| cmg27 |
I am toying with the idea of trading in my 04 for an 05. I was wondering if anyone has traded one in recently and what the dealership offered them.
The only reason I am considering the trade in is I believe I can lower my monthly payment. I am only going to do it if they can payoff the existing lease as well as get me a lower payment.
What have people been getting for 36 or 48 month lease for a NAVI/RES model?
thx! |
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| JeffK |
If you are presently leasing, unless you put down a ton at lease inception, I believe you are upside down on your lease.
This means that you have negative equity in your MDX. The portion of your lease payments that goes towards depreciation is significantly less than the actual depreciation.
This means that in order to terminate you present lease you will have to come up with a substantial amount.
With '05 being heavily discounted a lease on an '05 should be less than what you are paying on your '04.
But when you factor in the amount you will have to come up with to terminate your '04 lease, and average that amount over the term of the lease on the '05, the monthly payments on the '05 will be substantially greater than your present payments.
JeffK |
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| cmg27 |
| It will all depend on what the dealer will offer for the trade in, i've checked trade in prices on KBB but wanted to see if anyone had some real world examples. |
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| G. COLTON |
There is no way that you can come out ahead in a deal like this. You may find a way to lower your monthly payment, but that is only one paramater in the total cost of the vehicle. If the current monthly payment is too high you should never have got into the deal in the first place.
G |
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| JeffK |
Dear G. COLTON
I think you are a bit hard when you say:
If the current monthly payment is too high you should never have got into the deal in the first place.
The simple reality is that in '02 MDX's were going for a premium; in '03 (when I got mine for MSRP), in '04 for small discounts and in '05 large discounts.
This reduction in price, even though the residuals have also gone done, is reflected in lower monthly payments - whether you lease or buy.
There is nothing wrong with trying to reduce your monthly payment - even if you can afford not to!
But as I have posted, and I believe you have agreed, when you lease this is not a possibility.
JeffK |
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| texrb |
cmg27 - to get a good idea of what your vehicle is worth for a trade in, take it to CarMAx & have them give you a buy bid. You can then use that to negotiate your trade if you choose to do so. I do agree with Jeff K & G. Colton, you most likely are upside down on your lease, but if the trade in is close to your lease payoff & you get a good deal on your '05, then it is up to you to determine if it's worth some out of pocket cash to trade now.
After all....it's only money :D |
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| cmg27 |
As JeffK said "There is nothing wrong with trying to reduce your monthly payment - even if you can afford not to!" why pay money you could possibly save? I'm just looking at potential options here. I saw the current prices of the 05's and while I had not intended on replacing my X until I saw if I liked the new body style when it is finally released, this year, next year or whenever, the opportunity see if I could pickup an 05 for less money per month with no out of pocket cost to me other than the reg and fees was worth exploring.
I have spoken to two dealers and have one lease offer and one site unseen trade offer for my car. I am waiting for the "official" payoff fax from the bank, the two numbers are pretty close. If they are not close enough, I will continue on my way with my 04 and be happy.
Here is the lease offer I got:
36 Month Lease
Money Factor .00188
Residual 59%
Sales price of 37,170.53 <--- From what I have seen, I think they can do much better on the sales price.
545.19 Per Month including tax
The only thing I am not sure about, is what tax rate he is using, that part of the numbers don't add up, it would need to be about a 12% tax
quote:
Originally posted by G. COLTON
There is no way that you can come out ahead in a deal like this. You may find a way to lower your monthly payment, but that is only one paramater in the total cost of the vehicle. If the current monthly payment is too high you should never have got into the deal in the first place.
G
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