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Normally, when I lease a car, the car gets turned back to the dealer at the end usually due to reliability issues or cost of buyout is upside down.
I had no idea my PHEV Clarity leased in 2018 would upset my normal routine...
Who knew the market would go upside down (used cars are more expensive than new) ?
Residual value (RV) is $14,100 to buyout per closed end lease contract.
Market value is $24,000.
No wonder my dealer has been hounding me to turn her back in - they were looking at $10K profit off my Clarity!
Market aside, this car has been exceptional - well built, good ride, excellent battery performance (still at 100-120% range).
Definitely a keeper so this car will now be in a 'forever' home...
I contacted my Honda dealer & 3 banks for their rates to buyout at RV:
Since the battery warranty is good for another 7 years, why not.
If anyone wants to know which CU came in that low for a used car finance, ask me!
I had no idea my PHEV Clarity leased in 2018 would upset my normal routine...
Who knew the market would go upside down (used cars are more expensive than new) ?
Residual value (RV) is $14,100 to buyout per closed end lease contract.
Market value is $24,000.
No wonder my dealer has been hounding me to turn her back in - they were looking at $10K profit off my Clarity!
Market aside, this car has been exceptional - well built, good ride, excellent battery performance (still at 100-120% range).
Definitely a keeper so this car will now be in a 'forever' home...
I contacted my Honda dealer & 3 banks for their rates to buyout at RV:
- Honda Dealer quoted 7.99% for 48 months and made it mandatory to buy a $2500 extended warranty package (3rd party) tacked on.
- 2 banks quoted 3.25% & 3.99% for up to 60 months.
- My local CU came out: 2.24% for up to 60 months.
Since the battery warranty is good for another 7 years, why not.
If anyone wants to know which CU came in that low for a used car finance, ask me!