 8:08 AM
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Hi brucee. If I was in your situation I personally would probably be leaning towards purchasing my leased MDX rather than a used Explorer. One reason why I would do this is that are Honda products traditionally much more reliable than Ford products. Plus I would feel more comfortable knowing the entire history of my MDX, assuming that it is a good history, rather than purchasing a used vehicle that may or may not have had problems in the past or have been properly maintained. Having said all of this, you need to compare your lease-end purchase price for your vehicle to what one could realistically expect to pay for one on the open market. Check your lease contract to see exactly what your purchase option price is. You may also want to place a telephone call to American Honda Finance Corp., or whichever bank you are leasing this vehicle through, to confirm this number and see if they would be willing to negotiate this number with you. There certainly is no guarantee that they will be willing to lower it, but you have nothing to lose by asking. If you do not have any luck getting your first contact to lower the price, you may have more success if you work your way up the ladder a few rungs. Once you know this vehicle's exact purchase price, look up its True Market Value here at edmunds.com by visiting the Edmunds.com Used Car Appraiser. You also may want to stop by the Real-World Trade-In Values discussion that appears over on the Smart Shoppers Message Board and ask Terry, one of our most knowledgeable community members, what he believes your SUV is worth at this point. Car_man Host Smart Shoppers / FWI Message Boards |
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Welcome back, earcom. Let's take a look at the vehicles that you are considering for your new ride. If you were to lease a 2004 Honda Accord Sedan or Coupe (the programs are the same for both) EX without navigation through American Honda Finance Corp. this month for 3 years with 15,000 miles per, its base lease money factor and residual value should be .00150 and 58%, respectively. Honda is supporting 3 year leases of this car and that is what I would choose if I was in the market for one, but just for the sake of comparison, the numbers for an otherwise identical 4 year lease should be .00200 and 50%. The numbers for an otherwise identical 3 year lease of a 2004 Accord LX would be exactly the same, but the residual value for a 4 year lease of one would be 49%. If you were to lease a 2004 Honda Civic Sedan LX through AHFC this month for 3 years with 15,000 miles per, its base lease money factor and residual value should be .00215 and 54%. The numbers for an otherwise identical 4 year lease of this model should be .00200 and 47%. Car_man Host Smart Shoppers / FWI Message Boards |
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Many, many thanks. Looks like you've been busy this morning! Your willingness to make this information available is absolutely invaluable. If I may push my luck for one more: 2004 Saab 9-5 Arc Sedan, 36 months, 15,000/year ( I currently lease a 2001 9-5 SE, and Saab's lease rates are usually pretty competitive). Again, many thanks for all your efforts. |
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car_man, thank you for the detailed response. I should have made myself clearer--the dilemna i face is should i buy out the lease on the 3 year old acura mdx, or buy a NEW explorer for roughly the same price. looking 3 to 5 years down the road, which car will have more value? thanks again, brucee |
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Thanks for the numbers on the Odyssey lease. I am going to complicate things a little. My salesman is offering me a 42 month Honda lease. Can you give me the Honda numbers for a 42 month lease? I also want numbers for a 36 month lease at 12,000 miles per year (not the 15,000 you quoted). One more question, does the 42 month lease include 42,000 miles or 36,000? I have seen some 39 month leases with 36,000 miles allowed. All the numbers (residual and money factor) are the same, you just have 3 more months to pay for it, so it makes for lower payments. The 42 month lease my dealer is quoting me is also a lower monthly payment, so I wonder if the extra 6 months just allows me to divide up the total payments by 42 months, but the miles have to be kept at 36,000 to keep the depreciation low and the residual high. Can you help me with this? Thanks! |
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Wow; many thanks for the Honda lease information. One more question: what are the residuals for 12,000 miles? Can I assume an additional 2% for all of the above with 12,000 miles? Thanks again and sorry for not being more specific the first time but I am playing with the numbers for both 12,000 and 15,000 miles. Thanks. |
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AHFC Honda lease residuals are almost always 2% higher for 12K leases versus 15K. regards, kyfdx |
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| You'd have to see how your residual aligns with current market value for the MDX. If they're pretty close, then the 3 year old MDX should be worth more in three years (at age 6) than the new Explorer, simply because a vehicle will lose a larger % of its new sale price in years 1-3 than in 4-6. | |
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First of all, How are you? It's been about five months now and the allroad is great. Thank you so much for your wit and wisdom. So great in fact, my wife has confiscated the car, and refuses to give it back. Her car lease is up so I'm looking for a car for myself...AGAIN! I'm looking at another allroad, this time a 2.7T 6 speed, or a 4.2 Tiptronic; 39 months, 15K/yr. What are the residuals and money factors for these two automobiles for the month of November? Always a pleasure, JB |
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I have a question for any one here who can help. If an individual has a lease on a car and is in the National Guard and is being activated to be sent to Iraq what is their legal obligation as to the lease. Can it be terminated? If law varies by state I am interested in the law in Maine. If anyone can answer this quickly I would appreciate it. If you can respond to my e-mail it is ssj1952 yahoo.com. Thanks.
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