How are people's lease ends going?

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Mark W

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Hi all,

My lease is ending in September. I have been fully planning on purchasing the car at lease end. Upon signing at purchase time, the residual sale price was listed as $13,XXX, I don't remember the exact amount. This is my first time ever leasing a car, so I am not familiar with the lease end process. So that residual sale amount is the amount I am supposed to be able to buy the car for at lease end. How has that gone for people? Is anyone getting a lower price offered for purchase? I would think this is about the time where some of the early buyers are coming off lease. Thanks for your help.
 
My lease ends in September, too. According to Honda, we should be getting an email from them with End of Lease options. For me, I will be turning it in. I do have some dings which I need to find out if I have to get repaired ahead of time.
 
Mark W said:
Hi all,

My lease is ending in September. I have been fully planning on purchasing the car at lease end. Upon signing at purchase time, the residual sale price was listed as $13,XXX, I don't remember the exact amount. This is my first time ever leasing a car, so I am not familiar with the lease end process. So that residual sale amount is the amount I am supposed to be able to buy the car for at lease end. How has that gone for people? Is anyone getting a lower price offered for purchase? I would think this is about the time where some of the early buyers are coming off lease. Thanks for your help.
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Yes that is the amount you can purchase the car + the sales tax and some doc or transfer fee.
if you don't plan to keep the car, you can return it but they will check for Wear and Tear, excess milage and might charge you if there is some damage or tire wear off.
it's better to sell it to Carmax, Carvana , Vroom or Shift.
The Honda dealer give less than those online.
for Base Model 2018, 30K miles, good condition online offer is between 16K - 18,5K.
 
Yes, I am quite a bit over the mileage. I always planned on buying it, so I was not concerned about going over.
 
I bought mine (2018 base) out a few months early (Oct 2020 vs Jan 2021) for $17K. Massachusetts $2,500 rebate required 36-month ownership, so I did not want to have to return that or deal with the dealership at the actual end of the lease. Biggest problem was dealing with COVID process at RMV to re-register the vehicle with the same license plate (extra forms to deal with and extremely limited RMV office availability). Honda Finance was very helpful and supplied all the required paperwork for the whole process.

I do get a $300 payment from the electric company for letting them reduce the charge rate occasionally. Actually, it has been very few times and never caused any conflict.

Also waited until last moment to buy Honda Care from Sean Rausch at Hyannis Honda (G58 5-year 80,000 mile 0 deductible) for $1,053 via internet (very easy). Hoping for another 5 years of trouble-free driving. Except for early SB software updates, only yearly A01 services except last one included 7. Oil change cost was $0 as I had leftover ones from previous plan with Honda 2001 Civic Hybrid trade-in.

Almost 100% EV (no gas purchased in last 15 months and ½ tank left). 26,000 total miles, always plugged in to Charge Point Level 2 charger in garage and still shows 47 miles EV range on 70 degree day (32 miles on coldest days this winter).
 
My lease ends this month but I decided in February to trade in, three months early, my 2018 Moon Forest green Clarity Touring for a ‘21 Clarity Touring.

The dealer took over the last three months’ lease payments as well as the turn-in fee ($371), and matched a Costco “out the door” price of about $33K that I was offered from a Long Island dealer (I live in CT but no CT Honda dealerships work with Costco).

I took the 1.9% financing that Honda offered (No attractive lease incentives this time around). The $7500 federal tax credit was still available so that brought the overall price to about $25K. I’m putting the tax credit into my first year’s monthly payments and plan to re-finance next year which should give me a monthly payment very close to the lease I gave up.

The 2018 Clarity served me well for its 32,000 miles and which I could have purchased at the end of the lease for about $17,000. However, forgoing the final $1200 on lease payments and another $800 dollars for a set a tires at the car needed was money spent instead on what feels like the same car, only three years newer.

That’s the one thing I have to admit is where I’m disappointed. The car is essentially identical to the one I got three years earlier and I replaced it with the same model because of its relative value for the price I paid.

Three years ago the car seemed on the forward edge of the EV revolution. However, as I see the constant innovation by Tesla, I look at Honda and other ICE manufacturers as in dire need of more than a refresh of something like a Clarity. Instead, I’m looking forward to the $25,000 Tesla, which will probably be closer to $35-$40,000 when available. Of course, my purchase of the fourth year model will be replaced by some thing more exciting from Honda next year!



Sent from my iPhone using Inside EVs
 
I'm glad people are keeping their Clarity after lease end. I leased a 2018 Touring and I got until Jan to keep or lease a longer range EV or hybrid. I just hate plugging the car in everyday to only get 48 miles range. But I do like only get gas once 2-3 weeks.
Because of COVID I only have about 18K miles or about 6K behind milage schedule. So when I turn in, somebody is gonna buy a 2018 Clarity Touring with under 30K miles (I tinted windows, installed mud guards, lower door chrome garnish on both sides and some other tasteful upgrades).
 
maguzma said:
I just hate plugging the car in everyday to only get 48 miles range. But I do like only get gas once 2-3 weeks.
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Are you able to charge at home or is charging cumbersome because you have to visit an L2 charging station? My 10-second plug-in routine seems a small price to pay, considering how rarely I have to visit gas stations where gruesome explosive accidents and car-jackings are reported on the evening news. Including my 10-second unplugging routine, the total of 20 seconds is way less than what it would take to add 48 miles of range at a gas station.
 
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