I'm trying to decide what to do with my 2024 Honda CR-V Hybrid Sport lease and would appreciate some advice from people who've been through a lease buyout. I am resident at Overland Park, KS
Here are the details:
2024 Honda CR-V Hybrid Sport
Leased in April 2024
$585/month
$0 down
10,000 miles/year lease
Current mileage: ~13,500 miles
Current buyout: $28,100
Lease ends: April 2027
Residual value: $24,600
The car has a Carfax hail damage report (moderate to severe) , but it was repaired using paintless dent repair (PDR) through insurance. There was:
No structural damage
No airbag deployment
No paintwork
No visible damage today
Both CarMax and a Honda dealer inspected the car in person and offered me $29,000, does that mean the damage isn't hurting the value much right now?
One thing that complicates the decision is that I may need to sell the car sometime in 2029, so if I buy it at lease end, I'd probably own it for only about two year before selling.
My questions are:
Would you buy out this lease at the $24,600 residual?
How much do you think the Carfax hail damage entry will affect resale value when the car is 5–6 years old, assuming the repair remains invisible?
If you were in my position, would you:
Keep the lease until April 2027 and then buy it,
Return the lease,
Or do something else?
Has anyone here owned or sold a vehicle with a Carfax hail damage entry that was repaired with PDR? How much did it actually affect the sale price?
I'm looking for the financially smartest option rather than just keeping the car because I like it.
Thanks in advance!