You need to find out the actual value of your Honda. You can do that by going to edmunds.com or kellybluebook.com or just type in used car values in your search engine. Fill in all the pertinent information to see an approximate value for your vehicle.You can also check your local advertisements to see what your current vehicle is listed for on the dealers used vehicle lots. If the value is close to what the buyout on your lease would be then you will know it is a good deal for you. However, many times, the buy out figure is considerably higher than the current retail value. There are also fees and taxes to be paid with many leases. If this is the case try to negotiate with your leasing bank (not the dealer) to see if you can bring the number down to a more realistic retail value. If not you might be ahead to look for a new and/or different vehicle. Keep in mind how much the technology has changed since you first leased your vehicle and it might be a good idea to upgrade with a new lease or purchase.
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〉 Answered on Mar 9th, 2009 by Jessie L Thatcher, F&I and Sales Specialist at Reynolds and Reynolds Company (Retired)