Is this a good deal or not? car lease advice needed…

Hey all, could really use some advice. I’m thinking of ending my lease on a 2022 Honda Pilot Sport about 7 months early to get into a new lease for a 2024 Santa Fe.

Here’s what I’m working with:

  • 2022 Honda Pilot Sport
  • 32,000 miles
  • Payoff amount: $32k
  • Monthly payment: $500.25
  • 10k miles per year limit

New offer:

  • 2024 Santa Fe (MSRP: $38,105)
  • Monthly payment: $550
  • 12k miles per year

Any advice would be much appreciated! I hope this is the right place to ask.

If you’ve got fees to pay for ending the lease early, it might not be worth it. You’re just switching to a different car and paying an extra $50 a month for a couple more miles per year.

Out of curiosity, why go with another lease? Are you not looking to buy a car?

@Tara
We like the flexibility with leasing. Buying is an option, but if we go that route, I’d likely go for a used one.

Neo said:
@Tara
We like the flexibility with leasing. Buying is an option, but if we go that route, I’d likely go for a used one.

If you’ve got the budget for it, go ahead. Personally, I’d rather not be tied to $500 monthly payments and high insurance costs, but that’s just me.

Leasing is usually one of the pricier ways to have a car. Maybe look into a way to get out of constant car payments altogether.

Leasing a car often ends up being the most costly way to use a vehicle since it’s basically a rental. Dealers and leasing companies both make a profit on these deals, which adds up for the customer.

A few things to consider: What’s the residual value of your Pilot from the lease agreement? And what’s the market value likely to be in 7 months? You might end up ahead by buying the Pilot instead of leasing a new car.

@Umbrielle
I’ll check on the residual value. The only downside is that the Pilot is missing some features I’d like. Otherwise, I’d probably consider buying it.

Is it really worth it? You’d be paying fees to end the lease early, plus I personally think the Honda is a better car than the Hyundai.

Zan said:
Is it really worth it? You’d be paying fees to end the lease early, plus I personally think the Honda is a better car than the Hyundai.

Hyundai will actually cover the remaining $3,500 of my payments, so that’s helpful. I do like the Honda, but the Santa Fe has more of the features I want and I like the style better. I know, some folks might roll their eyes at that, but preferences count too!