Buyout or find another lease
heres the situation:
I have a 2014 Honda CR-V EX AWD that was leased for five years, i put a down payment of $1,168.14 and is due up in October of 2018. I have 11 lease payments left of $400.00.
Current estimated payoff amount is $19,906.98 with end of lease buyout at ~15k (including taxes i think). The reason why it is slightly higher was because i had a 2010 CR-V that i got out of the lease 18 months early to get into this one, so lets save the discussion on why i'm paying more on buyout etc. I understood the negative cash balance i was in when trading up.
The car today has about ~75k km's on it, no dings, no scratches etc never been in an accident. i doubt i'll get close to 100k by the end of the lease. I had 24k yearly allowance (i know i should've negotiated that down but wasn't sure where i'd be working and commute)
I've also changed jobs and my current salary allows me to have about a 50% increase in my monthly car payments (lease or finance) to $600 including tax (i'm in ontario). I can also put appx $3-5k as a downpayment.
Do i go with the buyout of the car? Am i in an advantagous spot to buy it out after the 5 year lease? or should i go with buying/leasing a new car. I'd like to possibly move up a "class" of SUV. Not necessarily larger but nicer.
I'm currently looking at the Aruca RDX, Infiniti QX50, Ford Edge, and Chevrolet Equinox. Now keeping in mind these are the ones that i've kinda looked at online and have not test driven etc.
If I'm going to get a new car, I'd like to go in and negotiate at the end of Dec, to hopefully get a clearing out deal of some sort. I live in the suburbs just outside of Toronto, so lets avoid the public transit/bicycle stuff.