i have a 2023 honda HRV and my lease ends on the 13th of this month. Buyout is 16k , car is in good condition (minor scratches/dings) AND i'm just under 24k miles from the 30k i should typically be at. Carvana offers 19k and carmax offers 21k for the car. I know i cant sell to 3rd party directly.
i called the 3rd party leasing compnay i used to get the vehicle and he offered to take the car in for me and give me $800 for it, so I know there's some value to the car
I wanted to know if its worth going to Honda Dealer and ask if they're willing to buyout my lease a week before lease is up, so i can get some profit off the car.
selling my lease to honda 1 week before lease ends
byu/Jaded_Day inpersonalfinance
Posted by Jaded_Day
8 Comments
‘No’ costs you nothing so always worth it to ask.
You have a car that the dealership would rather sell at market value ($23-25k) than to you at $16k. That is significant leverage.
How you best handle this depends on whether you want the car, whether the next car you want is a honda, etc. If your ideal next car is a CRV or whatever else the dealer has on the lot you can certainly look to group the transactions here but certainly if Carmax will give you $21k for the car then buying out at $16k even after taxes and fees is a no brainer if only to sell back.
I’d just buy out the lease then trade it to CarMax the next week.
Perhaps I should ask, what are you looking to do after selling the car? If it’s rolling into a new lease where you owe even more money / higher payments etc, I’d strong consider not doing that, and just stick with the vehicle and work towards paying it off. Paying interest on a depreciating asset is one of the easiest ways dealers and car companies profit off of the allure of a newer vehicle – which quickly fades.
Call the dealership and said you have an offer from Carmax and the dealer might give you $200 more.
If carmax is offering you 21k then bring the offer into Honda, ask for them to match it and if they’re unwilling just tell them you’re going to buy the car and sell it to CarMax. After taxes on the purchase you’ll still profit nearly $4000.
Depends on state but your best move is buyout then resell, but some states require you pay sales tax on a buyout.
Yeah my 19 accord 2.0T buyout was 14500, resale was about 24,500 it was a no brainer to buy it out and resell the thing in two years and still leave with positive equity.
Not “profit” but getting some of the money you paid back.