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2014 Honda CR-V AWD LX Lease Deal

hmarie224hmarie224 Posts: 3
edited October 2014 in Honda
Okay, so the husband and I have decided that it's time to get an AWD vehicle so that we can survive the winter here in Michigan. We have decided on the CR-V and we went in to the dealer last night for a test drive. We went in with the intention of financing a vehicle (new or used). However, we are very tight on cash. After the test drive, the salesman was telling us about the leases that they are currently offering and we are starting to think that this would be a better option for us at this time financially. My question to you all is, is this a good lease deal?

2014 Honda CRV AWD LX
$269/mo plus tax; 36 mo; 12,000 miles; $0 due at lease signing includes: $0 security deposit, first month payment, tax, title, plate transfer and doc fee. New plate extra. Residual value is $15,120. $0.15/mile over 12,000 miles per year. Listed MSRP $25,200 (non-negotiated).


I don't know very much about leasing or how to negotiate a lease. I think if we do decide to lease we would probably go in with the intent of purchasing the vehicle after the lease is up.

Comments

  • kyfdxkyfdx Posts: 128,188
    hmarie224 said:

    Okay, so the husband and I have decided that it's time to get an AWD vehicle so that we can survive the winter here in Michigan. We have decided on the CR-V and we went in to the dealer last night for a test drive. We went in with the intention of financing a vehicle (new or used). However, we are very tight on cash. After the test drive, the salesman was telling us about the leases that they are currently offering and we are starting to think that this would be a better option for us at this time financially. My question to you all is, is this a good lease deal?

    2014 Honda CRV AWD LX
    $269/mo plus tax; 36 mo; 12,000 miles; $0 due at lease signing includes: $0 security deposit, first month payment, tax, title, plate transfer and doc fee. New plate extra. Residual value is $15,120. $0.15/mile over 12,000 miles per year. Listed MSRP $25,200 (non-negotiated).


    I don't know very much about leasing or how to negotiate a lease. I think if we do decide to lease we would probably go in with the intent of purchasing the vehicle after the lease is up.


    That's the advertised $0 due at signing deal... 35 payments for a 36 month lease.. It's not a bad deal... the lease program is very good, and the ad assumes a selling price of about $900 off MSRP before deducting the $750 dealer money from Honda.

    The only extras would be tax and title/registration/doc fees. Michigan taxes the monthly payment, I think, so you shouldn't have any tax upfront. (6% tax? That adds about $16/mo.).

    If you really want to keep the vehicle long term, you would be better off to negotiate a low price, take 0.9% APR financing for 60 months, and bite the bullet on the bigger payment. You'll save money in the long run, because CR-Vs have great resale..

    If you decide to lease, ask them for all of the figures, including payment with tax, and how much you have to come up with at signing.. and, don't assume that they can't do any better..

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • ajl50ajl50 Posts: 1
    Here is some math:
    $269 X 36 = $9684 (not sure if you get the first monthly payment free?)
    residual is $15,120 .. That totals $24,804.. Interest at 1% on that for 36 months would be about $600.. So subtract that and you are at $24,204.. Which is what I say you are paying for the car.
    Clean trade in on a 2011 LX AWD is $14500, so you will be a little short at that point with your $15120 residual. But if you buy the car at that point it will be much less than retail, and you will know it's history.

    Sales Tax --- If you turn it in at 3 years, you will have paid sales tax on only the $9684, if the policy is the same as where I live, so possible savings there.

    You can tell I like leasing.. Have leased my last 6 cars, and I have no affiliation with any dealer.
    Good Luck
    AJL
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