How this deal looks like

Feb 20th, 2021 9:02 pm

#1

kimico5566 [OP]: Newbie; Feb 19, 2021; 1 posts; 2 upvotes

Feb 20th, 2021 9:02 pm

HI there,

I am planning to end my lease agreement with Honda. I got a quote for $330 + tax mothly for 2021 CIVIC EX for 4 years including extending warranty for a year.

As well as the last few payments of my previous agreement (worth about $1,500)

Is this a good deal? or should I keep looking around.

Appreciate your comments. Thank you.

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Feb 21st, 2021 12:17 am

#2

Beamerguy28: Member; Apr 22, 2019; 343 posts; 315 upvotes

Feb 21st, 2021 12:17 am

I wouldn’t spend nearly $400 a month (with tax) to lease a civic.

+2

Feb 21st, 2021 12:43 am

#3

BabyDriver99: Banned; Feb 19, 2021; 53 posts; 42 upvotes

Feb 21st, 2021 12:43 am

What about a Type R?

Feb 21st, 2021 12:57 am

#4

JohnEnglish: Deal Addict; Oct 5, 2008; 1248 posts; 96 upvotes

Feb 21st, 2021 12:57 am

That's not bad, but yeah, the all new 2022 Civic is supposed to be released this spring. So you may want to wait and see what it's like, and if there are any good deals when they clear out the old 2021 design.

Feb 21st, 2021 1:23 am

#5

MP3_SKY: Deal Guru; Jul 12, 2003; 12320 posts; 4836 upvotes; Toronto

Feb 21st, 2021 1:23 am

Why do you get extended warranty on a lease? Are you sure you are buying it at the end?
Just lease the car within its warranty period and return it before the warranty ends, that's all.

You need to factor more details too.
Lease rate?
Buy Back?
KM allow?

Why can't you keep driving the current car til the end, I assume it would be just few months left?
They aren;t going to suck that $1500 for nothing, that money would be taken away from the discount that you are suppose to get on the new car.

I would keep driving my car til the end and the shop for a new car maybe just a month or 2 before the lease ends and lease another car within the warranty period, do not buy extended warranty, that's useless.

Retired Forum Moderator February 2009 - June 2015

+1

Feb 21st, 2021 1:52 am

#6

lo23HH: Banned; Mar 13, 2019; 330 posts; 214 upvotes

Feb 21st, 2021 1:52 am

$330 seems high for a 4 year lease on a civic, how much was the CRV?

+1

Feb 21st, 2021 8:57 am

#7

ES_Revenge: Deal Expert; Mar 23, 2004; 31994 posts; 13489 upvotes

Feb 21st, 2021 8:57 am

Beamerguy28 wrote: ↑ I wouldn’t spend nearly $400 a month (with tax) to lease a civic.

It's probably a bit high but keep in mind cars are also way more expensive now than they once were. Civic EX is basically a $30k car these days.

+1

Feb 21st, 2021 6:22 pm

#8

Beamerguy28: Member; Apr 22, 2019; 343 posts; 315 upvotes

Feb 21st, 2021 6:22 pm

ES_Revenge wrote: ↑ It's probably a bit high but keep in mind cars are also way more expensive now than they once were. Civic EX is basically a $30k car these days.

Isn’t it crazy! I remember when they’d be going for under $20k brand new

+1

Feb 21st, 2021 6:41 pm

#9

cristianosham: Deal Addict; Sep 6, 2017; 4326 posts; 2853 upvotes

Feb 21st, 2021 6:41 pm

Beamerguy28 wrote: ↑ Isn’t it crazy! I remember when they’d be going for under $20k brand new

back in 2000?

+2

Feb 21st, 2021 8:14 pm

#10

redblack: Deal Addict; Nov 11, 2013; 1162 posts; 1521 upvotes; Calgary

Feb 21st, 2021 8:14 pm

No type R, no care

+1

Feb 22nd, 2021 7:32 am

#11

Gutty96: Deal Guru; Jun 24, 2006; 12003 posts; 5993 upvotes

Feb 22nd, 2021 7:32 am

cristianosham wrote: ↑ back in 2000?

Yup, around that time.

I remember my cousin bought a 1999 CX hatch with no power steering, no AC, manual everything for $16k cash.

+1

Feb 22nd, 2021 8:03 am

#12

kooroshkabir: Deal Addict; Dec 16, 2008; 1056 posts; 464 upvotes; Richmond Hill

Feb 22nd, 2021 8:03 am

16K in year 2000 for a car with no AC and power steering is not cheap either.

Feb 22nd, 2021 9:57 am

#13

shawn01: Deal Addict; Sep 21, 2011; 1808 posts; 518 upvotes

Feb 22nd, 2021 9:57 am

My buddy bought a sweet red golf , slammed and rims put on from owasco in 1993 for like 13,999. It was the year it went with the newer design. The good ole days

+1

Feb 22nd, 2021 10:31 am

#14

AlicW93740: Sr. Member; Sep 25, 2018; 917 posts; 1799 upvotes

Feb 22nd, 2021 10:31 am

Is it after tax? If it is it then you are saving $2,736 out of $18,591.36 total payment as per Honda's website. Residue value will be $11,822.00. What is your residue value like? Possible the dealer put the 2.7k you saved in there?

Including the $1500 monthly payment they absorbed, you are saving about 4.3k on a 18.5k deal, which isn't bad IMO. But I'm not familiar with lease so don't take my word on it.

You can head over to the civicx.com forum to see what others paid: https://www.civicx.com/forum/forums/pri ... dering.12/

All this talk is based on after tax... if it's before tax, you are looking at 800 savings. That's not a great deal. Okay deal if you add 1500 monthly payment absorption on top.

Feb 22nd, 2021 2:28 pm

#15

kimico5566 [OP]: Newbie; Feb 19, 2021; 1 posts; 2 upvotes

Feb 22nd, 2021 2:28 pm

AlicW93740 wrote: ↑ Is it after tax? If it is it then you are saving $2,736 out of $18,591.36 total payment as per Honda's website. Residue value will be $11,822.00. What is your residue value like? Possible the dealer put the 2.7k you saved in there?

Including the $1500 monthly payment they absorbed, you are saving about 4.3k on a 18.5k deal, which isn't bad IMO. But I'm not familiar with lease so don't take my word on it.

You can head over to the civicx.com forum to see what others paid: https://www.civicx.com/forum/forums/pri ... dering.12/

All this talk is based on after tax... if it's before tax, you are looking at 800 savings. That's not a great deal. Okay deal if you add 1500 monthly payment absorption on top.

Unfortunately, it's before tax. Residual value is the same number as you mentioned. Hmm they did mention to waive that 1500. Thanks for the website. I will take a look.

Feb 22nd, 2021 2:31 pm

#16

kimico5566 [OP]: Newbie; Feb 19, 2021; 1 posts; 2 upvotes

Feb 22nd, 2021 2:31 pm

MP3_SKY wrote: ↑ Why do you get extended warranty on a lease? Are you sure you are buying it at the end?
Just lease the car within its warranty period and return it before the warranty ends, that's all.

You need to factor more details too.
Lease rate?
Buy Back?
KM allow?

Why can't you keep driving the current car til the end, I assume it would be just few months left?
They aren;t going to suck that $1500 for nothing, that money would be taken away from the discount that you are suppose to get on the new car.

I would keep driving my car til the end and the shop for a new car maybe just a month or 2 before the lease ends and lease another car within the warranty period, do not buy extended warranty, that's useless.

Thanks. Got too busy to response earlier.

Lease rate is 0.01%
Buy back option is $11,822
KM is 20K per year.

They did mention to waive that $1500.