Leased 2018 CRV.....

[Anonymous]

Lease is up and paid. Car has 15000 miles on it. Extend the lease or buy with financing? Dealership says the listed payoff price is non-negotiable.

[Anonymous]

What's the price to buy the equivalent used car?

[Anonymous]

Anonymous wrote:What's the price to buy the equivalent used car?

Payoff on existing car is 16k

[Anonymous]

Lease a new one.

[Anonymous]

Anonymous wrote:Lease a new one.

Don't I wish. But I need to get my monthly payments lower so I thought if I just pay off this one it might make more sense (especially with the low mileage).

[Anonymous]

That’s a very low mileage. Go to the dealer and see. They will probably want to put you in a new lease and sell your first car as pre-owned. Those are in high demand. See what the numbers are.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Lease a new one.

Don't I wish. But I need to get my monthly payments lower so I thought if I just pay off this one it might make more sense (especially with the low mileage).

Usually lease payments are much lower than car payments

[Anonymous]

Anonymous wrote:Usually lease payments are much lower than car payments

Yeah but in this case, OP would be taking out a fresh loan on a car that has already had 3 years of depreciation, so the monthly loan payments should be lower than initiating a lease on a brand new car.

OP as long as you like the car, I would buy it out at the pre-agreed-upon buyout amount on your lease contract that you signed 3 years ago. Given current market conditions you'll pay far less than if you were to go buy a comparable used car today. For example, this 2018 CR-V with 22,000 miles on it is listed at $24,495 so I would consider your car to be worth in the ballpark of ~21 - 25k depending upon trim level, options and condition: https://www.cargurus.com/Cars/inventorylisting/viewDetailsFilterViewInventoryListing.action?zip=20001&showNegotiable=true&sortDir=ASC&sourceContext=carGurusHomePageModel&distance=150&entitySelectingHelper.selectedEntity2=c27243&sortType=DEAL_SCORE&entitySelectingHelper.selectedEntity=c27243#listing=302446479_isFeatured

[Anonymous]

Anonymous wrote:Lease is up and paid. Car has 15000 miles on it. Extend the lease or buy with financing? Dealership says the listed payoff price is non-negotiable.

Of course it’s non-negotiable. It’s in the contract you signed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What's the price to buy the equivalent used car?

Payoff on existing car is 16k

16k for this car is a good price if it only has 15k miles on it. I have a 2018 CRV.

[Anonymous]

Not meant to razz you OP, but this experience is a good indicator that leasing isn't a great fit for you. Leasing is a bad deal if you go way under or over the annual mileage. I'm sure Covid is part of the reason for going under mileage, but even without the past year factored in you're still way under.

Buy out your lease for $16k. That's a crazy good deal right now, and the CR-V will last you for a long time given your low annual mileage.

[Anonymous]

Thanks PPs you have been really helpful (no sarcasm). Initially I talked to a salesman at the dealership and he quoted me crazy monthly payments (he wanted me to get in a new car) so I called the finance department directly and they offered me a reasonable deal (4%). I just want to stay in the car and not hassle for a new one.

[Anonymous]

Anonymous wrote:Not meant to razz you OP, but this experience is a good indicator that leasing isn't a great fit for you. Leasing is a bad deal if you go way under or over the annual mileage. I'm sure Covid is part of the reason for going under mileage, but even without the past year factored in you're still way under.

Buy out your lease for $16k. That's a crazy good deal right now, and the CR-V will last you for a long time given your low annual mileage.

OP here and that's what I was thinking. I also think the low mileage is working against me in terms of dealing with a salesman.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What's the price to buy the equivalent used car?

Payoff on existing car is 16k

16k for this car is a good price if it only has 15k miles on it. I have a 2018 CRV.

Buy it out then sell it to caravana. You’ll make a few thousand.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Usually lease payments are much lower than car payments

Yeah but in this case, OP would be taking out a fresh loan on a car that has already had 3 years of depreciation, so the monthly loan payments should be lower than initiating a lease on a brand new car.

OP as long as you like the car, I would buy it out at the pre-agreed-upon buyout amount on your lease contract that you signed 3 years ago. Given current market conditions you'll pay far less than if you were to go buy a comparable used car today. For example, this 2018 CR-V with 22,000 miles on it is listed at $24,495 so I would consider your car to be worth in the ballpark of ~21 - 25k depending upon trim level, options and condition: https://www.cargurus.com/Cars/inventorylisting/viewDetailsFilterViewInventoryListing.action?zip=20001&showNegotiable=true&sortDir=ASC&sourceContext=carGurusHomePageModel&distance=150&entitySelectingHelper.selectedEntity2=c27243&sortType=DEAL_SCORE&entitySelectingHelper.selectedEntity=c27243#listing=302446479_isFeatured

Thank helpful person