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There are good salespersons for sure, but there are bad ones, too. One of our members used email and got confirmation for an accord EX with selling price, OTD and everything, while they go to the dealer, the internet sales manager said he made a "mistake" by thinking that is a lower trim since the manager just came back from a trip so his brain is not working well. Too bad the manager didn't notice our member saw him the day before.
Since purchasing cars involves two parties, there is nothing called "realistic" number, there is only "agreed price". If customer would overpay for a car, there is no way salesperson would tell the customer to pay less. On the other hand, if a dealer would make less for a certain deal to meet their quota, they would still do it and should treat customers like usual.
Another story is one of our members has a tradein and while dealer#1 told him they could do blah blah blah, and tell our member that you would never ever find a better price. While the other dealer gave 2000 more for tradein with same new car price.
I agreed that you should do your homework before going to dealer because dealers are trained to make the most money on you. It is why we started a site to let car shoppers submit the car price into our car price database. I also agree that car shoppers should treat car salesperson with honesty and respect, but before that, car salesperson should do the same first.
Thanks for answering my questions in advance.
Thanks for the reply guys
That's fine if that's all that matters to you, but you still have to be informed on how things like sales tax is calculated. I once traded in a leased Honda Odyssey that I was first purchasing as the trade in amount was more than the lease buyout amount. The dealer forgot to charge sales tax. I even questioned him on it before driving away. They called a few days later and refused to honor the negotiated OTD price as none of that was written in the purchase contract. The paper work you sign lists selling price, dealer fees, different state fees that all add up to an OTD price.
There's also a clause in there that stipulates if the dealer miscalculates sales tax, they have the legal right to come after you. So legally they had me, but when I offered to return their "new" Accord, now with a few hundred miles, they relented.
Sale price: $27,561.26
Doc fee: $150
Tax (7% IN): $1,939.78
IL 7 day permit: $10
Total : $29,661.04
This is the best deal that I can get so far and I'm happy with it. I know that this deal is ~$100 lower than the earlier quote, but the earlier quote "was a mistake" according to the earlier dealership, claiming that they forgot to add the destination fee. Boooo at bait and switch
2008 Accord LX-P Lease $1000 down and $450 per month for 48 months
I'm trading in a 2002 BMW with 71000 miles which I'm upside down on by about $2500-3000. They're going to take the BMW and put me in a lease with an option to buy. I'm not familiar with this "lease option to buy" stuff so I don't know if this is a good deal or not. I'm looking to get something reliable and with reasonable maintenance cost, but I don't want to end up being upside down again with this car.
Please tell me what you think? Are there question you can suggest that I ask? When I got home I realized that I was so focused on the down payment and the monthly payment, that I never found out what the actual total cost of the car will be. I assume this would be important especially if I decide to buy it at the end of the lease.
I did get the feeling that I could negotiate something better, but just wanted to get some input.
Thanks in advance for your help!
lease calculator
I just started looking around myself, so I hope someone can chime in if I am off base.
Your lease payments total $21600 which is more than Edmunds TMV for that vehicle for an out right purchase. How did you expect not to be upside down on a new vehicle when you were already upside down on your trade by 2500-3000? That just doesn't disappear. Unless you put up a sizeable down payment in either cash or a trade with positive equity you will always be upside down to start.
Maybe others have a different opinion than myself, but I think your salesman "clubbed you like a baby seal".
sale price: 16.5
down payment: 1k
amount owed on prior car: 3k
loan term: 48 months
loan rate: 8.09 (edmunds defaulted to this...you can likely do better)
estimated tax and title: 1073+248
payment: $484. if the loan rate is lowered to 3.9, the payment goes to $439. it's like the salesman gave you a lease price with no residual.
16.5 for a LX-P? Can I get this for purchase as well? If yes, where?
I'm trading in a 2002 BMW with 71000 miles which I'm upside down on by about $2500-3000. .....
You would be better off paying off your upside down amount, then go into a lease with $0 down. My local dealer is offering $0 down and $299/mo for the LX, so the LX-P shouldn't be much higher. I got my 08 EX-L V6 with $0 down and $359/mo. Good luck to you.
Leases are not more complex then a purchase. On a purchase you have two factors, price and interest rate. On a lease you have three factors, purchase price, interest rate, and residual. The same thing that makes a purchase a good deal is what makes a lease a good deal, what is the selling price of a car?
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Could you post the specifics of yourr lease; M.F., msrp, cap costs, costs added into the lease and the terms of your lease. BTW, does dealer add the extra costs (dealers fes, etc) back into the lease when there is a $0.00 down lease, which will then be added to the cap costs over the lease term.
I am in the market for the same car and my credit is 720 score. I am using leasing guide.com to help with the payment calculation
Thank you,
What about residual value, miles allowed per year, drop off charges (if any), excessive wear and tear charges (always subjective), acquisition fee, etc, etc, etc. And how many people know that interest rate = money factor?
That is about 1100 cheaper than the best OTD price for an EX-L V6... you did well indeed.
I'll try from memory. Money factor was.00159; MSRP $28,730; cap cost $26,101, right at invoice; costs added into lease $444 for dmv, sales tax, and dealer handling fee; 36 mo/15k miles yr. This was for an 08 model in August.
Or did you forget to mention the BMW trade in......
Being a dealer, why did you make such a bogus post? Shame on you! I don't believe you.
I feel I have made a good point about just posting an OTD without posting all of the information.
LOL, Yes you did, and an excellent one at that! THANK YOU!!!
I've been reading the forums a lot, and I gotta say that there is a lot of useful information in here.
Just wanted to post the price I paid on my car.
2009 Honda Accord Coupe EX-L V6 6M w/o Navi - $26,239 with destination (Not including taxes, title, fees, w/e else)
In your opinion, is this a good deal? Also, the dealer doesn't have the color I want, so I am forced to wait. Does anyone have stories about waiting for their car? How long it typically takes to get a car like this? Any information would be appreciated.
Thank you!
What would be right price to pay at this time for 2009 - EX-L Sedan & 2009 EX-L V6 Sedan in NJ. Appreciate your insight.
Thanks!
Is this a good price? I'm in NJ and plan on keeping the car a long time (10yr+) so depreciation 08 vs 09 is not a concern. Sites like carsdirect are not currently showing '09 target prices and the '08 prices are gone for NJ.
'09 LX-P $22027 for the base LX-P but it has mud guards, trunk tray, wheel locks and pinstripe (none of which I want) so together, they want $22195
36 months/12K miles
gross cap $22814
cap cost redux $1807
adj cap cost $21007
MF=.0018
Residual=$14400
$249/mo+tax
$2899 at start includes 1st, cap reduction, and $827 in "upfront charges" which I still don't fully understand. They told me the acquisition fee is $595 so I think they are just "stealing" a little profit. The $2899 probably should be $2667. Maybe the difference is the reduced dealer fee---see below.
In an earlier email, I was told the dealer fee is $399.50. In his latest email, he said I literally only pay $2899 to start the lease, though.
The Honda website says the current program for the LX, which my guy said applies to other models, too, specifically shows that the cap cost reduction is $2095. I asked why theirs was lower and was told it was the LX-P not the LX, which sounds fishy. Your thoughts?
One more thing, I received an email from another dealer today who only said that Honda just lowered the MF to "reflect 1.9% APR" which would be .00079. He didn't provide any other info and I am still waiting for clarification.
This is n Mass