Leasing a Honda Civic ~ it just keeps giving

Blueone

Blueone

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SILVER Sponsor
Jan 24, 2007
13,790
Lake Erie, Ohio
Boat Info
2004 420 Sundancer
Engines
Cummins 6CTA 450's
So I have put 4 kids thru college...my son had a landscaping business so he was never in need of my help for a car.... but I have these 3 girls. So I wanted something new, safe, great gas mileage road side assistance and a warranty. The Honda Civic is $200/month for three years 12k miles per year. The depreciation is the $200 a month so no sense buying it. The girls never went over the mileage. The cars never needed service. The dealer gave the girls a year worth of oil changes... I did lease 6 cars from them.
So in 2018 I needed a local delivery car for work where in my case the parts would fit in the trunk for short runs to heat treating, coating, etc...like a couple miles up the road....so I thought perfect lease a Civic. Well the lease is up...so I ask what the mileage is on it... 60k :eek:... so look at the lease agreement it’s $3,200 penalty for going over 36k miles...so look at payout...it’s $11k to buy it out of the lease. So okay don’t really need it any more... so I look at Carvana.. punch in the VIN and the mileage and they offered to come pick it up and give me a check for $14,500. I am thinking this is too good to be true... I can buy and sell my lease and pocket $3,500 ?

I tell my son today and he is telling me used cars prices have gone crazy.... he just bought a new diesel Chevy 2500 4 months ago and got a call from the dealer offering him $6k more then he paid for it.

just curious anyone else deal with Carvana, CarMax or the others out there? ... 7 years ago I sold a salesman’s car to CarMax but they looked at it drove it and wrote me a check....Carvana is saying sight unseen
 
Blue, they said there would be no math! But when I look at Carvana prices they nuts. Ex. I have a 2013 Veloster, great shape, 90k, trade in is 6k, Carvana sells for 12k. You fkn kidding! That said, I love car, most maintenance free ever owned, you can’t pry from my cold dead hands, but Carvana prices are nuts.
 
Blue, that mileage penalty. Only people should lease is grandma who only drives to church on Sunday. See mileage penalty will kill you just like a Tesla. Gotta eyeball the mileage. NO.
 
As I went back and reread post. 11k for 60k civic, seems a lot, our daughter needed a car, wife sold her the wife Sonata with 78k miles for 6k (trade in value) in mint condition, but a lot depends on packages on car, can bump a cheap up by 10k.
 
Well something is going on CarMax is more

2ED8812B-919D-4600-8A53-DAC3CB532211.jpeg
 
Supply and demand. The car lots on this side of town are empty.

I stopped by the Ram dealer where I bought my '19 and asked if they were closing up shop.... they asked to buy my Ram...sucks I sold it last year... I'd have made a killing on it now.
 
I was looking for a used car to leave in Fla went to 3-4 dealers they looked at me when it came time to “deal” they basically said “ oh that is the price” HUH? nope, and let me leave these where American cars so I bought an Audi. ps we love our TESLA and probably get another once my Jeep goes back.
 
Pirate Lady said:
Blue, that mileage penalty. Only people should lease is grandma who only drives to church on Sunday. See mileage penalty will kill you just like a Tesla. Gotta eyeball the mileage. NO.
Click to expand...

Expalin mileage will kill you in a Tesla? Over mileage on most leases are the killers..
 
Havana Shamrock said:
Expalin mileage will kill you in a Tesla? Over mileage on most leases are the killers..
Click to expand...
@Pirate Lady ...the lease was for a delivery vehicle for work... I expected it to be well below 12k miles/yr... but it was way over especially during covid when I couldn’t get trucks.... that $3k penalty going over mileage ....made me a lot of money.... but to my point the Honda appreciated in value and I am now going to pocket $3k.....which was my point ...the Honda Civic is a giver not a taker :)
 
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On transacting with Carvana. I’ve sold 2 cars to them. The process really is as easy as they say. They came, I handed them the keys, they gave me a check, and they drove off. Very easy.

I’ll just say the cars were owned outright, so no payoffs to consider.
 
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So to close this thread out.... this was the price offered in April by carmax the highest at the time.
I went with carvana today for $15,207... they came and gave me a check and took the car.... so in 4 weeks the car went up $400 and we added 500 miles to it.
To payout the lease with tax was $12,400.... so a profit of $2,800 on a 2018 car with 58k miles
..... the car was $17k new.... something is very wrong out there
 
I just sold my 2020 Silverado lease to a local used car dealer. The buyout was 40k and he bought it for just over 52k. He wrote me a check for more than 12k. It was a 2 year lease and I was about 18 months into it and had 8,000 on the odometer. Crazy times.
 
There is a buyout option
 
Pirate Lady said:
Clarify for me cause i never leased. How did you “sell” a vehicle that you dont own?
Besides the ones i see on Law & Order.
Click to expand...

At any point during a lease you can call and get the buyout price. So what I did was go to the dealer and called GM Financial with the dealer on the phone and told them I agree to have them straight up buy the truck. By having them buy the truck vs. me we both avoid paying the 6% Michigan sales tax because they have a dealers license. This saved me $2,400.
 
Blueone said:
View attachment 106488

So to close this thread out.... this was the price offered in April by carmax the highest at the time.
I went with carvana today for $15,207... they came and gave me a check and took the car.... so in 4 weeks the car went up $400 and we added 500 miles to it.
To payout the lease with tax was $12,400.... so a profit of $2,800 on a 2018 car with 58k miles
..... the car was $17k new.... something is very wrong out there
Click to expand...


Why did you have to pay the sales tax? I would have figured carvana was a "dealer".
 
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