Skyrocketing Used Car Prices Open the Door for Lease Buyouts

June 15, 2011 - PRLog -- Recently MSNBC reported used car prices have risen 30% across the nation attributing a variety of factors, including the nation’s weak economic recovery, high gasoline prices and the March 11 earthquake and tsunami in Japan which resulted in decreased incentives and higher prices for new cars. If you’re in the market for a car why not consider the one you are currently leasing?

For example, if you leased 3 years ago a Honda Civic LX with a MSRP of $18,965 and your residual was 54% your lease buyout would be $10,241*

Let’s compare that to the price of a 3-year old Honda Civic LX. Using the Honda Certified search tool for the Los Angeles area and sorting by a distance of 100 miles for a 2009 Honda Civic.  

Here’s the results (granted Certified cars typically cost a little more).

Lowest Price LX: $15,989 w/ 32,569 Miles
Highest Price LX: $19,995 w/31,994 Miles

With a savings of at least $6,000 in this example to buy out a car you’re already familiar with roughly the same amount of miles as a pre-owned is a savings that’s hard to pass up.

You could even take it a step further and give yourself some extra piece of mind by purchasing a Honda Care Warranty for up to 7-years or 100,000 miles for qualifying vehicles with a significant amount of the this savings still in your pocket.

Diamond Honda of Glendale, CA is pleased to offer 2 points of contact for any questions or financing assistance on buying out your lease.

Please contact Jim Saunders or Dave Erickson in the Internet Fleet Department today at 818-244-8674

derickson@diamondhonda.com
jsaunders@diamondhonda.com

*Example only. Your exact vehicle, term, and residual value may vary. You can obtain your payoff on directly from Honda directly by calling their Express Payoff System at 1-800-705-6555

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Diamonda Honda of Glendale is a New and Pre-owned Honda vehicle, Service, and Parts Dealer located centrally in the Los Angeles Metro Area.