Lease Expiring - Buy Out or Walk Away?

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BhagvatMuchie
Posts: 1
Joined: Thu Feb 27, 2020 10:30 am

Lease Expiring - Buy Out or Walk Away?

Post by BhagvatMuchie »

I have a 2017 Civic Sport Hatch (1.5L CVT) with ~45,000 miles, that is due for lease turn in late April with a residual of ~$13,700. After loosely speaking with the dealer, the only other expenses I'll incur upon purchase is the Doc fee of ~$350 and tax (7%) for a total purchase price of ~$15,000.

Just for fun, I went on a test drive in a 2020 Civic Sport while my car was getting serviced. The ride was smoother but it reaffirmed me that my car was not missing any power. Only thing I wish mine has that the 2020 does is Apple Car Play and an automatic starter, the infotainment system was sweet as well but I'm not sure those 3 things, along with the car being brand new, is worth an additional $11,000 over my residual.

Question 1: would you have any reservations about purchasing the lease?vidmate mobdro word counter


Question 2: Do you trust this car to last to 100k+ miles with little to no problems? My financial situation is making it so I would likely need to finance the car for an additional 60 months to keep my car payment where I need it. I know this is not the most wise decision, as the car will be 8 years old and will have about 95,000 miles on it by the time it's paid off but the only alternative for me is to purchase a similarly priced car with slightly less miles for just as long. My current driving will not be 15,000 miles per year as I live much, much closer to work now than I did in year 1 (22k miles in year 1).
Last edited by BhagvatMuchie on Sat Feb 29, 2020 2:45 am, edited 1 time in total.
KTuner
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Posts: 3745
Joined: Mon Jul 22, 2013 8:13 pm

Re: Lease Expiring - Buy Out or Walk Away?

Post by KTuner »

This may be a better question to ask on CivicX.com
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