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New Passport Leaser

1696 Views 9 Replies 8 Participants Last post by  iamitman

So I just got my brand new 2020 Passport EXL in August. Love the vehicle, I was so happy choosing something from Honda, will be a Honda customer for life, I know that. Such amazing realability and quality. First ever lease and new vehicle for myself. Payment per month is a bit high, my finance manager at my dealership, told me I was one tier below top tier for leasing, but my payments are $500+ 12,000 miles/year, 36 months. I don't think I was taken advantage of on this, would you agree? He explained to me since it was my first time and also a younger person leasing a vehicle this is normal to have to pay a bit more and higher down payment. Spotless credit history, always pay my bills. Average score. The sales guy and dealership are amazing. Lower than what I was expecting. I wish I would of got the touring, realizing now it was only $2,000 more, with more great features. But, being my first lease ever, it was probably a good thing with the lower monthly payment. In the future if I really want a new passport badly enough, could always break the lease and trade up. Again, amazing vehicle, just really happy to have a reliable vehicle, that will get me through the snowy winters and the Passport drives like a dream, always excited to go anywhere with it. Do you guys agree, the EXL was a good choice for my first new vehicle? Its only for myself as well. All your Elites look amazing, that is definitely something I'll be looking at in my next lease.

Just great to be here with everyone.
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I've leased about 10 cars/trucks/SUVs over the past 30 years. It started out as a great deal. I remember when Ford would lease a new Taurus for $199/mo for 23 months with no down payment. I did 4 of these. At the end of the lease I would buy the car and sell it, generally picking up $1,000 over my buyout. That really cheapened up the lease. As time passed, leasing became more expensive. Lessors found themselves upside down at times with thousands of vehicles coming at them that they would loose money on. That signaled the end of cheap leases. Now we just purchase our rides and sell them outright when we want to upgrade.

Leasing probably makes sense for business and those willing to pay a premium for the right to own a new ride every three years and generally always have something on warranty, but to most of us, leasing is expensive.
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