My financial situation has finally been stabilized, I no longer in desperate need of terminating my lease early. I am actually thinking about trading my 09 corolla for a new civic. I am just so over the corolla, in my opinion its not worth the dollar. My problem is the resale value, ever since the recalls I herd some pretty bad stories about the cars value dropping as much as 10%. Should I consult an attorney, in case I have to pay for the gap? I hate to admit this, but corolla was my first new car I ever purchased, and I am very disappointed in my purchase. I may have just gotten a bad model, but there are just too many things wrong with it. It still a nice car, but not worth the price its been tagged at.
Should I consult an attorney, in case I have to pay for the gap?
What exactly would an attorney do for you?
Yeesh. How many threads do you need on the subject? Cars depreciate, sorry no one told you that prior to your purchase. I saw a Rolla at Carmax over the weekend with 22k for $13k. Not terrible IMO.
I just checked the Canadian Black Book guide today and was pretty shocked at the drop in Corolla values. Even 08 models have dropped about $2000 since January. The dealer here in London has some 09's with pretty low mileage going for around 14-15000. Before the recalls these would be $16000+ cars.
I don't think the resale value of the car is the issue, you have a lease which is even worse... My last car was a least and the only way to get out of it was to either find someone to take it over (lease busters) or pay out the rest of the lease (which isn't an option). I may be wrong, but there is not easy way out of a lease...
Actually since you have a lease, you should keep the car, you won't have to worry about resale value of the car when you give it back anyways....
I have almost 50k on my Corolla and it still works the same as when I drove it off the lot with 2 miles...
i'm on the complete opposide side of this spectrum... i just bought my 09 Corolla... just over 7K miles and got it with 10ys/100,000mile warranty and oil changes for 3 years included for $14k. I'm lovin the price drops!
If you have a lease, ride it out until it's up, then swap it for the next ride as i've heard horror storries about friends trying to get out of leases. Just my 2c
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My financial situation has finally been stabilized, I no longer in desperate need of terminating my lease early. I am actually thinking about trading my 09 corolla for a new civic. I am just so over the corolla, in my opinion its not worth the dollar. My problem is the resale value, ever since the recalls I herd some pretty bad stories about the cars value dropping as much as 10%. Should I consult an attorney, in case I have to pay for the gap? I hate to admit this, but corolla was my first new car I ever purchased, and I am very disappointed in my purchase. I may have just gotten a bad model, but there are just too many things wrong with it. It still a nice car, but not worth the price its been tagged at.
You can forget about the 09 Corolla being worth a lot during trade in. Check your terms to make sure that your monthly payments won't go up due to the depreciation. Toyota's problems are/were so bad that the Prius in some if not all markets is being called the Prius II or III. Ironic, GM did the same thing when they wanted to seperate the problem plagued 80-82 Citation by calling the later models Citation II
My financial situation has finally been stabilized, I no longer in desperate need of terminating my lease early. I am actually thinking about trading my 09 corolla for a new civic. I am just so over the corolla, in my opinion its not worth the dollar. My problem is the resale value, ever since the recalls I herd some pretty bad stories about the cars value dropping as much as 10%. Should I consult an attorney, in case I have to pay for the gap? I hate to admit this, but corolla was my first new car I ever purchased, and I am very disappointed in my purchase. I may have just gotten a bad model, but there are just too many things wrong with it. It still a nice car, but not worth the price its been tagged at.
First of all you didn't but the Corolla, you leased it. The car isn't your car, just use the car until the lease is up & than turn it in & get something different at that time. It's a pretty simple situation when you lease a car, you don't have to worry about market value & depreciation so I'm not sure what you are complaining about. I happen to love my Corolla & I couldn't be happier with my purchase. I'm not worried about depreciation either, as I keep my cars for a long time!
__________________ 89 Supercharged White MR2 5-speed / 09 Corolla S CSM 5-speed
07 Matrix XR Gray Pearl 5-speed (sold 11/23/11)/ 94 Corolla DX Red 5-speed / 95 Previa S/C White Auto/
07 Corolla CE CSM 5-speed/ 10 Prius III Blizzard Pearl
from what i was told a year ago, if u terminate your lease early, you will be paying a lot of money plus your credit rating gets affected. it is something similar to not being able to continue the contract on your part. it could be different in canada compared to the US. you will have to ask the financing agency that offered you the lease program.
Yes, You pay a lot to break a lease. It's all to benefit the dealer and/or leasing company
The only way out is to find someone to take over your lease. In canada there is a company that deals this this, for $500 or so, they put an add in and help you transfer the lease. Don't get me wrong, you will loose money on this deal as people take over leases at a fraction of the cost... But it may minimize your losses... Google it and see if there is a US company that will offer those services. I ended up keeping my car for the remainder of the lease... no one wanted it....
So you're bitching about resale value of a car you don't even own? Are you also going to bitch that the home you rent is losing value in this economy? Seriously, who fucking cares. It is a car, it depreciates. It is not even yours to worry about. If you cannot understand this concept, than by all means trade in "your" car for a civic, lose your ass, and go bitch about it on a Honda forum....
The only way out is to find someone to take over your lease. In canada there is a company that deals this this, for $500 or so, they put an add in and help you transfer the lease. Don't get me wrong, you will loose money on this deal as people take over leases at a fraction of the cost... But it may minimize your losses... Google it and see if there is a US company that will offer those services. I ended up keeping my car for the remainder of the lease... no one wanted it....
That's interesting. Thanks for posting and the information. It could help some other members.
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The car isn't your car, just use the car until the lease is up & than turn it in & get something different at that time. It's a pretty simple situation when you lease a car, you don't have to worry about market value & depreciation so I'm not sure what you are complaining about. 
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