| mdavids1 |
I have an '02 MDX with 49K miles. The lease is up and the residual is $20,000. I'm thinking of buying. Stupid or not? Other option is to turn in and buy a minivan since we have two young children.
Our MDX was involved in an accident last weekend. The other car was totaled, but the MDX only suffered 3,200 in damage with no damage to frame (only rear door, bumper, etc.). Does this change how I should think about this (buying or turning in)? I'm thinking not since the damage wasn't too significant.
Thank you!!
Mike |
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| JL_SS |
| No need to double post. |
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| shootist |
quote:
Originally posted by mdavids1
..'02 MDX with 49K miles. The lease is up and the residual is $20,000. I'm thinking of buying. Stupid or not? Mike
Stupid. Trannys in the 02 fail at a higher than expected rate, so you'd want to buy the extended waranty for about $2k. Now you've got a 5 year old vehicle with 50K miles for $22k.
But that's just my opinion, and I like new cars. |
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| JeffK |
First check Kbb.com to see the trade in value of your car. I suspect it is less than your buy back.
Second, your car, having been in accident is worth thousands less.
Think of it this way: You have the choice at $20,000 for a 4 year old car that was never in an accident and one that was in an accident. which would you choose. It is a no brainer.
One the of the beauties of leasing, is that if you are in an accident, then the "extra depreciation" is at the lessor expense instead of yours. So take advantage of this!
So in a nutshell, give your car back at the end of the lease.
JeffK |
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| SDTS |
Give it back!!! Get New!!!!
Of course, being a car dealer, I love to recommend buying again!!!! :D
Seriously, JeffK said it all......go new! |
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| carguy1234 |
| No brainer....dump it. I don't trust cars after accidents, even if just for the bad karma. That, and the time bomb tranny.....dump it. |
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