[rred28]

2015 MDX SH-AWD with Tech pkg - lease end buyout advise needed

I have leased a 2015 MDX SH-AWD with Tech pkg in Aug 2014. Now lease is up in another 2 weeks.

Got around 35k miles on it

Have to pay 32,300 for it at lease end to own it. I live in VA so they already charged me the full sales tax on the leased car at the time of leasing.

Is it worth buying my leased car or go for a new acura( only big repair i had so far was my right front axle had to be replaced 2 months back u - was done under factory warranty)

Is there any point in extending lease for 1-2 months until 2018 MDX is available(only issue would be my tires are almost around 4/32 and i dont know whether i will have to pay for the tires when i return or will it be deducted from my 1500$ wear and tear)

Any help would be appreciated to clear by dilemma. thanks

 

[Laostuh]

Although I don't currently own an MDX, from a financial stand point .. I would get the vehicle appraised at CarMax or something to see what the vehicle is worth on the market. Maybe you'll have equity maybe you won't. But if you don't, it wouldn't make sense to buy out the lease. Unless you're not too upside down. I dont know, thats just my 2c.

 

[wasjr]

Agree with seeing what Carmax would give you for it, but I would be surprised if you have very much equity, if any. I'm not familiar with VA sales tax, but you don't have to pay tax again if you buy at end of lease do you?

IF you do want something new, there is $2,000 dealer money on current Tech and Advance leases, so you should be able to get a good deal. Depending on the deal you got on your 2015, it may be possible that your payment on a 2017 may be lower (advise putting no money down on leases). Also you can roll over up to 7,500 of unused miles into a new lease, which may enable you to drop down on miles needed. Probably won't be much dealing on 2018 model.

 

[mdxstang]

I think Carmax would only pay a low dollar 'trade-in' value since they're a car dealer and need to make a profit on the deal, although I've never used them. The way to maximize the value of the vehicle would be a private party sale. Go to kbb.com to estimate what your vehicle's worth, meaning what it would cost you to buy from a dealer or private party, i.e. to 'replace' your vehicle to get an idea of its value. I just did that and it appears that your buy-out price is lower than the kbb value which would mean the buy-out isn't out of line. Double check the kbb value by looking at individual vehicles for sale in your area online.

It's always cheaper to buy a used vehicle rather than new and new vehicles depreciate rapidly and at a greater decline rate than a used vehicle so from a value perspective you're better off buying your lease rather than a brand new MDX. The only reason to go for the new one is if you for some reason want new and are willing to pay the premium it takes to get one.

It's also usually better to buy rather than to lease but that ship's already sailed for you on the vehicle you already have.

 

[rred28]

When i brought the mdx the biggest mistake i did was i did not negotiate on the price. was leased to me at msrp price.

They gave me 10k miles/year

Now i am 5k miles over the limit and i have to pay 0.20 cents/mile

 

[wasjr]

Assuming that since you paid sales tax on the full price on the front end, you don't have to pay sales tax on the purchase from Acura Financial, you are probably better off buying the vehicle. That saves any mileage overage charge (although half of your overage miles would be waived if you entered into a new lease) as well as the disposition fee due if you return the vehicle.

 

[Bluepill]

LEASING:

 

[wasjr]

LEASING:

Don't single out leasing. Any car transaction is a trap for those that don't do their homework before entering the dealership.

 

[lindros2]

Is there any point in extending lease for 1-2 months until 2018 MDX is available(only issue would be my tires are almost around 4/32 and i dont know whether i will have to pay for the tires when i return or will it be deducted from my 1500$ wear and tear)

Tires were deducted from my wear & tear.

If you get another Acura they don't give a crap what condition it's in (within reason).

If you totally go out - like I did - they go over it with a fine-tooth comb.

 

[rred28]

thanks for all the feedback