| smanziano |
| Looking to lease an '04 Acura MDX. Base Model. Whats a good lease price to negotiate with the dealer ? My old car just died and i need a new one asap. This is my first time on this board, so I am hoping for alittle help. Thanks all... |
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| JeffK |
Suggest you check prior threads - "Lease or Leasing". After doing that, when you have specific questions, I will be happy to assist.
Welcome to our board!
JeffK |
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| hockeyplayer |
| JeffK is the AcuraMDX.org Leasing expert and I for one don't doubt for one moment the numbers he posts. If you search "leasing" you will be inundated with info. Good luck. |
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| smanziano |
| Thanks for the help. So far the lowest price I got for the Acura MDX, base model = $459 a month, 48 months, $1300 total down at signing. |
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| JeffK |
To double check the lease rate go to:
http://www.leaseguide.com/calc.htm
What is the MSRP, the price you will pay, the money factor and the residual (percentage).
What is the mileage per year?
What about taxes?
What is the $1300 down? See my prior posts on why you should put down as little as possible.
JeffK |
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| telstar |
I am finishing up on a 36 month 2002 MDX lease. Runs until the end of November. I have been thinking of trying to trade it in early for an "old" 2004 rather than wait for the 05 that will be in higher demand. I have a buyout of about $22,000 for the base model. I have 60,000 miles on it and that is what my lease was for- 60,000 miles.
Would I be better off to try to buy the car outright and sell it or trade it back in? I sure see a lot of new 04's on lots today.
I like the suggestions that members suggest here.
Thanks |
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| mwdelta |
$22,000 is a great buyout...heck, the 2001 I just bought with more miles was almost that much! You could expect to get around $25,000 on trade-in, or $26,000 if you sold it yourself. I don't know what the costs associated with a buyout are (sales tax?) but subtract them from around $2500 and that's how much you could stand to gain from buying it out then trading it.
Or, you can do what I'm doing, and keep the vehicle for another year for essentially free, since you've probably got about that long before your X depreciates to $22k. Figuring for interest, taxes and maintenance, your monthly cost would still be less than half of your lease payment for the next year or two. |
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| JeffK |
Dear Telstar:
In all probability, the lease on on '05 will be cheaper than an '04. This is because the residual on the '05 will be 4% to 5% higher than an '04.
On $36,000 that is $1400 to $1800. So for an '04 to lease out at the same price, the discount will have to be more than $1400 to $1800 than the discount on an '05.
Before you buy your car I suggest you have it pre-sold so as to lock in the profit.
I suspect you will find that after paying taxes and aggravation that goes with selling a high mileage MDX (normal mileage is 12,000 per year, for three years 36,000 - your MDX has 60,000) that it will not be worth the bother.
If in fact there is equity in your MDX - resale value is greater than residual, then sell it it back to your dealer. Remember he will only give you the difference between wholesale and your residual.
Since you are going to lease a new MDX (again I suggest waiting for the '05 which will have some improvement over the '04) a dealer to make a sale, should be willing to cut you a check for the difference.
By doing this you avoid any sales tax and the hassles involved with selling a high mileage MDX.
One final thing, as I have posted before, do not put money down on a lease. Accordingly, take the difference in a check, not a reduction of price.
JeffK |
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| JeffK |
Dear Telstar:
Just went to www.KBB.com
Wholesale for an '02 MDX 60,000 miles in excellent condition:
Base: $21,325
Touring: $22,925
So I doubt if you have any equity left in your car.
The difference nwdelta is talking about is the difference between wholesale and retail from a dealer.
I am from Long Island and the prices here may be entirely different than in Kansas.
JeffK |
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| mwdelta |
To be honest, I've never really looked at Kelley Blue Book values for anything... that resource seems to be more of a tool for dealers to rip you off than anything else. Edmunds' True Market Value Trade-In pricing on a base 2002 MDX with 60k, in good condition, is $24,879. That's adjusted for your zipcode, Telstar, and is totally reasonable since the dealer will most likely sell this vehicle for $30,000. However, what price you get for it really depends on how willing you are to negotiate with the dealer.
I rarely look at things in terms of 'hassle,' but rather how much my time is worth. Assuming you have to pay sales tax on the buyout, your total cost would be somewhere in the $23,500 range. A fair dealer should offer you at least $24,000 while you could expect to sell it locally for $26,000. Either way - $500 for an hour's worth of paperwork or $2500 for maybe 10 hours of work at the most - pays you a pretty good wage. At least that's how I like to see it, but if you find dealing with this kind of thing to be aggravating, skip it and enjoy your new MDX. :) |
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| telstar |
Once again, I am amazed at the wealth of information that this board has to offer. Thanks to all who have replyed to my earlier post. I will wait until the 05 comes out and will probably buy the new car rather than lease. I put too many miles on the car to lease. A 3 year 20,000 lease is too tight for my usage.
I do like the car, but have a real problem with my local dealer. I will try to locate a new MDX anywhere but here when the 05 comes out.
Thanks for all of the help. |
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