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2013 and earlier-Honda Accord Lease Questions

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Comments

  • pacinpelopacinpelo Posts: 142
    any updates on August from Honda on 2013 Accord EXL V 6
  • gpsacgpsac Posts: 98
    $500 over, $300 over and $100 under? maybe I'm not following. How is that not negotiating?

    Unless dealers are getting $1500 from Honda, uh yes. You're being unrealistic. You realize that the 1400 diff from your beat offer is only like $40 a month?
  • gene103gene103 Posts: 47
    pjny77 has been to the Prices Paid board and realizes that none of the dealers he's visited are competitive with the current market. Apparently, you don't have a clue what the market is and how invoice price may not be even close to what the dealer is actually paying. And a $40 difference in a monthly lease payment doesn't mean anything to you? You are going to make a salesman and dealership very happy when they finish dealing with you.
  • gpsacgpsac Posts: 98
    No. Not when I compare it to other expenses. $130 for cable, $140 for 4 cell phones, $160 electric, etc., etc.. I'm driving a 2012 EX for $242 a month for 36 (incl tax 0 OOP). That's freeking awesome IMO. Get a new Accord every 2 - 3 years for the past 20 years. Of course I do my due diligence every time and get the best deal I can "locally" and I usually can't do what sites like Weymouth Honda might show but, over 20 years I've averaged about $250 a month to drive a new HONDA ACCORD every 2 - 3 years. That's a TON better than what 90% of the Accord BUYERS do at $400 - $500 a month.

    Now I don't even know what the current dealer incentives are, but I do know that dealers (every make) are in the red on new car sales nationally for many years. That's the cost they pay for that big sign out front giving them the opportunity to sell used cars (which they do profit on), service, maintain and perform warranty repairs. The only way you are gonna get $1500 below invoice is with manufacturer subsidies. You’re saying the current market is $1500 below invoice? Does Honda currently have $1500 dealer cash on Accords? If they do then of course I would expect most of that in my pocket.

    My new Honda Accord every 2 - 3 years has always given me a dependable and comfortable vehicle to get to and from work at an extremely reasonably price. Enabling me to pay those outrageous other fixed monthly expenses.
  • gene103gene103 Posts: 47
    so you want a great lease deal on a Honda, but it's no big deal that others pay $40 more. And where exactly dd you come up with 90% of lessees paying $400-$500?
  • Local dealer in MD, EXL with Navigation $25595. I think its an OK price considering we are only in August.

    Just wanted to share this.
  • brian125brian125 New york / S.C. myrtle beachPosts: 2,012
    gpsac,

    Come into the Honda prices paid forum you need to educate yourself on pricing. Most 2013 Accords are selling between 800 below invoice on the low end to as high as 1700 below invoice price. plus another 500 dollar flex cash incentive to finance thru honda if dealers have it to give.

    2013 Genesis 5.0 R-spec, 2013 Accord EXL V-6, 2012 BMW x-5, 2012 ML350

  • kevinkk123kevinkk123 Posts: 3
    edited August 2013
    the selling price is good, but your monthly payment is no good. according to the residual value and selling price, the depreciation value is 7362. divide it by 36, and plus the 33 dollar interest, your monthly payment should be 238 plus tax. you're over paying it. I'm sorry
  • huskerfan5huskerfan5 Posts: 163
    Kevin, your contributions will certainly be welcome on the board, but please be timely, his deal was five weeks ago. And, please be accurate. The cap cost of his car is $25,693. Your calculation is way off.
    I know he says zero due at signing (which would mean 35 payments at $315), but I think he meant nothing else paid at signing except for the first month's payment because his lease is coming to 36 payments a $315 including tax just as he said.
  • I just found out about this forum. I had started shopping for a lease and was really bummed out when the advertided lease amounts are $279 with 0 down (Kia) and once you get to the dealership and they factor in a bunch of things you end up with a $400+ lease amount... pretty far from the numbers advertised. I also thought nothing could be negotiated for lease.. boy was i wrong.

    So here it is, i was at Honda today and i got the following quote on an Accord LX

    The problem is i don't know what capitalized cost they used. So it's difficult to know whether i'd have some leverage there or not.

    So with a residual of $13729
    And tier 1 money factor (again not sure what rate they used, he just told me tier 1)

    The offer is $289 + taxes... which would end up around $320/month. I am really targeting $300 tax included and with $0 down.

    Do i have any leverage? Maybe bump in the residual a bit?
  • gmanusmcgmanusmc SoCalPosts: 436
    edited August 2013
    You really need to know the actual selling price and the money factor to accurately calculate the lease monthly payment and determine if it is a fair deal or not. Any dealer worth it's salt will provide this info - after all, it will be on the lease contract you will be required to sign.

    I'm glad you found this forum because now you will be armed with the info you need to get a great deal and not overpay.

    By the way - residual is fixed by the manufacturer and can't be changed - it varies by terms and mileage of the lease.

    Bill G
  • I think you should be able to do a little better. The standard Honda lease for the LX is $0 due at signing and $280 + taxes per month, 12k miles per year. Not sure how many miles per year you need, but the $289 you were quoted could be the standard national deal if you wanted 15k miles per year. I would shop around a bit - I think $300 / month should be attainable. I'll let Car-Man answer the residual and money factor question, but roughly, it looks like they are using a 59% or 60% residual, which seems right. The dealer should be able to give you all of these #'s - if they resist, I'd try somewhere else.
  • The deal was for 12k miles.

    So it sounds like my only bet is try a cost reduction
  • gmanusmcgmanusmc SoCalPosts: 436
    Yes - as CarMan will tell you, you can usually do better on the selling price than what is used in the nationally advertised deals.

    You're picking this stuff up fast - you'll do well.

    Bill
  • pjny77pjny77 Posts: 12
    Car-man,
    Can you please tell me what the MF and residual are for a 2013 Accord Sport CVT with 15k miles/yr? I've been getting different #'s at different dealers. Not sure who to believe anymore.

    Thanks.
  • Yes, i am pretty certain they used the MSRP of the current 0 down lease deal which is $22,951.07 and the my residual was exactly what is shown in the deal as well which is $13,729.30

    I crunched the numbers with their 0.00075 money factor for tier 1 and i get awfully close to that $289 + tax deal he quoted me. The difference may be in the dealer fees they charge.

    So i assume i can get that down a bit. I have seen some EX get out in this forum for about that amount (325 tax in)
  • A local MD dealer offered $259/month for Honda Accord LX 12/36. This price includes everything out the door. Sounds good to me.
  • I posted a quote on the LX earlier. Went back to the dealer and turns out the 289+tx he quoted me was on $500 over invoice which isn't bad. He didn't have that much wiggle room as they didn't have that many LX around.

    He did give me a quote on an EX per my request and i think it's not bad but i want to know for sure.

    Vehicle price: $23800
    Taxes: $1600
    DMV/Misc fees : $470
    Lender Fees: $595

    Total: $26465
    Cash down: $600

    Adj Cap Cost: 25865

    Residual MSRP: 26195
    Residual at 59% : 15455
    Money Factor: 0.00075

    Payment: 320 tax included.

    My target being around $300, they came really close. I don't mind giving $600 down as it's not that much of a deal should something happen to the car. It's not like i am giving $1995 down.

    Now, the Vehicle price looks good at 23800. It's basically invoice price per Edmunds and KBB. However, i find the Misc and Lender fees make the Cap cost a bit high which translates to that $320 instead of the 300-310 range that i had calculated.

    Any ideas? I feel i don't have much wiggle room on the sticker price and residual and MF are pretty much fixed items. I can only play on the fees?
  • brian125brian125 New york / S.C. myrtle beachPosts: 2,012
    edited August 2013
    If your money factor and residual numbers are correct you need to work on lowering your sale price. At 500 above invoice price on a Lx model would be a terrible price for Aug. Your target sales price on any Lx model should be starting at 1000 below invoice on the low end and getting as high as 1700 hundred in some area's.
    Check the prices paid forum to see what dealers in your area are selling for 1k or lower. Your wiggle room is on that sticker price and doc fee' charge.

    2013 Genesis 5.0 R-spec, 2013 Accord EXL V-6, 2012 BMW x-5, 2012 ML350

  • huskerfan5huskerfan5 Posts: 163
    Dan, that $600 down payment is equivalent to $18/month so your payment is really like $338. You aren't close to your target and frankly, your target is too high. Please listen to Brian. Paying invoice price may sound good, but it's not the market price for buyers in the know.
This discussion has been closed.