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Skyrocketing Used Car Prices Open the Door for Lease Buyouts
Recently MSNBC reported used car prices have risen 30% across the nation. 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
*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.