Automotive

What would you do in this situation (Lease Ending)

  • Last Updated:
  • Jan 12th, 2019 11:35 am
[OP]
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Aug 30, 2017
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skeet50 wrote:
Jan 6th, 2019 8:48 am
Your payments will depend on any amount you put down and the financing terms. Without any money down, your payments will be somewhat high. $32K financed for 4 years is $8000 a year plus interest.

It's a nice vehicle. You have to ask yourself how much are you willing to pay for a vehicle that will hardly be driven? You could easily lease something brand new with a low kilometre allowance each year for a much lower payment and have full warranty.
My issue with leasing is that I don't feel like I own it (which I don't - i'm basically renting it). This in my mind is throwing away money. It just doesn't sit right with me, I know it's popular and cost effective but I dunno, I don't like always knowing that I've got that monthly payment.
alanbrenton wrote:
Jan 6th, 2019 8:51 am
I think it wasn't until 2017 that the NX got the DRCC as an optional equipment, which is odd because we got it on our 16 RAV4H as part of the technology package. I think the auto emergency braking is over-rated and I've seen it only light up thrice and only brake once though I don't drive the RAV4H as often as my wife and daughter.

Buy what you want. $23k over 10 years (your potential holding period) is a pittance for most households. You can also go CPO for the RDX or QX50 to make comparison more fair.

Don't go with the 1.5T CRV unless you are comfortable risking the motor oil dilution many have been experiencing.
That's what I'm thinking, looking at a purely monthly cost, the NX will be around $475 a month to finance whereas a new RDX will be about $875, so the difference is only $400 a month ($4800 a year, $19200 over the 4 years) which is a lot, but its not a lot overall if I look at the life of the vehicle (lets say 10 years)?
MP3_SKY wrote:
Jan 6th, 2019 12:03 pm
Curious why your parents doesn't want to keep the NX. It is basically almost a brand new car with A Lexus at 20k ish KM. Lower than my wife's 2016 NX Fsport3. Mine has 21700.
Their initial plan was to buy out the car at the end of the lease; but they swore off Lexus because of the infotainment system. My dad lacks fine motor control (nerve damage) in the first three fingers of his right hand and a tremor and that trackpad is a lesson in patience lol.
peteryorkuca wrote:
Jan 6th, 2019 2:06 pm
Look up the used with similar options and kms in autotrader. If it's more then your residual + admin fees by few thousands, then transfer/buyout/take ownership whatever and sell it or keep it down the road when you have the car in your possession.

If used cars in autotrader is cheaper then the residual, just return it and forget it.
I did this and the buyout we're pegging at around $32K, on AutoTrader it looks like similar vehicles with higher mileage are going for about $35K. Some are considerably more, but they have higher trim packages. So realistically, we think we could get $35K if we were to sell the car, but to buy it, hold it and then sell it to only make $3-4K seems like an awful lot of work, i've never sold a car before so it seems even more daunting, and then having to deal with Kijiji weirdos.
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starkickers wrote:
Jan 6th, 2019 4:27 pm
My issue with leasing is that I don't feel like I own it (which I don't - i'm basically renting it). This in my mind is throwing away money. It just doesn't sit right with me, I know it's popular and cost effective but I dunno, I don't like always knowing that I've got that monthly payment.



That's what I'm thinking, looking at a purely monthly cost, the NX will be around $475 a month to finance whereas a new RDX will be about $875, so the difference is only $400 a month ($4800 a year, $19200 over the 4 years) which is a lot, but its not a lot overall if I look at the life of the vehicle (lets say 10 years)?



Their initial plan was to buy out the car at the end of the lease; but they swore off Lexus because of the infotainment system. My dad lacks fine motor control (nerve damage) in the first three fingers of his right hand and a tremor and that trackpad is a lesson in patience lol.



I did this and the buyout we're pegging at around $32K, on AutoTrader it looks like similar vehicles with higher mileage are going for about $35K. Some are considerably more, but they have higher trim packages. So realistically, we think we could get $35K if we were to sell the car, but to buy it, hold it and then sell it to only make $3-4K seems like an awful lot of work, i've never sold a car before so it seems even more daunting, and then having to deal with Kijiji weirdos.
Why not try to ask someone to pay to take over the lease to test if it's a good deal?

I sure would pay to take over a car in pristine condition that I want to own.

Not sure if leasebuster is free to post though.
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starkickers wrote:
Jan 6th, 2019 4:27 pm
...we think we could get $35K if we were to sell the car, but to buy it, hold it and then sell it to only make $3-4K seems like an awful lot of work, i've never sold a car before so it seems even more daunting, and then having to deal with Kijiji weirdos.
You mentioned earlier you don't like some features on it and just convinced yourself here it's ain't worth the hassle if you truely don't want the car and you have to sell it.

Buy something you will like later.
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Keep in mind the vehicle would need to pass safety at the end of lease, so if the vehicle needs new tires, or brake pads are too thin, etc., plan for those expenses as well.
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What do you want to acomplish?
Get a good deal on a newish car?
Make a profit?

I would buy it I had the money and like the car.
I wouldn't buy it to make a profit. Selling cars is a hassle.
I would however negotiate the best deal I can get if I wanted another new Lex.
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alanbrenton wrote:
Jan 6th, 2019 4:46 pm

Why not try to ask someone to pay to take over the lease to test if it's a good deal?

I sure would pay to take over a car in pristine condition that I want to own.

Not sure if leasebuster is free to post though.
Absolutely not.
Leasebuster is like $200-300ish to post.

I agree with OP's dad about the middle control pad is an awful design. I hate it.

NX is not everyone's favroite. Not the most powerful, not the best handling, some argue with the look. But the resell value and longterm reliability is the award winner among the competitors.

OP, you buy a car base on what is important to you. I wouldn't force myself to buy a car purely because it is a good deal. It is not free, so you or your wife have to like it and enjoy your purchase.
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MP3_SKY wrote:
Jan 6th, 2019 8:21 pm
Absolutely not.
Leasebuster is like $200-300ish to post.

I agree with OP's dad about the middle control pad is an awful design. I hate it.

NX is not everyone's favroite. Not the most powerful, not the best handling, some argue with the look. But the resell value and longterm reliability is the award winner among the competitors.

OP, you buy a car base on what is important to you. I wouldn't force myself to buy a car purely because it is a good deal. It is not free, so you or your wife have to like it and enjoy your purchase.
Good to know leasebuster listing would be a little more legitimate than the free autotrader listings.
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Acura RDX 48 mo. finance for $875? How?
starkickers wrote:
Jan 6th, 2019 4:27 pm
My issue with leasing is that I don't feel like I own it (which I don't - i'm basically renting it). This in my mind is throwing away money. It just doesn't sit right with me, I know it's popular and cost effective but I dunno, I don't like always knowing that I've got that monthly payment.



That's what I'm thinking, looking at a purely monthly cost, the NX will be around $475 a month to finance whereas a new RDX will be about $875, so the difference is only $400 a month ($4800 a year, $19200 over the 4 years) which is a lot, but its not a lot overall if I look at the life of the vehicle (lets say 10 years)?



Their initial plan was to buy out the car at the end of the lease; but they swore off Lexus because of the infotainment system. My dad lacks fine motor control (nerve damage) in the first three fingers of his right hand and a tremor and that trackpad is a lesson in patience lol.



I did this and the buyout we're pegging at around $32K, on AutoTrader it looks like similar vehicles with higher mileage are going for about $35K. Some are considerably more, but they have higher trim packages. So realistically, we think we could get $35K if we were to sell the car, but to buy it, hold it and then sell it to only make $3-4K seems like an awful lot of work, i've never sold a car before so it seems even more daunting, and then having to deal with Kijiji weirdos.
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starkickers wrote:
Jan 6th, 2019 4:27 pm
My issue with leasing is that I don't feel like I own it (which I don't - i'm basically renting it). This in my mind is throwing away money. It just doesn't sit right with me, I know it's popular and cost effective but I dunno, I don't like always knowing that I've got that monthly payment.
Although it is true that you dont technically own the car, you are only responsible for it. A lease is not throwing money away, that isn't the right mentality. A lease is paying the depreciation of the car plus an interest rate (cost of borrowing), with the option of returning the car without hassles of selling at a set term. For people who drive normally its fine. But the dealers love people like your parents because they have paid the depreciation on a car, when in reality it hasn't depreciated that much. That money is gone. My suggestion is to get the car, drive it for a year or 2, and then sell if if you really dont like it. Your initial cost will be low, and if your wife doesnt drive that much, you can sell it for a higher price too so overall you win.

Yes the car doesn't have adaptive cruise control and a few other features, however at less than 6k km/year, how much of a difference will it really make? Tech/features in cars are moving at such a fast pace that you can never quite keep up. To me the largest part of the depreciation has been paid off by the parents, so this car has the best value. If you want to pay for a new RDX, go ahead, however you will be paying a lot of money for something I see wont get used that often.

If you really are comparing it to the CRV, (which is apples to oranges imo), you need to get a CRV touring for all the featrues you are talking about. That is a 41k car compared to the 27.5k car you have the potential to buy. That is quite a big spread for a car that will be slower, louder, and generally worse than the NX.

Also note: the RDX doesnt have Andrioid Auto yet. Only Apply CarPlay.
Last edited by ziaa on Jan 7th, 2019 4:32 pm, edited 1 time in total.
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[OP]
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Brian99 wrote:
Jan 6th, 2019 5:33 pm
I would buy the vehicle, spend $1000 on the top of the line aftermarket touchscreen stereo, remote start, etc and enjoy the car for 10 years.
I didn't realize you could put in aftermarket equipment into newer cars as the climate control is part of the head unit. I'll have to look into remote start though - that would be nice.
philharmonic wrote:
Jan 6th, 2019 6:54 pm
Keep in mind the vehicle would need to pass safety at the end of lease, so if the vehicle needs new tires, or brake pads are too thin, etc., plan for those expenses as well.
This shouldn't be a problem, there's hardly any use/wear. I went to a Lexus dealership to try to see what kind of discount I could get on a trade-in but they weren't very helpful without me actually making a commitment on the spot (makes sense, but doesn't help me much). When I asked about the buy out process, I was highly encouraged by the salesguy to not buy it out but trade it in and get a discount on a new NX, but how much he couldn't tell me unless I made an offer. I hate dealerships so much.

If we plan on buying it out at the end of the lease, do we still have to pay for the safety, fees, etc? No one at the dealership would tell me and when I called Lexus all they said was I'd have to get details from the dealership. Infuriating.
MP3_SKY wrote:
Jan 6th, 2019 8:21 pm

Absolutely not.
Leasebuster is like $200-300ish to post.

I agree with OP's dad about the middle control pad is an awful design. I hate it.

NX is not everyone's favroite. Not the most powerful, not the best handling, some argue with the look. But the resell value and longterm reliability is the award winner among the competitors.

OP, you buy a car base on what is important to you. I wouldn't force myself to buy a car purely because it is a good deal. It is not free, so you or your wife have to like it and enjoy your purchase.
My wife likes the car, it's not that she likes or hates it, but she doesn't mind it and she'll be the one driving it 99% of the time. I'm angling to get something I like, but realistically, this is the cheapest/best route for a new-to-us car.
MZ_3 wrote:
Jan 6th, 2019 11:06 pm
Acura RDX 48 mo. finance for $875? How?
I think I was using the RDX Tech and applying a $2500 discount, which I think was the discount at the time. I was just ballparking numbers, this was a while ago though.
ziaa wrote:
Jan 6th, 2019 11:27 pm
Although it is true that you dont technically own the car, you are only responsible for it. A lease is not throwing money away, that isn't the right mentality. A lease is paying the depreciation of the car plus an interest rate (cost of borrowing), with the option of returning the car without hassles of selling at a set term. For people who drive normally its fine. But the dealers love people like your parents because they have paid the depreciation on a car, when in reality it hasn't depreciated that much. That money is gone. My suggestion is to get the car, drive it for a year or 2, and then sell if if you really dont like it. Your initial cost will be low, and if your wife doesnt drive that much, you can sell it for a higher price too so overall you win.

Yes the car doesn't have adaptive cruise control and a few other features, however at less than 6k/year, how much of a difference will it really make? Tech/features in cars are moving at such a fast pace that you can never quite keep up. To me the largest part of the depreciation has been paid off by the parents, so this car has the best value. If you want to pay for a new RDX, go ahead, however you will be paying a lot of money for something I see wont get used that often.

If you really are comparing it to the CRV, (which is apples to oranges imo), you need to get a CRV touring for all the featrues you are talking about. That is a 41k car compared to the 27.5k car you have the potential to buy. That is quite a big spread for a car that will be slower, louder, and generally worse than the NX.

Also note: the RDX doesnt have Andrioid Auto yet. Only Apply CarPlay.
Thanks for this simplification. Your explanation makes sense, I didn't even consider selling the car after a year or two and actually coming out ahead or breaking somewhat even. Thanks again!
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starkickers wrote:
Jan 7th, 2019 12:46 pm
Thanks for this simplification. Your explanation makes sense, I didn't even consider selling the car after a year or two and actually coming out ahead or breaking somewhat even. Thanks again!
FYI, Autotrader listed 2015 NX priced from $27K to $34K nationwide and that's asking, not selling with iQ set fair price at around middle $30-$32K.
Even if the mileage is low, I don't think you will be coming out ahead.

You basically have to ask yourself that if you want the high depreciation curve of new car with latest features or slower depreciation curve of a used car. The only good thing is at least this used car has a known history.

If you rather have a CRV and don't care about the Lexus badge or the bigger/faster engine, get a CRV.

I know SUVs are hot and new CRV may not have good finance rates, but it will probably better than used car finance rate.

Also depends on when 2015 was bought, it would either have 1 year warranty left or 0 warranty. Unlike Honda/Toyota, Lexus only offers 4 year warranty. Now there is $10K difference between a $32K used Lexus and $42K new CRV Touring. But you get 5 years of worry free driving with CRV and all repairs on NX will be out of pocket.
Last edited by Xtrema on Jan 7th, 2019 4:58 pm, edited 1 time in total.
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MP3_SKY wrote:
Jan 6th, 2019 8:21 pm
.....
OP, you buy a car base on what is important to you. I wouldn't force myself to buy a car purely because it is a good deal. It is not free, so you or your wife have to like it and enjoy your purchase.
So agree with this. Nothing is a good deal if you are not going to enjoy it or worse, if you are going to hate it and regret getting it every time you sit in it.
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If you don't like it don't buy it...

I would suggest you to look around for a car you would like and offer to transfer the lease to the dealer who is selling you the new car.

They will offer you more than the buyback. And you wont have to pay the tax.

Lexus have ton of opportunity to get off the lease nx200... But if you go buy in a use car dealership they will pay a premium for a local car.

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