Leasehackr Score

JT48118JT48118 Member Posts: 11
edited April 2019 in Honda
What does the Leasehackr Score mean? Is 6.3 years good? What is the benchmarck (for a Honda CR-V)? Thanks!

Comments

  • kyfdxkyfdx Moderator Posts: 207,889
    Maybe, we can find someone in here that is familiar with it.

    Hey, @28firefighter . Got anything?

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  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaMember Posts: 64,482
    The Leasehackr Score, which is automatically generated by Leasehackr Calculator, represents the number of years it would take before the sum of monthly payments exceeds the retail price of the car. The higher the score the better.

    For example, a $30,000 car with a monthly payment of $300 will have a Leasehackr Score of 8.3 years. You can pay $300 per month for 8.3 years before you reach $30,000. We've seen scores ranging anywhere from just 5 years to as high as 20 years.

    If the Leasehackr Score is low on a car even after your best efforts negotiating, you might be better off buying instead of leasing, or choosing a different vehicle altogether.

    Source: LH
  • JT48118JT48118 Member Posts: 11
    Thanks, that is helpful. So how do you know then if you're better off buying vs. leasing in the above example? Here is the numbers crunched for me deal:

    Pre-tax Monthly Payment: $428
    Monthly Payment with Tax: $454
    Drive-Off: $726
    - First month payment: $454
    - Down payment: $0
    - Government and dealer fees: $258
    - Tax on cap cost reduction and fees: $14
    Leasehackr Score: 6.3 years
    Disposition Fee: $0
    Total Lease Cost: $16,593

    The OOD prices is about $31,962
  • lvs23_93lvs23_93 Member Posts: 25
    That's some high payment for $30k car. This score means that in ~6 years you would have paid off your car had you bought it vs leased the same for 2 consecutive 3 years lease term.
  • JT48118JT48118 Member Posts: 11
    I agree. I'm waiting for the final number tomorrow, but expect it will even be higher ($550ish) since I'm opting for $0 down. What would you expect to lease it for? I am torn between a lease vs. buy for this very reason. Appreciate any/all feedback!
  • lvs23_93lvs23_93 Member Posts: 25
    At $550 to lease Honda? I would not do that. Just to buy it lets say at 4% for 72 months full $31k you are looking at the payment of $470. So in 6 years you have it free and clear and can drive for another 6 without any payments:) At least that's what happened to my 2004 CR-V that've sold in 2016.

    What's the point of leasing at that payment level? Lease was supposed to have lower payments than financing.
  • JT48118JT48118 Member Posts: 11
    Agree. I have a feeling they can 'get away with it' because of the high demand for CRVs. It appears that there is about a $100/month difference between lease vs. buy which is making be lean toward buy for the very reasons you list.
  • kyfdxkyfdx Moderator Posts: 207,889
    JT48118 said:

    Agree. I have a feeling they can 'get away with it' because of the high demand for CRVs. It appears that there is about a $100/month difference between lease vs. buy which is making be lean toward buy for the very reasons you list.

    Check out this discussion:
    https://forums.edmunds.com/discussion/53746/honda/cr-v/2019-honda-cr-v-lease-deals-and-prices#latest

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