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?
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.
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!