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Morning folks,
Thanks for the great forum, helped me a lot with my black CT 2010 EXL w/ Nav. This was my first ever lease, and while I am just finishing my 2nd of 3 years, and I am considering buying out the lease at the end because I absolutely love the car. We have kept the mileage low, only at about 18K through 24 months, and other than a handful of scrapes, the car is in perfect condition.

My question for the forum, is buying out the lease on a car generally a smart thing to do? I won't have the resources to buy it outright (according to my Honda finance account right now the payoff amount is about $23K), so I will have to take out 4-5 year loan on it and I know there a lot of factors like credit, and loan rates...but would love the opinion of some folks that have leased before. My current lease payment is $300 a month.

I would also not be opposed to to signing another lease either for another Crosstour.

Thanks for your thoughts!
 

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Leasing is like renting, you really dont own it and are subject to conditions/caveats. I tend to keep my vehicles for a long time. My last vehicle was 14 years old and in mint condition when I gave to my Son. The last eight years were payment free, no breakdowns, only routine oil changes etc and gas. In other words it wasn't costing me.

If you purchace it, it is yours to do what you want to it or not. Ultimately the decision is your to make.

Cheers
Pop
 

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Leasing is great if you have the right program. My wife and I prefer to stay in new vehicles every couple years. If we buy, our payment is higher, as well as our financial liability, and you usually get bent over on trade in, even if minor things are wrong with the car or even if it needs tires, you lose out. I run a car for 2 years, rack up 24k miles and get rid of it. I negotiate what that car will be worth on day one. If I don't like the deal, I leave, simple as that. I can also shop a payment, and not an overall price. Dealers love it when people shop payments on a financed car, so you'll put down $3000 and get $400 a month for 7 years, so you never really own it, you're always upside down in it.

If you finance, you never own the car. Car's aren't an investment, they depreciate, they're tools that get used and get used up. We got ours when it had only been out for 3 weeks, and as much I liked it, I didn't want to purchase one and be stuck with it when it didn't become popular, which it hasn't. If the car's not poular, it's hard to sell, and when it's hard to sell, it's value goes down. My leases have always worked out well for me, but then again, I read all of the fine print and understand it.
 

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I love Ryans post.
This is the first lease that we have done, and I am looking forward to the next one. I have always purchased cars and kept them for 8-9 years, but we are already looking forward to our 2014 Crosstour.
My main difference with this one versus the other vehicles that I own outright is that (like anything else these days) the technology is changing quickly in new vehicles. I enjoy having the avenue of this technology curve while knowing that I will always have the latest and greatest as long as I trade out every two - three years.
If you can score another lease rate like that...personally I would do it and then reevaluate it again in the next round. But as Popurhedoff said...the choice is yours.
Take care -
 

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Reinko,

If you are with Honda Finance and happy with the payment you should be able to extend the lease for two years beyond the origininal three.

The great part is that once you extend (you do this a year at a time), you can break the lease at any time with 30 days notice. This way you have the option of keeping it at the same payment, you are continuing to pay down the residual, (the payoff), and you still have the option to just hand back the keys with a months notice.

Check out your lease, my info is about 6 years old. I did it with my first Ridgeline RTL. Had a payment of 251 bucks, interest rate less than half of one percent. At the end of three years I could have bought it for about 21-22k. Like you, low miles and loved the truck. Extend fo year four and five, kept the 251.oo payment and bought the truck at end of year five for 13k. Had about 45k miles on it, not even broken in yet. If you do the math I paid a total of about 28k for the truck. They were selling for about 28-29k back then. And remember, this is for the truck payment only, no taxes or other crapola included.

It will give you a nice option where you can keep the same payment through years 4 and 5 where if you change your mind you can just turn the vehicle in with a months notice.

This option is only viable if you are happy with the residual and if you have a great interest rate on the current lease.

Good luck.
 

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Sum other options.

I didn't know that AMHF offered lease "extensions". :confused:
THAT is interesting to me. Might look into that when the time comes....

I just leased MY first car as well -- and yes, I'm outing myself, I finally leased a '12 EX-L V-6 4wd NAVI, Polished Metal.
LOVE IT! The money factor was stupid low, and I got more than $5k off sticker.
I'm happy. :cool:
Well -- I could mention a few things I don't love (gas mileage) but that's silly.
i love the car, and knew its' faults going into it.

To my points:
1. Honda, like many other auto manuf's is getting aggressive with Leasing, as a means of retaining their customer base. I've seen alot of customers being traded-out of 1-2 year old leases, and into newer vehicles for the same or lesser payments (depending on your deal at time of purchase).
This is a good way to upgrade into a newer model, or simply "wash" your miles into a newer vehicle.
Interesting stuff.

2. Continuing your lease is a good way to bide yr time until a newer model comes-out (if you are a few years away).
Also, in my case -- i KNOW the '13 crosstours are going to include a HOST of upgraded electronics like the 13 accords. And let me TELL you -- THOSE, including a 6spd auto transmission will be WELL WORTH the price of admission! :D
Go look at a 13 accord. Prepare to be WOWED by the new technology, including adaptive cruise control, 8" color tft display, touchscreen interface, a-ha music, blutooth, navi, and LDW lane departure warning system.

I myself will be looking to trade-up into the newer model crosstour if they get it all right!

just another few options to think about. ;)

gr
 

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I didn't know that AMHF offered lease "extensions". :confused:
THAT is interesting to me. Might look into that when the time comes....


Check the back of the lease paperwork. Heed my disclaimer. my info is six years old. Yeah, it gives great flexibility and you listed some good ones.
 
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