Last post on Dec 09, 2013 at 5:17 PM
You are in the Prices Paid - Buying & Leasing Experiences
What is this discussion about?
Honda Accord, Car Leasing, Coupe, Sedan
#5357 of 5565 Re: 2013 Honda Accord EX Lease Quote [huskerfan5]
Jul 21, 2013 (8:36 am)
True, prepaying up-front for the mileage outside of the monthly payments would be the worst possible thing to do.
I just do not like to pay for something I may not benefit from in the event the vehicle is totaled prior to lease expiration.
Insurance plus gap will cover the termination of the lease if the vehicle is totaled, regardless of the mileage on the vehicle at that time.
In that case, you would have been paying for the extra12k mileage annually for naught.
#5358 of 5565 2013 ACCORD EXL
Jul 21, 2013 (9:00 pm)
I just leased my 4 door accord ex-l 4 cy.
sticker was 28795.
36 months/15,000 miles a year
0 sign and drive. didn't pay first month.
335 plus tax.
i think it was a pretty sweet deal. wish they would have thrown in a cargo net!
#5359 of 5565 Re: 2013 Honda Accord EX Lease Quote [dandydan9]
Jul 21, 2013 (10:20 pm)
Dandy - I guess he could bet that he will total the car during his lease term but look at it this way - if he really does drive that many miles, he only pays about 8 cents a mile if it's cooked into the lease in advance and 15 or 20 cents a mile if not and he ends up 36,000 miles over at lease end resulting in up to $7200 mileage penalty. If he cooks those miles into the lease, he pays about $2880. If he actually drives those miles and the car is totaled or stolen, he really hasn't lost anything - he's just paid for his actual use of the vehicle. Now if he pays for those miles and doesn't use them - that's different - but even in that case, he will have a reduced residual and might realize some equity on a trade or private sale.
#5360 of 5565 Re: 2013 Honda Accord EX Lease Quote [huskerfan5]
Jul 22, 2013 (7:33 am)
thanks for the reply...waiting for the dealer to get more details.
#5361 of 5565 Re: 2013 Honda Accord EX Lease Quote [mnz1999]
Jul 22, 2013 (7:45 am)
this is exactly i had in my mind. Yes I do drive 24K miles a yea... I could have bought the car I guess around 23000K plus 8% tax 23840 OTD and at the 1.9% interest rate for 60 months the payment would have been $435 (rough numbers). another scenario if the OTD price would be $24000 payment = $419 vs lease $375 (only 35 payments). But i am not planning on keeping the car for more than 3 years even if i had bought it so with high mileage that i drive the next dealer would defiantly ding me on my trade...that was the thought process behind lease vs buying (not sure how good assumptions i made)
I am waiting for more details from the dealer to share with you guys (this will help future consumer with high mileage lease).
thanks for your input so far
#5362 of 5565 Re: 2013 ACCORD EXL [km38ia]
Jul 22, 2013 (8:10 am)
What state are you in and what dealership?
#5363 of 5565 Re: 2013 Honda Accord EX Lease Quote [huskerfan5]
Jul 22, 2013 (11:26 am)
here is the info
36 months 24K miles/year
Sale Price: $23,524
Residual Value $12,231 (47%)
Bank Fee: $595
Doc fee: $75
Monthly Payment of $375 (only 35 payments coming out of my pocket. sign and drive. first payment and everything else rolled into the payment).
if i am reading it right...Weymouth Honda's website quote is $397 (including 8% tax and zero due at signing.
what do you think?
#5364 of 5565 Re: 2013 Honda Accord EX Lease Quote [mnz1999]
Jul 22, 2013 (12:16 pm)
I'm sure huskerfan will chime in but in my opinion, to be able to drive an EX for 3 years and 72000 miles for around 18 cents a mile sounds like a sound decision on your part - especially given the perks Honda allows on lease turn in.
#5365 of 5565 Re: 2013 ACCORD EXL [camokatu]
Jul 22, 2013 (10:50 pm)
I'm in southern Cali
Kendra was my dealer
#5366 of 5565 Re: 2013 Honda Accord EX Lease Quote [mnz1999]
Jul 23, 2013 (6:53 am)
Assume you have also looked through the Prices Paid forum but if you are comfortable that the sales price is competitive for dealers in your area, go for it.