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2013 and earlier-Honda Accord Prices Paid and Buying Experience

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Comments

  • I just picked-up my new Accord EX i4 auto yesterday, 11/29/07. Got it for $100 over invoice ($21,621 + $635 dest + $100 = $22,356). I also had to pay $250 license, title and doc fees (the max allowed in Ohio, probably the standard in nearly every dealer here) plus sales tax. Financed through Honda of America for 5.34% 60 months with no prepayment penalty, so I can still put it on home equity later if I want to.

    Did the negotiating over email and bought it from Hidy Honda in Beavercreek, Ohio. A great buying experience with no surprises. The car was ready when I arrived and was showroom clean! I completed the inspection and test drive, finance and closing transaction, and new owner orientation in less than 2 hours. These guys will get top-notch ratings if Honda sends me a survey.
  • japsjaps Posts: 29
    what I find funny is the apr rate from Honda finance. I have a 840 fico score, no bills and honda f&I guy gave me a rate of 6.9. I passed. Why lower rate in Ohio?
  • jaxs1jaxs1 Posts: 2,697
    Why do you have to get your financing through Honda if their rates aren't good? You may be able to do better with a preapproved credit union auto loan or ELOANS on your own.
    I can get 6%-6.4% at my credit unions. I have seen ELOANS advertising lower. I don't really care if Honda finance can't beat it. It's their loss.
    Later on Honda will offer below market financing as an incentive, but for now the don't need to do that. They car has only been widely available for a couple months.
  • blaneblane Posts: 2,017
    "Person said top tier rate for Honda on Accords is 6.99."

    Nonsense! I received 5.44% (financing about $11K) for 48 months, from American Honda Finance, on my 2008 Accord two weeks ago.
  • vietviet Posts: 847
    "Finance guys/ gals" do their basic math. I am going to buy my dream car '08 Accord V6 sedan EX-L w/ Navi soon beause I have finished my finance arrangement at my best interest @ possibly cheapest OTD price at or just a little bit above cost. 3 years ago on Dec. 24, 04 I took delivery my '05 Accord hybrid. But now my young spoiled son "stole" it from me. So now, I have become a "carless guy" who drives an oldie Accord V6 '02 @ 60K miles yet it runs like brand-new because I have "pampered" it with super thick pampers & lotion & fragrance. I despearately need another powerful V6 Accord to enrich my fleet of Accord. Sorry I like the coupe better for its shape but cant buy it due to my "gray..." things.

    John, my buddy in SCA, the one and only, race with me on or before Xmas. AMEN ! :-)
  • I think I just got a good deal.
    2008 Honda Accord V6 EX-L without Navi
    Blue w/Gray Leather
    MSRP - $28,695
    I paid - $26,139. which included dest charge and no doc fee.
    Sales people were excellent!!!!
    Deal at Honda Cars of Bellevue, Nebraska
  • vietviet Posts: 847
    Congrats ! I got same offer in Northern California for same trim line, same price.
  • SporinSporin Posts: 1,066
    We got 6.44% for 60 months with Honda.
  • If you believe a casual inquiry to a dealer, then you will leave money on the table. I definitely got 5.34%, no prepayment penalty with a 20% down payment. Just like the car price can be negotiated, the interest rate can be negotiated if you have good credit... and it helps to be serious (ie actually buying the car) and to have other options for financing the purchase. I told them I was going to write a home equity check, so the finance guy knew he had to make it low if he wanted to persuade me to take their financing (he also commented that I had the highest FICO score he has seen). I took along my trusty TI BAII plus financial calculator and confirmed that the payment calculations were correct.

    I am still sitting on the fence about whether to pay it off with my home equity loan at 6.73% since there is no prepayment penalty on the Honda financing. After the tax deduction the "real" interest rate is a little tess than 5%, but it is adjustable quarterly, so there is a risk that the rate could go up in the future.

    After I was done with all the closing paperwork, I asked the finance guy if the dealer makes any profit by getting the customer to take the Honda financing. He said a dealer can earn extra profit by quoting a higher interest rate to the customer than the rate given by Honda. He assured me that there was no margin in the rate he gave me.

    PS Thanks to all the people posting on this forum. I spent a good amount of time reading the posts here and got a good feel for what what was happening in the market and kind of deal I could set for a target.
  • It could be due to additional dealer profit by marking-up the interest rate. See my other post from just a few minutes ago.
  • I almost didn't take it. I was going to write a home equity loan check, adjustable quarterly, currently 6.73%. The Honda rate is fixed at 5.34% for the life of the loan, which is why I did it. I can still pay it off with a home equity check at any time.
  • parvizparviz Posts: 484
    Which dealer in Northern CA is offering the EXL V6 to you for a little over invoice? Thanks.
  • vietviet Posts: 847
    Honda of Oakland, Capitol Honda, Los Gatos Honda
  • It does not matter how much under or over invoice the car is... what matters is the OTD price.
  • patpat Posts: 10,421
    Hope everyone will stop by our Dealer Ratings & Reviews page to let the folks in your area know of your experiences - postive and negative!
  • jaxs1jaxs1 Posts: 2,697
    No. Posting OTD prices are useless because they only apply to that city, state and dealer.
    The prices need to be itemized so you can see what the dealer is charging before their local government fees are added.
    How much is the selling price of the car, how much is "dealer fees" and how much of it is government registration fees and taxes.
    The sales price of the car would be more useful since each person can calculate their own local sales tax and registration fees to that number.
    Also details on any trade-in that would have either positive or negative effect on the deal and what financing was involved at what rates also give the big picture.
    Just saying "I paid $23,500 OTD" is useless.
  • blaneblane Posts: 2,017
    I concur. OTD is a meaningless term.
  • fxguyfxguy Posts: 132
    You remind me of another guy who was here right before launch telling us that we will not be seeing invoice on the Accord until next year!! Maybe you are intentionally closing your eyes to facts on this forum: people have paid invoice for the Accord!! I do a lot of driving and i see a whole bunch of sedans and coupes at dealerships. With this mortgage foreclosure mess, dealers are doing whatever it takes to get you in a car. NOBODY should be paying more than invoice on an Accord sedan or coupe. Common, its an Accord we are talking about not a Ferrari!
  • Hi all,
    Does someone know the good deal for 2008 Honda LX-P 5A in Orange County and Los Angeles, California? Thanks in Advance :)
  • In your local taxable area it does matter.. however outside your local taxable area compare OTD taking into consideration taxes. skywalker4 was referencing to to their local area.
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