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Buying Out Car....

mstrluckymstrlucky Member Posts: 90
edited May 2019 in Honda
Ok, so just left dealer and it's not worth it to roll the remaining 9 months of my lease into a new lease. What I think I'm going to do, and been seriously considering it is buy out my lease. The buyout is $20k and that seems like the going price for a 17' Honda Accord EX-L. I have 41k miles which is a bit high. Anyway I have a few questions.

1. Regarding the warranty he said there were two that were the same Honda Care and CEC(?? something like that), He said there cost was $1700( he showed me...lol) and they add $500 on it. So $2,200 for 6 years or 120k miles. Anyone heard of this CEC? Is this a fair price.
2. So I believe the Hybrid engine comes with standard 100k miles warranty. Is that true? I think he even said that. Id that true why would I need an extended warranty?

Any advice/input would be great. Def think I'm going to finance it tomorrow. Getting 5.99% through Honda.

Thanks.

Comments

  • kyfdxkyfdx Moderator Posts: 211,831
    Why not keep leasing it for the next 9 months? Why make that decision now?

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  • mstrluckymstrlucky Member Posts: 90
    edited May 2019
    kyfdx said:

    Why not keep leasing it for the next 9 months? Why make that decision now?

    I'm going over miles. Going to buy it.
  • MichaellMichaell ColoradoModerator Posts: 211,949
    mstrlucky said:

    kyfdx said:

    Why not keep leasing it for the next 9 months? Why make that decision now?

    I'm going over miles. Going to buy it.
    If you buy it at the end of the lease, you'll defer the higher payments you'll have until then.

    You'll be over miles then, as well. And, it won't affect your buyout amount.

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  • kyfdxkyfdx Moderator Posts: 211,831
    mstrlucky said:

    kyfdx said:

    Why not keep leasing it for the next 9 months? Why make that decision now?

    I'm going over miles. Going to buy it.
    Ditto what @Michaell says.. If you buy out at the end of the lease, you won't pay over-mileage fees. That gives you 9 more months to evaluate if you want to own this vehicle long-term.

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  • mstrluckymstrlucky Member Posts: 90
    edited May 2019
    OK, is anyone familiar with the CCC warranty? Guy said it was by Toyota which is weird if they are Honda. Also I'm concerned this car is going to have some problems shortly(been acting funny) and I'm past the coverage terms. Was thinking if I was more than likely buying the car I can do it now and get the warranty coverage. Thanks.
  • kyfdxkyfdx Moderator Posts: 211,831
    mstrlucky said:

    OK, is anyone familiar with the CCC warranty? Guy said it was by Toyota which is weird if they are Honda. Also I'm concerned this car is going to have some problems shortly(been acting funny) and I'm past the coverage terms. Was thinking if I was more than likely buying the car I can do it now and get the warranty coverage. Thanks.

    Third party warranties are something to be avoided.

    If you really have to have a warranty, turn your car in at lease-end, and lease another one.

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