Author Topic: Cars - Lease buy out vs buying used car  (Read 567 times)

kossler

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Cars - Lease buy out vs buying used car
« on: April 24, 2018, 01:29:41 PM »
Hey everyone - first time, long time

  My wife has a 2014 Honda Pilot with roughly 24,000 miles on it. We've extended the lease a couple of times, and it is finally due in June. Some minor hail damage, but otherwise tip top.  Buy-out price is 16k. EchoPark offered us 18k. At that mileage, we could have the car for a decade running well, but then we'd have to pay 16k now.  Other option would be to buy-out, sell it to Echo Park, pocket the 2k difference, and put that into a cheaper used car.  Which would you do?

**family of 5, with a 6th person often tagging along

Broadway2019

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Re: Cars - Lease buy out vs buying used car
« Reply #1 on: April 25, 2018, 08:28:29 AM »
I would buy out the lease and keep the car for another 10+ years. I will be in a similiar boat with my Subaru Outback as I leased it.

I plan to buy it out as I would not be able to get anything comparable used for that price.

Also, $16k for a 2014 Honda Pilot with only 24k miles is a really good price. I did a quick search and the cheapest for one with under 30k miles is $22K+.
« Last Edit: April 25, 2018, 08:30:32 AM by kwarden13 »