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Prices Paid: Buying & Leasing Experiences Honda Pilot Lease Questions
2588 messages, Last post on Nov 22, 2009 at 6:04 PM
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Looking for advice. Here is my problem: Have a 2006 Pilot EXL. Currently paying $364/mo. Lease is up 2/09. was a 36K mile cap and I already have 41K on it! I never intended for the mileage to be so high but the wife put over 20K on it the 1st year (one of the reasons she is the soon-to be ex! lol). Anyway, the buyout is like $20K. I have maintained the vehicle mechanically (almost to a fault). Should I buy it out knowing that the mileage penalty could be upwards of $2K or since the prices are coming down, should I take the hit and negotiate another deal. Can't really turn it in early. Any advice would be appreciated. Thx.
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Replying to: ragecage (May 01, 2008 6:12 am) When the lease comes closer to the end you have 4 choices- Pay the penalty and turn it in Buy it at the buyout price and keep it Buy it and sell it privately Buy it - buy/lease a new vehicle and trade in the 2006 pilot |
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For those who waited to get a better deal leasing I am not sure that they are still there. The regional lease special on the PIlot VP is no longer available. I am not sure how good the dealers can do on lease prices without that support.
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Replying to: ragecage (May 01, 2008 6:12 am) Figure it every possible way and see how it stacks up. I assume you have an AHFC lease and the over miles will be at $0.20 each since the MSRP of your EX-L is over $30k. So right now you are looking at $1,000 right now. 1) Park it, pay the rest of the payments, and turn it in next year and pay the penalty. Your cost would be the Payments x months left + penalty on 41k miles, plus insurance and tags (if needed). 2) Drive it, pay the rest of the payments, and turn it in next year and pay the penalty Your cost would be the Payments x months left + penalty on ??k miles plus insurance and tags - but you get use of the Pilot for this time. Set aside the $1k and every month set aside $0.20 per mile driven, then at lease end you have the money in the bank to pay the penalty. 3) Sell it or trade it to a dealer now. Get the current buy out not including tax and try to sell it to CarMax, DriversWay, or any other dealer. Your cost will be the difference between what you can get and the buy out price. 4) Sell it or trade it to a dealer at the end of the lease. Your cost will be the total of the remaining payments plus insurance and tags plus the difference between the buy out at lease end and what you can get a dealer to give you for it. You do get to keep driving it until the lease ends. 5) If you know someone that owns a car dealership, you can get them to help you sell your Pilot to a private party. In most states title can't pass from the lease bank to a third, non dealer, party. This would let you net more for your Pilot than a dealer would give you - but with Honda doing $3,500 incentives and 0.9% and 2.9% financing, this may be a hard sell. In some states (CA, I think) you can buy it, pay tax, then sell it to someone else and get your tax payment back if it is within xx days of when you purchased it. Again, it may be a hard sell with $4 gas and Honda's incentives. 6) Check the back of your lease contract, you may be able to turn it in early - but will have to pay all the remaining payments and the mileage charge. You would save insurance and tags, though. Read this carefully because in some contracts even though you paid all the payments and turned it in they can still come after you for more money. You are out all the money at one time with this method. No good answer, but you may find that method #3 is your best bet - just get the pain over with now and get rid of the Pilot, insurance, and tags. Otherwise, then maybe #2 would be the way to go. You run the numbers and you decide as it is your money. Dennis
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Replying to: swampdragon (May 01, 2008 6:40 am) Will the cheap lease come back? Maybe or maybe not, it just depends on how many Pilots are still on the lots and how badly they want to move them. Keep in mind that if they do big dealer money and cheap financing they get rid of the Pilot for good, if they give big dealer money and cheap LEASING then they get the Pilot back in years and have to figure out how to sell it all over again. So with a slow mover, they may have to offer cheap leases but they would much prefer it if everyone purchased their Pilot. Dennis
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Replying to: dwynne (May 01, 2008 7:24 am)
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Replying to: bigdadi118 (May 01, 2008 9:01 am) Dennis |
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Replying to: dwynne (May 01, 2008 7:19 am) Buying a car is such a hassle and I almost have no time to do it. I am not a huge "car person" and reliability is one of the reasons I stick w/ the Honda. My ex's car is a '98 CRV w/ 180K miles and it runs/looks like new. Again, any input on if buying it out is a good deal knowing the current new/used pilot landscape would be appreciated.  Brian
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Replying to: ragecage (May 01, 2008 10:51 am) |
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Replying to: ragecage (May 01, 2008 10:51 am) If you don't follow the terms of the lease you don't leave yourself any good options, so research what each one will cost you and do whatever saves you the most money. If may come down to overpaying for the Pilot or paying the mileage penalty - if you want to keep it then buy it unless the street value is a ton less than buy out. Dennis
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