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Not sure if we're going to pull the trigger on one of these. But, thought I'd share the effort made on 2010 Accord EX-L Navi-V6 sedan pricing in central NC. I used that overstock site that someone suggested earlier as a starting point to work downwards.
Got 6 quotes within a few hundred dollars of each other on the vehicle. These are out the door pricing (OTD). Five dealerships are in North Carolina, one out of state at $700 lower than everyone else.
$28,533.32
$27,368.39
$28,263.46 (includes mud guards, wheel locks, trunk protector)
$28,002.87
$28,178.50
$28,126.47 (includes 3 free oil changes and tire rotations)
One that sticks out ($27,368.39) is a dealer in Virginia that is about 4 hours away from me.
To get back to vehicle cost, example 1 above: $28,126.47 - $398 (doc fee) - $74.00 (plates), divide by 1.03 (3% NC sales tax) to arrive at $26,848.00 as a sales price.
Still working on specifics of trade through CarMax who seems to be giving the best trade in value for my vehicle. Trying to wrap this up by the weekend. E-mailing these guys seems to be the way to go. All research and pricing done within 3-4 days on all of these.
Good Luck.
What color did you get ? Mine is Crystal black pearl.
sales tax is 6.5%. I think my price is OK, but it is very difficult to negotiate with the dealer for a lower price.
4 cyl, Automatic trans?, cloth LX for only $17,161. + 385. processing would be awesome! Post the dealer and salesman!
price they are giving me is about 17600 for a new honda accord lx w/o extra fees/taxes configured etc. Is that a good starting point or does it mean nothign? I had another offer where the price was 17900 , including destination charge. So I am assuming that everything might cost around $20150 etc, is that a good deal? I am okay w/ that if it ends up that way, or is it bec i live in los angeles county that its impossible to get that price? First time car buyer here so pardon my ignorance in advance...
If you don't understand the "value" of leasing, or its "value" isn't truly a value for you, then obviously leasing isn't for you. No big deal. But what's the need for the trash talk? There are many people for whom leasing makes perfect sense - including financial sense.
Did you ever have a car require a $3000 repair after it went out of warranty - while you still have time left on your loan? Can't pay the loan and afford to fix the car? Leasing can look pretty good when that happens.
Ever need a car and know that in 3 years your car needs are going to be very different than today? Leasing can fit that nicely. Always want the peace of mind that being under warranty provides (which is a big value to a lot of people)? Leasing can provide that. Under a tight monthly budget, but want the security of a new car (warranty, newest safety features, etc.)? Leasing can provide that too.
If none of this matters to you, then leasing isn't meant for *you* - but that doesn't make it wrong for others. To say leasing is bad "no matter what" is simply not true.
Leasing cannot be mathematically shown as having value. If you amortize the buy cost, over three years, vs. the lease cost, you have a significantly higher cost leasing. It is not about anything else.
Even if your car needs were to change, buying outweighs leasing in resale value. (residual value vs. used car value)
You can give me any lease, and I can prove this.
I am not trash-talking, I am talking pure mathematics.
I stand by my statement:
"Do the lease math, figure the cost (payment amount X number of months plus residual) never as good as financing. never.
Leasing is mathematically dis-advantageous for anyone, period. Except dealerships! (they do very well leasing!)
Thanks for the response, I appreciate it, and welcome you proving me wrong.
So far the arguments you put forth only show a lower payment benefit, but overall, it results in a higher cost.
Math is just numbers, no emotion required.
Value to me is equated to money, perhaps, you have a different definition of value?
I try to remain emotionless when purchasing anything that is primarily guaranteed to go down in value.
Websters dictionary defines value: The monetary worth of something.
I am purely talking mathematics, not a "perception", or a feeling, the minor difference in payment vs leasing, is HUGE at the end of the day.
So if you would like me to prove it, give me any lease, and I will.
thanks!
Joe
General lease vs. buy discussions go somewhere else.... anywhere else...
Thanks!
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Example - No money buy v. No money down lease.
Payment will be about $100 less on the lease compared to a 60 month buy. You saved $3600 in 3 years. I promise you will not have $3600 equity in your car if you bought it.
If you keep your cars a long time go ahead and buy it. If you like to trade, lease.
Car salesman...
That could rest my case, but I will still prove mathmatically that you are wrong, (sorry) you just are.
1rst off rarely will the dealership allow you to "buy" your lease based on anything except MSRP, so right there you are buying a car for more than you have too.
2cnd if your credit is good enough to lease, you can do no money down on your purchase.
3600.00 savings in three years, is wrong again, you have -0- equity at the end of lease.
Like I said, and stand by... mathematically it does not work, give me a specific car, and cost, I will buy it at invoice, and finance it at 4.5 to 6.5% and the car is worth more, with more equity at the end of three years on a 60 month buy.
Just Math...
Honda Accord Prices Paid, please...
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You are correct when you say buying the car for 60 months compared to the lease + buyout. You do save money. If though, you want to trade out after three years your payment was a lot higher and you probably have negative equity. In the lease you will not.
Also, if you are leasing your cars for sticker, its no wonder you dont like it.
Thank you!
Ken
The MSRP $23,305 version is selling at $17,651 in my area.
I believe there are 10 different price points for the 2010 Accord EX Coupe. You'll need to provide more details to get an accurate answer back.
Looking to buy a 2010 EX sedan with manual transmission. Anyone know how far below sticker they're going for? I'm in the Albany, NY area.
Thanks!
Your statement: "Leasing is mathematically dis-advantageous for anyone, period." is not universally true at all. This is not a matter of my opinion. Rather, it's a matter of fact that can be supported by mathematical analyses using tools from capital budgeting and economic analysis.
Your statement: "Leasing cannot be mathematically shown as having value." also flies in the face of reason. A vehicle is a depreciating asset and is purchased for consumption and, therefore, is considered an expense, not an investment. Even so, there is always some derived benefit from holding a depreciating asset. There is even a derived benefit from leasing whether it's the right decision or not. For example, in some cases leasing may be cheaper! It's also difficult to quarrel with individual preferences that are hard to quantify. Here, it's important to recognize that there are tangible as well as intangible benefits that are dependent upon individual preferences.
Your statement: "buying outweighs leasing in resale value. (residual value vs. used car value)"
makes no sense. Do you have any idea what a residual is? What is it supposed to measure? What do you mean by "resale value"? Wholesale value? Retail value? Do you actually think that the two, residual and "resale" value, are even remotely comparable? ALG (Automotive Lease Guide) residuals are the industry standard (baseline) and reflect forecasted wholesale values. The finance captives self insure their own residuals and don't necessarily have to abide by ALG like most banks do. Therefore, finance captives are free to set their own residuals which, in many instances, are considerably higher and, even grossly inflated, when compared with the ALG for competitive reasons.
Also, your math: "Do the lease math, figure the cost (payment amount X number of months plus residual) never as good as financing. never."
is grossly over simplified and overlooks a number of mathematical details not the least of which is opportunities for investment and the time-value of money.
Look, any mathematician or actuary will vehemently disagree with you. The decision to buy or lease is dependent upon a number of factors including the individual's financial position and their opportunity costs of investment. An integral part of capital budgeting is the lease v. buy decision-making. Textbooks on capital budgeting and financial analysis dedicate two; sometimes three chapters; to the lease v. buy decision. If your claim were true, then why would financial mathematicians and economists dedicate time to the lease v. buy decision? According to you, they're wasting their time. I couldn't disagree more.
The decision to buy or lease a car basically involves selecting a holding period which may differ for a lease than for a purchase. However, time-valued adjustments can be made.
Next, one chooses the methodology to be used which is usually an incremental cost study or a net present value study. There are other studies that can be used but these two are the most prevalent. They're also very valid. Of course, any good study will capture the depreciation time-line profile associated with the vehicle under study.
In the interests of simplicity, we'll assume identical holding periods in which case, the buy payment streams will exceed the lease payment streams triggered by residualized financing. Adjusting for any differences in upfront transaction costs, we can state the following...
If the future value (benefit derived) of the increment between the buy payment streams and the lease payment streams (i.e., cash flows) exceeds the net terminal value of the vehicle at the end of the holding period, then the financials tell us that it's best to lease. The benefit that the individual derives can be quantified in a variety of ways (investment opportunities, purchases of durable goods, etc). And so, there is a quantifiable benefit of leasing that exceeds that of purchasing. By the way, the net terminal value of the vehicle captures all future benefits associated with the remaining life of the vehicle.
John
.
We closed the deal for $18025 + $100 processing + tax and tags. I figured I got a good deal, so I didnt even attempt to bargain on the processing fees. I am happy that I got a great bargain. Its the best car buying experience I ever had.
Illinois
Lease deal offered is:
36 months / 12K miles per year.
$235 per month
$1500 payment out the door
Residual $15228
Tax, fees and first payment included in down payment. Tax rate is 7.5%.
Is this a good deal?
You can buy that car with an out the door price of $22,500.00
You can then finance that car at 4.0% for 60 months. (with $1500.00 down)
Your payments would be $382.00 per month (you may even get 0%) and then your payments would be $350.00 per month.
At the end of three years You would only owe $8800.00 (with the $382.00)
(or 8900.00 with the 350.00 per month)
So for the additional 150 per month (5400), you would own. 7,000.00 more in equity
Good luck.
Joer
So what is the sales price than for EX ?
Thanks for your advice and assistance.
Recently I'm looking for a 2010 Honda Accord EX, 4dr, automatic transmission, 4cyl. I inquired the price in a big San Jose dealership yesterday. The salesman gave me OTD 23800 (9.25% tax rate). I cut 3000$ off directly and asked him if he can do 20800. He bowed me out immediately and told me it's impossible.
I'm thinking probably I asked too much?
Any advice?
Thank a lot!
A saleman I spoke with there, Oscar Acosta, they seemed to be a straight shooting, no baloney dealership.
We were only looking for a LX, but they were the absolute lowest price.
Good Luck!
Joe
No more buy vs. lease from me.
sorry.
If it can go in another forum it will.
I will look around.
Thanks,
Joer
Leasing vs. Purchasing
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here is my Deal:
MSRP $27,540
Purchase Price: $23,209 (including their dealer pack-mud guards/wheel locks/trunk tray & Window VIN Etch)
36 months, 12k AHFC lease
Residual 58%
MF .00158
Sales tax in NJ is 7%
Monthly Payment: $300
Out of Pocket: $704 (which includes 1st month $300, NJ 3yr Reg. & title fees $227.50, Doc Fee $169, and NJ Tire fee $7.50)
I have brought in this dealership a decent amount of business and got them on an unusual very slow saturday.
- There's no penalty for terminating the lease, if the dealer purchases the car.
- Because I only have 19,000 miles (I don't drive a ton) after almost 3 years, I know this would be a great car for resale for the dealership.
- He said, I might have "equity" built into the car, which would make this deal smooth. How does that work? For example, the payoff per Honda Financial is $15,600. If he's willing to offer, say, $16600, what happens to that $1000?? I know what happens in a regular trade-in, but what about a lease?
Currently, the deal he is offering (which is the best within 100 miles on-line) is:
2010 Honda Accord EX V6
MSRP $27,750
Price - $23,600 (including destination fees) (this is $1700 under invoice)
Extra - Title/registration and tax
Is this a good deal?
I will see what my interest rate will be; we have super great credit and will qualify for the best interest rate (though, I will go with the dealer cash on this deal versus the current 0.9/1.9% offering). What kind of interest rate can I expect with top credit?
Help? Does this make sense to anyone? Will I be able to do this without killing my credit? I need to understand what the equity piece is about.
It has very low miles, and you can keep that 2007 for another 10 years without a problem, instead of leasing for the next 10 years and making payments for 10 years.
Sticker was $27,540.
I thought I was getting a good deal, but after browsing here, I'm not so sure. Seems like price should be closer to $22k-23k.
What are other getting for quotes on the EX-L without the nav?
I hope the car man or anyone with knowledge of car pricing or good negotiating skills can lend me a hand.
I'm looking to PURCHASE:
2010 HONDA Accord EX-L V6
Black on Black
Side Molding
Wheel Locks
Auto start with a true auto alarm.
Lid spoiler.
I'm looking to car shop in NJ or Staten Island although the car needs to be registered, inspected. and charged NY sales tax at time of purchase.
2010 Accord Coupe EX-Automatic
MSRP $25,430
Negotiated Cap Cost (including destination fee) - $20,699
Money Factor - .00158
Tax, Title, Acquisition Fee, 1st mo. payment - $1300
Monthly Payment including taxes - $232/mo.
2010 Honda Accord EX-L V6
MSRP - $29,815
Vehicle Cost - $24269.07
Tax, Registration/Title/Dealer Convenyence Fee - $2046.56
Total Cost of Car - $26315.63
Down Payment - $3000
Payments of $429 @ 3.9% for 60 months
I think this was a pretty great deal.
Come on guys - lend me a hand where should I go?
If I were you i would tell them I will buy at $XX,XXX.00 out the door. Then leave it alone.
When I last did that I got a call 3 months later, And I bought my Tundra. Their story was that Toyota had a "Spiff" where if they sold 20 tundras that month they got a Bonus from southeastern toyota.
It was the last day of the month, and they said I was Tundra number 20.
We had a similar situation on a Lexus we got for my wife once.
If they are $1,500.00 away from your max, let them come to you.
Good luck!
I'm interested in the same car now but there seems to be more choices like premium.
Also, truecar.com says the dealer cost for LX 4 cyl cloth seats is $19,155 and great if you can get it at or below $19,455 (including $750 dest. and $219 ad fees NOT incl. tax, tags, title)
What do you think? What is a great OTD price for the LX?
I have my own financing, so will pay cash. I'm located in Maryland (College Park area in the DC suburbs)
thanks