I have been planning on leasing an HR V this week until I got the lease rates. They are exceptionally high when compared to CR-v rates for the same lease price car. For instance a 36 month lease on the hr v is $2,456 higher in total lease payments than a CR v that actually has a capital cost that is $758 higher than the HR v. The difference as best I can tell is in the depreciation calculation (residual value is $14,549 HRv Vs $16,368 CRv) and the money factor that is .00165 for the HR v and .00051 for the CR v. As much as I love the HR v this makes it unleasable and a no go for me. With $2755 due at signing the CRv is $159 a month and the HRV is $227, a $70+ a month difference. You can check lease pricing at this Weymouth Honda lease calculator http://www.weymouthhonda.com/lease) which is an awesome tool. Hope this helps but it looks like now is not the time to lease an HRv.
Leasing?
Anyone leasing? How much are you paying or what offers are you getting?
I like to lease my vehicles before I decide to purchase. I kept my Pilot after leasing. This will be for the wife.
I like to lease my vehicles before I decide to purchase. I kept my Pilot after leasing. This will be for the wife.
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I have been planning on leasing an HR V this week until I got the lease rates. They are exceptionally high when compared to CR-v rates for the same lease price car. For instance a 36 month lease on the hr v is $2,456 higher in total lease payments than a CR v that actually has a capital cost that is $758 higher than the HR v. The difference as best I can tell is in the depreciation calculation (residual value is $14,549 HRv Vs $16,368 CRv) and the money factor that is .00165 for the HR v and .00051 for the CR v. As much as I love the HR v this makes it unleasable and a no go for me. With $2755 due at signing the CRv is $159 a month and the HRV is $227, a $70+ a month difference. You can check lease pricing at this Weymouth Honda lease calculator http://www.weymouthhonda.com/lease) which is an awesome tool. Hope this helps but it looks like now is not the time to lease an HRv.
Good info,
Also, If leasing, never put any money down due to if you get into an accident all that money is lost.
It seems like the money factor is the bigger issue, but you didn't say what the price of the vehicles were to start with - are you comparing a loaded hr-v at 30k against a mid point crv at 30k? Just curious to know how much the price drop was compared to the 2 vehicles. The nice thing would be if the drop on the hr-v was low compared to eventual actual value. Might mean you could sell it at the end of lease and make some of that money back.
On the subject of turning a lease into a buy ... Ugh that's hard. I'm in that spot with our civic. I could buy it and pay 265 a month for 5 years for a used car or lease something new for that price (nothing down). I can't decide if I really want to make 8 years of payments for the same car, or just keep getting a new car every 3 years. But it's one of the reasons I renewed my lease for 3 months on the civic so I could decide about leasing the hr-v. I have a feeling I really will like the model in 3 years more than the current version. Especially if they come out with a turbo ... Or maybe that hatchback civic instead??
On the subject of turning a lease into a buy ... Ugh that's hard. I'm in that spot with our civic. I could buy it and pay 265 a month for 5 years for a used car or lease something new for that price (nothing down). I can't decide if I really want to make 8 years of payments for the same car, or just keep getting a new car every 3 years. But it's one of the reasons I renewed my lease for 3 months on the civic so I could decide about leasing the hr-v. I have a feeling I really will like the model in 3 years more than the current version. Especially if they come out with a turbo ... Or maybe that hatchback civic instead??
Hard to compare for me as GAP Insurance is by New York State law included in the cost of any car lease plus there is a bank fee as well.
But basically for an EX-AWD 2016 HR-V
36 months
12,000 miles/year
No money down
No destination fee
applicable NYS tax
Payments are about $300/month.
And yes it comes with the lifetime yearly NYS auto inspections and 2 years of free oil/filter changes every 5,000 miles.
But basically for an EX-AWD 2016 HR-V
36 months
12,000 miles/year
No money down
No destination fee
applicable NYS tax
Payments are about $300/month.
And yes it comes with the lifetime yearly NYS auto inspections and 2 years of free oil/filter changes every 5,000 miles.
That's not bad. I was hoping for an EX-L to be in under $350 so that seems really reasonable. I just thought it would take awhile. Honda had a lease calculator up for a bit (now it just says talk to your dealer). First time I ran it it was $439 which was just crazy. But I figured they were doing it as a way to encourage buying instead of leasing.Hard to compare for me as GAP Insurance is by New York State law included in the cost of any car lease plus there is a bank fee as well.
But basically for an EX-AWD 2016 HR-V
36 months
12,000 miles/year
No money down
No destination fee
applicable NYS tax
Payments are about $300/month.
And yes it comes with the lifetime yearly NYS auto inspections and 2 years of free oil/filter changes every 5,000 miles.
One reason I've never liked leases is that I find them really opaque and hard to compare / value. The idea of a no-hassle turn-in at the end if the vehicle doesn't live up to its promise or the market rejects it appeals with a brand new model like the HRV, but really I intend to keep my next car for a decade or more (like my current car).
It will always be cheaper to own a car outright and drive it until it dies, except possibly for business or tax considerations. Leasing means you're always paying for the highest depreciation years; whoever buys your lease return vehicle (you or someone else) gets a way better deal... but of course it's a used vehicle. When you compare monthly payments remember the principal portion of a loan... you're building equity. Yes, in a depreciating asset, but at a much lower rate after those early years.
If you plan on a new car every few years regardless, it's much more of a wash. Call me old-fashioned, but if I had to finance I'd much sooner pay more per month for the shortest term I could manage, then be out of debt and have a good car with a known history and many years of useful life left. If you need the prestige of the latest, or put on tons of miles, or just like new, then the equation changes... but of course it's going to cost you.
It will always be cheaper to own a car outright and drive it until it dies, except possibly for business or tax considerations. Leasing means you're always paying for the highest depreciation years; whoever buys your lease return vehicle (you or someone else) gets a way better deal... but of course it's a used vehicle. When you compare monthly payments remember the principal portion of a loan... you're building equity. Yes, in a depreciating asset, but at a much lower rate after those early years.
If you plan on a new car every few years regardless, it's much more of a wash. Call me old-fashioned, but if I had to finance I'd much sooner pay more per month for the shortest term I could manage, then be out of debt and have a good car with a known history and many years of useful life left. If you need the prestige of the latest, or put on tons of miles, or just like new, then the equation changes... but of course it's going to cost you.
I think leasing a Honda dosn't make sense as its asset always has been re-sale value and reliability. I would have no problem leasing a German car though!
No, any questions on it I would contact your financial adviser.
Generally people lease when they want to have more than they can afford.
Talk to any financial adviser and its like buying a hybrid...sounds good up front, but cost you more in the long run unless you get a new vehicle every 2 years then you are still spending more money.
Generally people lease when they want to have more than they can afford.
Talk to any financial adviser and its like buying a hybrid...sounds good up front, but cost you more in the long run unless you get a new vehicle every 2 years then you are still spending more money.
Anyone leasing? How much are you paying or what offers are you getting?
I like to lease my vehicles before I decide to purchase. I kept my Pilot after leasing. This will be for the wife.
Don't quite agree. If I can make more money with my investments then it's wise to use Honda's money. Presently I am earning significantly more than lease rates. There is a warm fuzzy feeling in ownership but it may not be the best financial decision. Everyone is different. That's why there's 32 flavours of ice cream.No, any questions on it I would contact your financial adviser.
Generally people lease when they want to have more than they can afford.
Talk to any financial adviser and its like buying a hybrid...sounds good up front, but cost you more in the long run unless you get a new vehicle every 2 years then you are still spending more money.
Exactly. Up to each person to decide what is best for them. 
Don't quite agree. If I can make more money with my investments then it's wise to use Honda's money. Presently I am earning significantly more than lease rates. There is a warm fuzzy feeling in ownership but it may not be the best financial decision. Everyone is different. That's why there's 32 flavours of ice cream.
We have leased in the past, and the one thing I did not like was State Farm's lease requirement to have larger underlying limit's of coverage. The idea of paying for the first half of the car now with today's dollars appealed to me, and in the end we did purchase the car after the lease.Don't quite agree. If I can make more money with my investments then it's wise to use Honda's money. Presently I am earning significantly more than lease rates. There is a warm fuzzy feeling in ownership but it may not be the best financial decision. Everyone is different. That's why there's 32 flavours of ice cream.
The only other caveat I can think of is the annual mileage limitations. We blew 12,000 miles per year out of the water. As I recall, since we decided to purchase the car after the lease, there was no mileage penalty. Had we not purchased it, it would have been a significant hit.
We don't lease now because we have three young drivers in our family, and if you could see our Honda Odyssey (the car they all learned to drive in), you would understand what I am talking about. I can identify each ding or scrape to the offending child. Most of time, they simply "forgot" to tell me about it, thinking time would heal all wounds. Of course I have forgiven them, but I doubt the van ever will.
We're low mileage drivers. Honda would love us to trade-in our vehicles. If they are accident free and no issues we tend to extend the warranty and buy it out.
Just wanted to reply to your question about how that lease calculation was done. It was an HRV LX AWD at MSRP ($22,640) and a CRV LX discounted to $23,399). I used $2000 down yields $2,600 due at signing. This is a 1st and fee type lease. But you get the same miserable result with sign and drive or any of the options. The depreciation on the HRV is $6090 and $5030 on the CRV. The two similar priced cars but the HRV total lease cost after 36 months is 30% higher. Hope this helps people understand what they are getting into. Cheers and good luck.
As of today the Honda USA website lists special lease offers for every model except the HRV. Wonder what they're waiting for.
Meanwhile, Kia lists a $179 36 month lease for a Soul. If Honda comes close to that I'd be interested.
Meanwhile, Kia lists a $179 36 month lease for a Soul. If Honda comes close to that I'd be interested.
The leasing options are totally standard with no promotional offers. The other cars that have been released for years or decades of course will have available promo offers. Honda will wait for the hype and for those who are buying outright to buy before making special leasing deals. That probably won't happen until next year, maybe in 6 months tops.
So yes, you're right, you can lease a CR-V for less that $200 per month while the HR-V may be $250 and up simply because they have no promo on them.
There simply aren't enough to go around in leasing and full sales together, which is why Honda will commit to buyers before leasers.
Wait for it though because they will have specials coming probably at Christmas time when everyone runs huge specials. Or they may wait a whole year. Nobody can say unless they work for Honda
So yes, you're right, you can lease a CR-V for less that $200 per month while the HR-V may be $250 and up simply because they have no promo on them.
There simply aren't enough to go around in leasing and full sales together, which is why Honda will commit to buyers before leasers.
Wait for it though because they will have specials coming probably at Christmas time when everyone runs huge specials. Or they may wait a whole year. Nobody can say unless they work for Honda
So let's wait for what HRV4ME hears from his handlers in Torrance.Wait for it though because they will have specials coming probably at Christmas time when everyone runs huge specials. Or they may wait a whole year. Nobody can say unless they work for Honda
Which makes sense...
What are they waiting for? They have a hot product and it sells at MSRP.
Cash rebates, low leasing rates, or low finance rates are used to move vehicles....not needed for the Fit, HRV, or CRV.
Kia Soul is a different story.....
What are they waiting for? They have a hot product and it sells at MSRP.
Cash rebates, low leasing rates, or low finance rates are used to move vehicles....not needed for the Fit, HRV, or CRV.
Kia Soul is a different story.....
As of today the Honda USA website lists special lease offers for every model except the HRV. Wonder what they're waiting for.
Meanwhile, Kia lists a $179 36 month lease for a Soul. If Honda comes close to that I'd be interested.
The Weymouth lease page is great. Thanks for posting it. Any idea why the Honda Finance lease calculator is so high? For a similarly equipped HR-V with similar terms the monthly rate is around $100 higher on Honda Finance. I look at ads in my local paper for other Hondas featuring Honda Finance leases, but when I put the same numbers into the Honda Finance website I'm way higher.
Just a data point for those interested. Leased mine the very first day, 5/15, $310, $2500 down/taken from my trade-in, 12k/year, everything included (tax, docs, etc.). Obviously not a good deal but my trade-in, a BMW 135i, was having issues with a few things that would take me about $2k to fix, asked them to give me an additional $500 for my trade-in for me to sign. So not necessarily a bad deal for me after all considering the timing and the trade-in situation. Happy with the car, only gripe is the steering wheel, just hate it, feels cheap.
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