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2013 and earlier-Honda Accord Lease Questions
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I assure you, all dealers know how leasing works and they prey on the those that are uninformed. Next time, just tell the dealer to give you the money factor, residual and a breakdown of the capitalized cost along with the monthly payment. He won't come back with "why do the details matter." because he will realize that you understand that the details do matter.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Purch $26215
MSRP $28860
Res 54% (drop from 56% w/ 15k mi lease)
Money factor .00089
Flex cash $500
Cash down $1000
15k miles/yr
I rolled the $595 acquisition fee, $250 doc fee, $791 of sales tax and registration all into the payment. Car was $25,163, dealer showed as $25,663 - $500 flex cash. Cap cost (total of above) was $26,799.
I think I could have shaved another couple hundred if I waited until the end of the month or pushed harder, but dealer knew I did my homework and could get a quick sale at this price. In and out of dealer in under two hours, and the last hour was the salesperson helping me pair my phone and explaining all the electronics.
How did I do?
Also interested in lease pricing for the Sport. Was told last week by the dealer that 340 plus tax and 750 down would get me there. Seems like 13K total is a little high for a car that lists around 23K.
I hate going to the dealership so would love to have the ammo to make it a one stop trip.
Thank you very much for any insights you may have!!!!
Thanks
I shopped all around Cincinnati and Dayton Ohio area. Three very good dealers, Joe Morgan, Matt Castrucci, Allan Nott were all very competitive and I would have purchased from any of them. They all were in the same $320/range, other Honda dealers were $340 and above, I walked out at 6 other dealerships, but each time I was able to get closer to a realistic bottom line. My learning on this is as you approach end of month, you should be able to beat my $320 by another $10 to $15/month. Good Luck.
Honda Accord Ex-L Coupe i4
36 months 12k lease
Monthly Lease Fee $250.01
Cap Cost Reduction 3658.19
Tax on cap cost reduction 315.52
Up Front Tax (8.625) 776.28
Total Due At Inception 5000 (Thats the trade in for my Car)
Less Cash Deposit 100
Cash Due on Delivery 4900
Purchase Option Price 16161.60
He also used the $500 for Flex Cash
How much lower can I get this guy I feel like I'm paying way to much for the car.
I used a lease calculator:
MSRP: $28900
Selling price: 25242 (28900 - 3658)
Down Payment: 4900
Sales tax: 8.625
Lending rate-- you didn't supply this, but I used 1.9%
Car value at end of loan: $16161.6
I got $157.55/month. So how are they getting $250.01????? The only nice thing about this is the selling price of $25242. That is very good price.
http://www.bankrate.com/calculators/auto/auto-lease-calculator.aspx
It's accurate as I also lease and it matched exactly my lease payment when I plugged in my numbers.
It's not advisable to pay so much at inception in case the car is stolen or totalled.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
I'm comfortable with the terms, but was wondering if there was more room to negotiate. I'm sure they are basing their numbers on MSRP, not invoice.
.
Is this a good deal please?
2013 Honda Accord EX Sedan
Selling Price 22605
American Honda Finance 790
Cash Difference 23395
W.T.& L.A 6.5
Electronic Fee 89.95
Dealer Fees 699
Total Taxable Amt 24190.45
Lemon Law 2
Dade Cty Tax 50
Sales Tax 1,451.43
Tag Fee tbd
Sub-Total 25,693.88
$315.00 tax in per month.
36 months
12 miles per year
*$0.00 due at signing*.
residual for the 2013 Accord EX is 60. Money f actor is :0.00089
Thank you,
Luiz
2017 Accord Sport CVT Mod Steel Metallic
Love this forum. Have been reading it quite a bit, wish I saw it on my last lease! I never thought negotiating price first and then calculating lease price off that is the way to do it...well because dealers told me that it's not how lease works. Not it makes sense what you preach and I know better!
So I currently have Honda Pilot EX lease for which ends January 2014, I wanted to get into Accord Sport or EX Manual. Is now a good time to start shopping for a lease and when is a good time to start really buying? I always though August/September. If timing is good, is 6 month turn over on a lease to get into new one a doable thing?
What do you think about TrueCar.com? It seems like a good tool and the prices they show are around 10% lower than MSRP.
And last question, is residual value calculated off MSRP or selling price of a vehicle?
Thanks!
Early lease terminations, unless there is a program by the manufactures, generally won't be in your favor.
Residuals are based on MSRP.
Tried using Truecar once. Never got any dealer replies. Based on what I've seen in forums, Truecar changed their pricing structure and deals are no longer as favorable. Regardless, you should negotiate up from dealer cost, not down from MSRP. You can price an Accord at $100K and take 50% off MSRP and it would still be a terrible deal.
Are residual and money factor for Accord Sport Manual with 12K miles per year for July available?
Thanks!
Sorry, forgot my other login and don't remember email I used :confuse:
When you say "Regardless, you should negotiate up from dealer cost", how can I find out what dealer cost is? As I understand there are number of things at play here - holbacks, hidden incentives, etc.
I see that residual for Sport is 59%, I used Weymouth Honda lease calculator. I am trying to time when I will lease this vehicle, so when, if possible can I expect this number to go to 58%?
Lastly, I thought that 2014 models are available starting August/September, but one of the dealers told me it's November/December, is this true?
Thanks!
Based on a look back in this forum, both the carryover 2012 and the redesigned 2013 were introduced in Sep so I would expect the same.
As for residuals, I suggest you do some detective work and go back through old posts to determine when Honda has traditionally changed the residuals and maybe you can predict.
You can buy a report from Consumer Reports where they claim to show dealer's cost. Of course, with incentives based on sales, not even the dealer actually knows today the final cost of the cars on his lot. My point was the MSRP's are meaningless so negotiating down is not the optimal way to go.
Write down your new username so you don't develop multiple personality disorder
Reading through posts I see "flex cash" mentioned. What does this term mean?
Thanks!
I believe $500 flex cash is money made available to certain dealers by Honda to sweeten the deal. A savvy buyer following the Prices Paid forum will negotiate a deal based on his location and then ask for the $500 flex cash. If anyone can add to this, please jump in.
Total sale price of the car is $29,140, $554 due on delivery, and for a 36 month/12,000 mile lease, they told me $388.92 with a $1,500 downpayment...from reading on here I am thinking this is not a good deal at all...any help?
Incidentally, even if the numbers were close to Weymouth, there is no way I could tell you if you got a good deal since it varies by state. If one state has high sales tax and high registration fees and another has no tax and low registration fees, the same scenario could be a good deal in one state and a bad deal in another. You need to provide details if you want help.
Read the prices paid forum and get an idea of what your car should go for where you live and let the next salesman know you did your homework and you'll be treated differently. Your response should have been, "could you double check that, I think you added the $1000 to the invoice instead of subtracting it" and after he gave you the new price (which will probably be less than $1,000 under invoice) you can negotiate from there.
Not sure what you mean by "does everyone pay invoice price". You negotiatie the price of the car at each dealer. The Prices Paid forum is helpful for you to get an idea what others may be paying for your model in your location which will assist you in your negotiations. Study hard because the salesman will quickly size you up and try to take advantage of your lack of experience.
Quick question so to start another thread.
I was quoted a selling price of $22,883.72 for 2013 Accord EX Manual. I was told that monthly payments would be $309 with sign-and-drive no money down. Fees are $371.10. Residual 60%, MF 0.00089.
According to my calculations from http://www.theautoleasecalculator.com the price with fees should be around $256 per month. Are my calculations correct? Is acquisition fee usually included in selling price, if not then payment is still around $273 per month.
Doing more calculations, specifically adding destination price and acquision price to the mix yields a figure close to $309. I hate when they don't disclose everything up front.
The breakdown will be on your lease agreement so its not like it is a top secret.