Automotive

How this deal looks like

  • Last Updated:
  • Feb 22nd, 2021 2:31 pm
[OP]
Newbie
Feb 19, 2021
0 posts
2 upvotes

How this deal looks like

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.
15 replies
Jr. Member
Apr 22, 2019
130 posts
68 upvotes
I wouldn’t spend nearly $400 a month (with tax) to lease a civic.
Deal Addict
Oct 5, 2008
1198 posts
68 upvotes
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.
Deal Guru
User avatar
Jul 12, 2003
11448 posts
3714 upvotes
Toronto
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
Jr. Member
Mar 13, 2019
144 posts
91 upvotes
$330 seems high for a 4 year lease on a civic, how much was the CRV?
Deal Expert
Mar 23, 2004
28309 posts
8760 upvotes
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.
Jr. Member
Apr 22, 2019
130 posts
68 upvotes
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
Deal Fanatic
Jun 24, 2006
9152 posts
3406 upvotes
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.
Sr. Member
Dec 16, 2008
986 posts
406 upvotes
Richmond Hill
16K in year 2000 for a car with no AC and power steering is not cheap either.
Deal Addict
Sep 21, 2011
1781 posts
504 upvotes
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
Sr. Member
Sep 25, 2018
659 posts
1204 upvotes
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.
[OP]
Newbie
Feb 19, 2021
0 posts
2 upvotes
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.
[OP]
Newbie
Feb 19, 2021
0 posts
2 upvotes
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.

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