Automotive

Return My Lease - Few Questions

  • Last Updated:
  • Jul 7th, 2017 4:42 pm
[OP]
Newbie
Mar 3, 2011
34 posts
10 upvotes
Ottawa

Return My Lease - Few Questions

Hey there, I was wondering if you guys can help me out. I am 2 months away from returning my lease and am on the fence of either returning the vehicle and leasing a new car or to buy the current car outright.
It is a Honda Civic Sedan with just less than 50,000KM. The buy out total with taxes and everything is around $12,000. When I look around at dealership, autotrader, kijiji, I see that my car (around the same KM) is selling around $13,000-$14,000 + tax.

I don't mind keeping my car, it gets me to place A to B and I have taken really good care of it.. all services done on time. Then again every guy wants a new car. What would you do?

I was also wondering, when I set a meeting for an inspection, could I still make a decision to keep that car afterwards? If it's a free inspection, I would like them to inspect it for me just to make sure there are no issues and then I would decide to buy it outright.

Sorry for all the questions as this is my first lease.

Thanks
7 replies
Member
Mar 6, 2008
446 posts
188 upvotes
Ottawa
The inspection is done with a third party company, and you do not make a decision to return or buy the lease there. If you want to buy it out, you would have to let the dealership know prior to the return date. The inspection also isn't a very thorough mechanical inspection. It's more focused on the visual aspects of your car, and making sure it meets the return guidelines. The inspector is looking for scrapes, dings, curb rash, bald tires, headlights out, etc. The only mechanical thing he tests is making sure the car drives without any glaring issues. He's not a mechanic.

That said, it's a Honda Civic with only 50,000 kilometers. Given that it's been maintained and serviced properly without any current issues, I think it's rather safe to assume that the mechanical aspects of it are okay.
Sr. Member
Nov 24, 2015
501 posts
153 upvotes
CookieTrain wrote:
Jul 6th, 2017 9:42 am
Hey there, I was wondering if you guys can help me out. I am 2 months away from returning my lease and am on the fence of either returning the vehicle and leasing a new car or to buy the current car outright.
It is a Honda Civic Sedan with just less than 50,000KM. The buy out total with taxes and everything is around $12,000. When I look around at dealership, autotrader, kijiji, I see that my car (around the same KM) is selling around $13,000-$14,000 + tax.

I don't mind keeping my car, it gets me to place A to B and I have taken really good care of it.. all services done on time. Then again every guy wants a new car. What would you do?

I was also wondering, when I set a meeting for an inspection, could I still make a decision to keep that car afterwards? If it's a free inspection, I would like them to inspect it for me just to make sure there are no issues and then I would decide to buy it outright.

Sorry for all the questions as this is my first lease.

Thanks
how old is the civic? 50k is very low
Jr. Member
Feb 13, 2017
181 posts
154 upvotes
ON
I would suggest keeping it.
In case you want to change it in the future, sell it and make profit.
Deal Addict
Aug 28, 2010
1047 posts
205 upvotes
Toronto
I was in same boat with a 5 year- DX-A civic lease at $215/m. After 5 years only had 75k km..

Lease cost $13k (5 years) + $10k buyout (tax in) .... $23k vs original price was $21k.... i had the luxury of giving back or keeping for approx $2k

Only reason I did not keep the car was for the missing powerlocks and some misc issues i had with the car, else I would easily buy it out and use for another 3-4 years.
Deal Guru
User avatar
Jul 12, 2003
10076 posts
2396 upvotes
Markham
CookieTrain wrote:
Jul 6th, 2017 9:42 am
Hey there, I was wondering if you guys can help me out. I am 2 months away from returning my lease and am on the fence of either returning the vehicle and leasing a new car or to buy the current car outright.
It is a Honda Civic Sedan with just less than 50,000KM. The buy out total with taxes and everything is around $12,000. When I look around at dealership, autotrader, kijiji, I see that my car (around the same KM) is selling around $13,000-$14,000 + tax.

I don't mind keeping my car, it gets me to place A to B and I have taken really good care of it.. all services done on time. Then again every guy wants a new car. What would you do?

I was also wondering, when I set a meeting for an inspection, could I still make a decision to keep that car afterwards? If it's a free inspection, I would like them to inspect it for me just to make sure there are no issues and then I would decide to buy it outright.

Sorry for all the questions as this is my first lease.

Thanks
It is not a mechanical inspection, they are just coming to see if there are any body damages, rather tires are bald, rims are scratched up or bent....windshield is in good condition or not...maybe also to check if there is an engine light, and the current KM.
It is up to you...They usually come to where you park your car, they won't give you a report or anything.

I denied the inspection when I knew I'm buying it out, I told them I'm buying the car and they cancel the inspection.
Prepare your money for the buy back $ + tax and the admin fee.

If you like the car, it is well under milage, then keep it.
Retired Forum Moderator February 2009 - June 2015
[OP]
Newbie
Mar 3, 2011
34 posts
10 upvotes
Ottawa
ignites wrote:
Jul 6th, 2017 11:08 am
how old is the civic? 50k is very low
It's a 2013 EX.

Thanks everyone for their help! appreciate it
Newbie
Apr 30, 2007
79 posts
30 upvotes
a civic, less than 50K, not many years, is worth a keeping.
Unless you wanna a get another car right now, and don't want to bother with a buying and selling issue.

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