Buying my leased Accord

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  #1  
Old 01-06-08, 12:07 PM
SBI
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Buying my leased Accord

Greetings all,

I have a leased 2005 Accord EX and the lease ends next month. This is my second leased Accord from the same dealer.

I don't think I am going to lease again, simply because unfortunately I have no assurance about the future (job wise, etc).

I thought about buying a car, and if I do buy a car I assume Hyundai (Sonata, for this matter, which fits my family needs) is the best buy because it gives you the best value for the money (fuel economy plus warranty).

Here is another factor that made me think about a third alternative today - my job paid for the lease (current and previous).
I have an option to by the 2005 Accord for around $12,700 (but it from the Honda Finance), as one of the "Lease End Options".
So I thought to myself - if I buy a car with my head and not with my heart, this is pretty much the best deal I could find. I am getting a $22K car for less than $13K...I know the car, Honda Accord is a good and reliable car; yes, it is out of warranty, but still it looks like a hell of a deal. KBB's value is WAY over $12K...it is between $16K and $19K.

What do you guys think?

Also, does anyone have an experience with buying your lease? Is the "buy option" negotiable at all...? Can I possibly get the price even lower?

Thanks!
 
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  #2  
Old 02-12-08, 09:11 PM
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I don't know anything about all the little bits and pieces toward the end you were talking about, but I'd still like to comment.

If you were the first driver, and you can get that Accord for below KBB value, go for it. I don't care how good a warranty and gas mileage a hundai gets, you'll be happier in the long run with a used Honda. They still get pretty good gas mileage, and with little modifications I bet they'll do even better than the hundai, like a cold air intake and a free flowing exhaust. Yes, it will boost power, but it will make the engine breath better also.
Plus, Honda's will rust out before the engine dies. A hundai may have a good warranty, but if it's spending more time in a shop than on the road, it's not worth it.
 
  #3  
Old 04-01-08, 09:57 PM
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because you did not have to pay for the lease you would be
a fool if you pass on this one............
 
  #4  
Old 05-17-08, 02:24 PM
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Hondas are generally good cars. Get a mechanic to take a look at it. That will determine if 12.5K is a good deal or not. IMO that price hovers around the average price for that model and year. As others have said, you are the first driver of that car so there are no secrets, which is a BIG PLUS.

If you plan to keep the car for a long time, without being envious of the newer, hotter, more tempting-to-buy cars coming out every year, then by all means go for it.
For a car about to turn 5 years old, be prepared to replace lots of normal wear and tear items (belts, battery, seals, gaskets, transmission svc, etc..) thereafter. It might seem overwhelming, but that's how it is.

PS: You can not say youre only paying 12.5K for a 22K, car because you arent. You are getting what it's worth based on mileage, age, model, paint, etc.. It doesn't matter if you didnt pay for the lease or not, youre still paying the value for a 4 year old car. Joe schmoe from down the street who decides he wants to buy a Honda can pick one up around that price.
 
  #5  
Old 05-17-08, 02:40 PM
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The leasing company does not want the car back. You may have some room to negotiate a lower price.
 
  #6  
Old 07-11-08, 12:37 PM
elgrandekazoo's Avatar
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Go for Honda purchase. Had son's 1994 Accord go to 164,000 before he traded it in.

[/QUOTE][QUOTE=moike;1366574]

If you plan to keep the car for a long time, without being envious of the newer, hotter, more tempting-to-buy cars coming out every year, then by all means go for it.
For a car about to turn 5 years old, be prepared to replace lots of normal wear and tear items (belts, battery, seals, gaskets, transmission svc, etc..) thereafter. It might seem overwhelming, but that's how it is.

Just be advised that at about 90,000 miles you will need to replace the timing belt, along with a couple of other items which will have to be removed to get at the timing belt. If the timing belt breaks while you are on the road, your engine becomes a very expensive boat anchor. If your Accord is close to that mileage total, see if the dealership will do the timing belt et al. replacement before you buy the car. If you have to pay to get it done, expect to pay somewhere around $900 - $1000 for the entire job.
 
  #7  
Old 07-12-08, 03:08 PM
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Honda gets the nod from me. I assume you have been driving this car for the last 3 years,and if so, you are the one who knows how it performed, and how you took care of it.
 
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