Value of 2011 Acura MDX after 3 years?
Question by TooGood: Worth of 2011 Acura MDX following 3 years?
I am seeking to lease a 2011 MDX that retails at $ 48,505. This is my 1st time leasing so I’m not sure what to assume for the residual worth. Does anybody have a ballpark figure of what the dealer might give me for a residual worth on a 36-month lease? Thanks
Ideal answer:
Answer by melpete10
it all depends on the mileage and how properly you maintained the vehicle. I have observed mdx’s only a couple of many years old nevertheless selling for practically 43k! If you can afford it although you would be better off acquiring the auto rather of leasing. good luck though
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Tags: 2011, Acura, after, Value, Years
Comments (1)
A base 2008 MDX retailed at about $ 40,000 sticker and has an average trade-in of about $ 27,000 using the typical lease allowance of 39,000 miles. A fully loaded one stickered at around $ 48k and trades in at around $ 29,000.
This tells me something. Loading one up to the teeth will cost you in excess depreciation. The “stripped” model retained 67% of its value while the whale only retained 60%. A stripped out MDX is still a pretty sweet ride and the heavy hitters on options list (especially the nav system) don’t add a lot of value long-term.
Before you ever lease a vehicle you need to get educated! The leasing world is rife with confusing terms largely because there are no federal regulations that restrict terminology making it much easier for lessors to confuse the uninformed lessee. Terms like capitalized cost (the selling price of the vehicle if you paid cash) capitalized cost reduction (down payment) residual value (you already know that one) and money factor (what the money will cost you) are just the tip of the iceberg.
You will be hit with steep charges if you run over your mileage allowance. Be VERY careful here as unscrupulous dealers will use unrealistically low mileage allowances to make it look like a good deal but if you run 10,000 miles over a 29,000 mile allowance the charge could run into thousands. So be sure that the mileage allowance is very close to what you typically drive.
The other way that you get screwed is “normal wear and tear.” Most leasing companies will nail you for every nick, scratch, ding, and stain when you turn the vehicle in. They will also hit you for a new set of tires if yours have less than 1/2 of their tread left. They may also hit you hard if the vehicle was damaged significantly while in your possession even though the damage was repaired and done to a high standard. Often this will be used as an inducement to lease another vehicle where they drop the fees and charges if you lease a new vehicle. (If you decide to buy it outright, use their numbers to negotiate a lower buy out price!)
This site is a pretty good primer on leasing and the pitfalls: http://www.leaseguide.com/lease07.htm Also do some research on Consumer Reports website http://www.consumerreports.org/cro/index.htm for further information that may help you in making an informed decision.