I have an '02 Sebring/Red w/ hardtop, side strakes, spoiler, and paint sealant. Sticker on the car new was just under 38K, and i took a 4 year lease with 15K miles a year. I just got the car this past june, so it hasn't been even a year yet. My buy out now is about 29K and some change. They told me if i want to calculate it later, to take that price, and subtract any payments i have made twoards the lease to get my buyout....

Do you think this is a good price to buy it out at, or should i wait till june and just buy it out at the one year mark?

Oh yeah...today is Feb 26, and i am at 14,975 for mileage.....oops.....

 

if you want to know how much you can buy it out for...call your leasing company and they always have a new updated total on what your buy out is.....you don't need a caculator.

It is always bad to buy out a lease in the first year or so of these....don't forget you have to pay taxes on the buy-out.

 

Ouch. I have a 39mo lease, 15K/yr, my buy-out is $20,100. I only drive about 8K/year, so my car should be worth more than the buy-out at the end. At least I hope it is.

At any rate, it's probably cheaper to wait 'til the end of the lease to buy it out. I may be wrong, but the milage shouldn't matter if you buy the car after the lease. You just get soaked if you are over the limit and you turn the car in.

 

My bad, I just realized you meant your buyout price Now, and not at the end of the lease.

 

at the end of the lease it will be about 17K....

 

typically if you want to "buy out" the lease, you need to take the residual value of the car at the end of the lease and add all of the remaining payments. That will give you your buyout price.

 

yup....thats pretty much what it calculates out to.....so should i buy it now, or wait a little longer, or till the end?

 

wait a little longer or till end.

 

If the buy out price calculates to the residual plus the remaining car payments, then you should definitely not do the buyout, even if you can pay cash. Interest is already calculated in your lease payments, so you would be paying Honda Finance (or whoever your lease company is) this interest even though you didn't really borrow the money for the remainder of the lease. In addition, if you finance it and make payments, you'll be paying interest again. I'd ride it out and make all the lease payments at this point. Then you can make a decision at the time the lease is over. You might decide that you don't want it because it has been damaged, a new better S2000 is out, or the buy out price is too high compared to other used S2000's that you could buy.

 

Wait until the end of lease!

Leases are always negotiable at the end of lease. Supply will drives down the price, banks and finance companies are losing money on leased cars in the end, so it is to your advantage to consider buying your leased vehicle of course at a lesser buy out that they originally gave you. I have a buddy that plays the lease game and he saves some big bucks!!! Just if you have the time and patience to deal with dealer.

Tips:
*Do your homework and find the fair market value of your car.
*Play the waiting game and don't take no for an answer. As the lease end-date nears, finance companies become more willing to compromise. Often, their "best and final" price is lower with each conversation. :-)

Good luck and just drive!