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2014 Sport Lease

5K views 25 replies 13 participants last post by  IanRTL 
#1 ·
My offer in NJ:

$2500.00 down and first months payment.

$340 a month.

3 year 36,000 mile lease.

2014 Ridgeline Sport Black.

What do you guys think? Good offer? I worked them down pretty good. They couldn't do any better apparently.

I hope to be a new RL owner, and active member soon!

Thanks!



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#2 ·
I am interested to see responses here. Having never leased before, I don't know what the details are of such a transaction.

Just from what was posted, this will cost $14740 before interest for a vehicle whose full retail price is $30720. I expect that the lease cost is well over 50% of a carefully negotiated purchase price. That's to use it for 3 years. Ridgeline's depreciation seems to have swing widely over the years. A Ridgeline's lifetime before an owner might want to hand it over due to maintenance costs is probably about 10-12 years, judging (guesstimating) from other Honda results that I have seen.

I know that a lease lets you decide to walk away, but I'd say that the dealer is getting a great deal out of this. You, maybe not so much.
 
#3 ·
What is the money factor they are using to calculate the deal? They are asking for a ton out of pocket for a lease.
 
#24 ·
Toyota wants $4,500 upfront to lease their brand new model Highlander. That should be criminal.
 
#5 ·
Wow, thanks for the fast response(s) everyone!

Let me first state that this will be my first lease, I've always financed. Reason I'm leaning more towards a lease is that I always get bored of a car 2 years into owning it anyway, and well...honestly the Ridgeline at this current time is out of my budget. So, I figure this will lower my monthly payments by a lot and either give me the option to buy out on the 3rd year if my adhd personality isn't already bored of the ridgeline, or get the new 2016+ style, ect.

They down payment or out of pocket is higher due to the fact I want my monthly payment to be no more than $350 a month. Honda is adding their "flex payment" adding $500 to the down payment. $2,500 down= $340mth.... $3,000= $315... $3500=$298. Essentially either way you calculate it I'm paying almost the same in the end.

The residual buyout is at $18,930.00. At the 3rd year that would make the total purchase $33,670 if I wanted to keep it. When I KBB/autotrader the current price of 2011 Ridgelines with 36,000 miles it seems to be more than $18,930.

The Ridgeline is tough to find lease deals for. Honda doesn't advertise any. They want you to go to a dealer. But when comparing advertised lease terms and deals with other cars and manufacturers with about the same msrp this seems to play nice with them.

I was straight forward with the dealer and they knew is wasn't driving off the lot with one unless they could get me the best possible deal. Maybe I'm wrong? You guys think they could do better?

Thanks again!



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#7 ·
The only time I ever leased a car it was an Accord. It was after the model change and Honda was running an amazing special on the leftovers (I guess to get them out of the lot). It was ridiculously cheap. And I was trading in a full sized GMC that they gave me a lot on.

Funny thing is that after a year a girl ran a red light and hit me, totalling the vehicle. Her insurance company cut a check for the vehicle after it was declared totalled and Honda send me a check for the difference between the payoff and the check amount. I was amazed they did that.

I added absolutely nothing to this discussion with that story.
 
#8 ·
I've never been a big fan of leasing at all, but those numbers and your reasoning does make sense. You'd end up spending another $3000 or so if you do choose to buy it, but a 3-year lease will get you well into the 2nd gen RL. It gives you the freedom to trade up. The dealership will make out on it, though. They get that $15,000 in five years and then get the chance to sell the truck for $20-22k when you turn it in. Nonetheless, if it works for you, go after it. Nothing better than the smell and feel of a new vehicle. I wouldn't really know because I've never owned one, but have test driven enough to appreciate it.
 
#11 ·
How about the dings and flaws from everyday usage? Won't that have to be repaired or considered at turn in time?
 
#12 ·
Rick, most (if not all) leases have a clause for "normal wear and tear".

If beyond normal wear is exhibited then a penalty is incurred just as in excessive mileage.

The lessee is also responsible for maintenance, insurance and fuel.
 
#13 ·
Good to know. I've never been a fan of a lease. But I'm sure there are situations when they are appropriate, if properly setup.
 
#16 · (Edited)
My next RL which will most likely be a 2014 will be a 24 month lease just in time for the next gen RL. Won't have to worry about selling or depreciation. Don't want to be stuck with the old gen but have the option to buy if I want to keep. Will decide then. A bit more costly but peace of mind. 24 months, with only oil changes which are free for 3 years at my dealer and gas then drop off to dealer. My plan anyways.
 
#18 ·
Here is how I explained leasing to my three year old:

Lease = It is yours for the length of time/mileage in the lease. You are only buying a portion of the car.

Buy = The whole thing is yours you are buying the whole car.
 
#19 ·
With low interest lease rates, here's how I see it. If you have to borrow money to buy, then go with a lease and take the money you do have and invest in retirement. True that leasing is owning a portion but only paying for what was used is the way I look at it. But that's me. I have a tendency to believe that I may have a new car smell fetish... (no more details on that one) The day I buy will be the day I pay cash up front.
 
#21 ·
Negotiating a lease is the same as buying. Always negotiate price, rates and trade separately. You certainly can negotiate the purchase price rather than laying down for a "lease deal". Also, if you plan on turning in at lease end...assuming you have cared for the vehicle...never just dump it off...You now have a trade-in. I've leased 3 RL's and my residual has always been less than trade in value. I rolled over 2.5k from my last 2011 RTS on a trade towards a 2013 RTL...after I negotiated my purchase price.
 
#25 ·
It's simply a Cap cost reduction payment so they can advertise a lower lease payment. The 4.5k isn't necessary...you could get it lower probably but your payment will increase. AHFC probably requires some equity as well. The principles stay the same...your residual will still be between 50 - 54%.
 
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