Lease Quote on RTL - Good Deal?

[HKINGS]

Hey everyone,

Just wanted to get your thoughts on the following quote I received:

08 Ridgeline RTL (Nimbus Grey) w/Roof Rack installed – Lease Quote: $335/month + tax, with $700 total down/drive off, and 15K miles/yr for 3 years.

Here is roughly the breakdown:


33,725 MSRP (minus discount)
Capitalized Cost: $ 29350
Lease Price: $28,650 minus $ 700 down payment
Residual Value: $17199.75 after 36 months
Depreciation Fee: $318.06 part of lease payment
Lease Fee: $17.19 part of lease payment
Monthly Payment: $335.26 without tax
Usage Tax: $27.66 (8.25 % of 11550)

Total Monthly Payment: $362.91 = What I pay


Also, my reason for leasing is the fact it seems that depreciation is going to be around 10 - 13K in 3 years, and I have no idea how high gas prices are going to be. My hope is that by that time, Honda will have the full Ridgeline redesign out with a much more efficient engine and I won't have to worry about selling, or taking an even bigger hit trying to switch to a new one.

Honestly, at this point, my biggest dilemma is, do I lease an 08 now, or try to lease an 09 when they come out (July?). I'm think my payment would go up at least $150 based on the 09 not having incentives out of the gate. Thoughts, advice?

[ocb_dave_ocb]

That sounds like a great deal to me, you all dont want to know how much mine is...LOL I got my ridge at the worst time Jan of 2007 no discounts, PLUS I had bad credit to boot at the time..

My Residual is some where around 15,600 after a 4 year lease..LOL

My payment is 590 plus tax.. Makin my total payment $640.77 per month... To buy it, it would have been like $870 a month... HAHA that is what bad credit will do for ya.. Im going to buy mine at the lease end.. Like I said residual is like 15,600 so I think i will offer them 13k Cash to buy it out..

If not I will hand them the keys and put 13k down on a 2011 model and take it home...

[Just Ask]

That's a great deal...I would snap it up in a heartbeat. You are getting the lease at 0.9% APR AND the $4500 rebate. Honda must wanna get the 08s off the lots in a baaad way. The only thing missing is the $595 Lease Fee that Honda purportedly assigns to EVERY lease. If you add that into the equation, your payment goes up to about $381...still a great deal. Let us know when you ink the papers!

[HKINGS]

Originally Posted by Just Ask

That's a great deal...I would snap it up in a heartbeat. You are getting the lease at 0.9% APR AND the $4500 rebate. Honda must wanna get the 08s off the lots in a baaad way. The only thing missing is the $595 Lease Fee that Honda purportedly assigns to EVERY lease. If you add that into the equation, your payment goes up to about $381...still a great deal. Let us know when you ink the papers!

Really? That's interesting. Nothing of the sort was mentioned to me... yet. My mom is going into the same dealer to buy an 08 Accord this weekend. When I got the quote, we told them we are going to get 2 more cars through them (My dad bought an 08 Pilot from them 2 months ago.)

So I may go with her to get something officially in writing. If they try to throw in the $600 for the lease thing, it's no deal because originally I was wanting to keep my payment as close to $300 as possible. However, at $350, I felt the RTL would be worth it and thats the most I could afford. $381 is getting to close to $400 for my blood and too far from my original payment of $300 ($80 is a full tank of gas these days!) LOL

I will update you all after I visit the dealer this weekend!

[HKINGS]

Originally Posted by Just Ask

That's a great deal...I would snap it up in a heartbeat. You are getting the lease at 0.9% APR AND the $4500 rebate. Honda must wanna get the 08s off the lots in a baaad way. The only thing missing is the $595 Lease Fee that Honda purportedly assigns to EVERY lease. If you add that into the equation, your payment goes up to about $381...still a great deal. Let us know when you ink the papers!

I actually made a mistake on the Residual value and capitalized cost numbers. I fixed them appropriately. I'm not getting the $4500 off, but I'm getting the low money factor of about 0.9%. Still the same monthly payment, just more in the end if I wanted to buy it.... which I won't be doing.

Still debating the deal and/or going with an RTS instead for $283 a month plus tax on same deal. ($307/month after taxes).

[roguemoog]

You know yesterday I was about to comment on the terribly low residual. Scared the hell out of me. I mean, I know it's depreciating like crazy due to incentives (relative to the useless MSRP values) but wow, I couldn't believe it. This is a lot more reasonable!