Honda Care Warranty was $1,100 (0 Deductible, 7 years/100,000 miles) from the dealer on our 2003 Accord LX purchased 12/09/02. This was from Meyer Honda in O'Fallon Illinois. Meyer also will return 1/2 of the warranty cost ($550) if it is not used at the end of the seven years. It is probably the best investment(?) I will ever make! In spite of the superb Honda quality stuff happens. They provided paperwork for this too. I hope this helps some of you when shopping for your new Honda. Best wishes and good luck!
it looks like you overpaid for the warranty it should only cost about $900 www.hondawarranty.com but this warranty does not give you anything back if you don't use it
But it is very unlikely that you will file no claims in 7 years (if that was likely, why would you want the warranty?;o) so you probably are not getting $550 back.
If I were you, I would: ask the dealer to cut the price of the warranty by $200 or so... if he does not, cancel the warranty and buy one from hondawarranty.com even if you get a prorated refund you'll still save about $150
I was looking into lease rates for a 2003 Accord for a family member. I am very glad that I have gone through and read some of the previous posts because it seems that honda dealers will really take advantage of individuals who do not do their homework.
Anyways, looking at lease rates for an Accord $0 down... I really would like quotes for an EX auto cloth int, 4 cylinder. A recent paper was advertising an 2003 Accord DX for $0 down $199 + tax for 48 months.. Curious to what a good offer for an LX or EX 4cyl would be based on this... Perhaps others who have leased can share their incite, quotes, etc. Thanks
reading more posts, it looking like 36 months is the best way to go..Is GAP insurance included with these leases automatically or can some dealers scam it out? Is this something I need to inquire about?
Lease companies provide a monthly rate factor which the dealer multiplies with the car's price to derive the monthly lease.
$199/month for a DX auto, whose MSRP (w/destination) is $17060, calculates out (working backward) to a lease factor of 0.0116647, zero down.
An EX-cloth 4cyl/auto, with an MSRP of $22860, should then lease for $267/month for 48 months using the mentioned lease factor.
Both leases assume zero down and the same mileage allowance.
The mileage allowance is something you need to nail down to complete your assessment. Some allowances are as low as 10k/year while the more generous ones are as high as 15k/year.
If you expect to exceed the allowance, negotiate to have the excess either 1) thrown in for free (remember that the lease is probably based on MSRP), or 2) be based on a good overage rate (standard rates range from 12-15 cents/excess mile. Ask for 10 cents/mile).
I won't advise that the anticipated excess be wrapped into the monthly lease because it'll be a use-it-or-lose-it situation for you. You're better off depositing into your savings account, say quarterly, any excess mileage penalty you incur as the lease progresses. This way, you can pay off the mileage excess at lease-end if desired (take note to have the pre-agreed excess rate stipulated in the lease agreement).
As you probably know, if you don't want to pay the mileage excess, the dealer will load that amount onto your next lease or purchase, with most customers having the impression that the mileage penalty has been written written off. What if you want to get a different brand car next time ?
For comparison, an Atlanta dealer quoted a lease for an 03 Accord EX-cloth auto at $279/month for 48 months with $1000 down. If $1000 is "rolled in" to the lease so that it's zero down, the monthly lease amounts to $292. This is higher than what your local dealer should quote for the same car if he applies his DX rate (which should be the case), which should amount to $267.
Bottom line ? Negotiate for $267/month for 48 months, zero-down, 15k/year.
I bought my EX-V6 with leather, sunroof, 6-disc cd, alloy wheels, traction control, etc, for $25,500 out the door - $24,280 before sales tax. This was $300 over invoice, and about $2,000 below the window sticker of $26,200. After purchase I did find out that there is a $750 holdback on this vehicle. Theoretically, I could have purchased below invoice. Talking to the salesperson afterward he confirmed what "ig hill" said about the holdback - that is, the sales people make no money on it. I am also a businesman and I realize I probably paid a bit too much for this vehicle, but I did a thorough test drive and comparison shop among VW, Nissan, Mazda and Toyota dealers in my area, and I am happy both with the deal I got and the value of the vehicle. It is a good car for the money. I do think that consumers should walk into a dealership fully informed and should negotiate hard. I thought the Honda dealership (Lee Honda in Auburn Maine) treated me fairly and respectfully. I did not care for the Mazda/VW dealership on the other hand. Many of the VW's had "additional profit" add ons and the salesman continually dissed the Hondas and other cars I mentioned. There are unscrupulous dealers out there who will nail you to the wall. There are still plenty of suckers out there who will walk into a dealership and pay full sticker, or who focus only on the monthly payment rather than the true cost of their purchase. I walked out of the Honda dealership happy, and on good terms with everyone there. I don't want to be a sucker. But I also don't want to be the [non-permissible content removed] that negotiates for the last nickel. I'd rather be viewed as the pleasant, class "A" customer who deserves respect and good service.
Bimmer12, leases are no more than the difference of the purchase price and the expected future value. In order to determine lease rates there are three key components; purchase price, interest rate and residual value (future value). Money factors are no more than a fancy factor to hide the interest rate. Atlantabenny, I don't see how you calculated backward into the money factor without knowing the residual value. Also, going from a $1,000 down to zero down will add approximately $25/month on a 48 month lease and $31 on a 36 month lease. Something is off in your calculation. You cannot go from $1,000 to zero down and only add $13/month. It is fundamentally incorrect. You only added $624 (13x48) to your payments in lieu of $1,000 upfront. Bimmer12, make sure you do NOT let them base your lease on MSRP. You can negotiate the buy price and then have the lease based on this price. Good luck.
Hi, I am little confused about the security system that comes standard on the EX-V6s. The dealer is saying it is best if i buy an upgrade ($500), which mainly consists of a shock sensor. They say the standard system will not do anything is anybody tries to break the window. My understanding was that it is an alarm system?
Nothing clarifies an issue better than a 2nd and 3rd eye.
Let me respond as per your comments:
1) "Atlantabenny, I don't see how you calculated backward into the money factor without knowing the residual value."
Building the lease factor from scratch, as you hinted, may have been too much since we'd need to know the lease company's determination of the car's residual/future market value (altho we can approximate this using Edmund' car resale history) and their target Internal Rate of Return (almost impossible to know) for the lease company's desired interest rate to be added to the bare lease rate.
There are, however, data sufficient to construct a lease rate factor that's close, and these are the quoted lease rate and the MSRP/Invoice Price of the car. It won't matter much if the MSRP or Invoice is used in this work-back method for as long as usage is consistent when computing for other models.
2) "Also, going from a $1,000 down to zero down will add approximately $25/month on a 48 month lease and $31 on a 36 month lease. Something is off in your calculation. You cannot go from $1,000 to zero down and only add $13/month. It is fundamentally incorrect. You only added $624 (13x48) to your payments in lieu of $1,000 upfront."
I had similar thoughts, numberwiz1, but I later chose a method more consistent with the computation model I established.
Using the Atlanta lease as an example, the quoted rate of $279/($22860 MSRP-$1000 down) yields a lease rate factor of 0.012763. With zero down and the monthly $ lease now an unknown, I multiplied ($22860-0 down) x 0.012763 to arrive at $291.76.
The foregoing method, I believe, is close if not dead-on with how dealers compute the zero-down rate. If they simply spread the $1000 over 48 months, I'd find that, on the other hand, conceptually questionable.
To the other readers, I intended the discussion above to hopefully create some level of confidence in the information/thoughts being presented. I'm not beyond admitting error, because what you do resulting from my ideas I feel some moral responsibility for.
To numberwiz1, your comments are appreciated and needed. Mid-aged guys like me can make mistakes too. Any response you might have to this latest post is welcome.
Hello everyone, especially if you're living in the surrounding states of Georgia.
Lanier Honda, a dealer in the Atlanta suburb of Buford, is running a 2.9% to 60 months promo for Accords this weekend.
One percentage point is equal to $7/month (total $420/60 mos) for an amount financed of $15k. This is the opportunity loss for purchases after year-end if Honda restores their 3.9% rate.
It's also an opportunity to get Accord accessories at 2.9% interest if one includes them in the purchase.
Someone (most likely anonymousposts) did get a ludicrous quote for a 2door manual recently from this dealer, but the month-end/year-end motivator might change the dealer's tune.
I would say their offer was ludicrous all right. They wanted $25,000 for their car and wanted to give us $12,000 for our 2000 SI with 37,000 miles on it so even with the sales tax credit and the equity we would have had we would've been right back at that $25,000 mark. We bought one last night from Team Honda in Lithia Springs for $23,500 OTD with about $1600 of accessories added in.
We did get the 3.49% and it would suck if that rate is lower through Honda now.
Congrats on new car. Hearing your whole story including the trade credit, it's no wonder car dealers have their unique reputation.
On the interest rate, if you'd gotten the 2.9%, your gain would have been only approx. $300-400 for 60 months, probably worth avoiding the aggravation and actual financial loss dealing with Lanier Honda.
I'll try my luck with them these next few days and see if I can get a good deal on a v6 coupe.
I was not aware that the shock sensor upgrade was available for the Accord '03 yet. From what I was told by my local dealers, the shock sensor upgrade is for th '00-02's. 500 does seem a little steep for a plug in module, though.
I would like to thank everyone for your input on purchasing a new Accord. For the first time buying a car I feel was prepared. I gave them an offer of $150.00 below invoice on the EX 6 cyl, automatic sedan. Of course, they came back with a figure that was $800.00 under sticker. Well, after negotiations and comparisons with our two other dealers in the area. We settled on $24,346 without tax and fees. Also, I received the 3.49% financing This price includes the following options installed: splash guards, cargo net, cassette player and chrome muffler caps. I will finalize the deal Monday since they just called me up and said that they would accept this price. I feel that in this area for this time, this is the best deal I can get. I would appreciate your comments, opinions, and further advice. Thanks again for everyones' input.
Well, it actually is the shock sensor and a three year insurance that pays your deductable if your car is stolen. The only hard equipment installed is the shock sensor. Acording to the manual the alarm will sound "if someone attempts to break into your car or remove the radio." later " opening any door, hood, or trunk will cause it to sound." I talked to couple of people at the parts and service department and they had no clue. They said it is just a keyless entry system and i should go out and buy an alarm system. Not much or a security system then???
BTW, I bought EXV6 for three hundred under invoice in LA, CA with an additional 150 for mud flaps and wheel locks. Good to all.
it is a security system on the EX's It monitors the doors and will go off if the doors are opened without the key/remote.
I don't know how much faith I would put into the claim. In order to make it worth it, you would have to raise your deductable on your comp, and if you had a hit and run, or nautural disaster you would be hosed. I know mine is usually about 200-250 since there is a $10/6mo difference between the two. In my case they would still make money after they pay my deductible.
I would just verify that you can put this shock sensor on the '03s before I go out and purchase it. Let us know how it turns out.
I went ahead and as our second vehicle, got a LX-4 door 5 speed Manual Accord for $17,033 at Hennessy Honda outside Atlanta. I did pay the 249 doc fee, but got the 3.49%. At some point, I have to replace the wheelcovers (cheap). The 16" aluminum wheels on the EX are nice. I did not want to pay the extra bucks for the EX plus I strongly dislike the moonroof.
bam: Who was your salesman? We bought our first 02 SI at Hennessy back in July. They didn't have the Accord we were looking for or we would've considered them again.
Atlantabenny and all- I appreciate the help you provided for me regarding leases. I accompanied my friend who was interested in leasing the Accord and the experience was interesting to say the least. First off, I see why you guys do most of your dealing over the net/phone. You have the feeling that if you turn your back, you will miss something and get screwed. After about 15 minutes of talking, we negotiated a $189 a month for 48 months $0 down+tax, 12k/yr lease on an Accord LX 2003... the EX auto cloth-4cyl was about $20 more a month and i think this is the model my friend likes. I think he was going to close on Monday but wanted to get your thoughts..thanks
I worked with Scott Thompson and Kim Guinn. Either one does their internet sales. I received the quote over email before going to Hennessy. Fast, easy, and straight forward transaction. Certain specials are listed on their internet site www.hennessyhonda.com
I remember their names. When I totalled my 1st Civic SI I was going to go through their internet office but they didn't have the colors we wanted so we ended up at Ed Voyles and they matched the Hennessy price. Plus, when we bought our SI they took us for the floor mats. They promised them throughout the transaction and as soon as we signed paperwork they said "the car doesn't come with them". Kinda ticked us off and made us less than eager to buy from them and only them. Other than that though Hennessy was great to work with.
Got my EX V6 Sedan at invoice price + tax + doc fee. Thanks to all of you who provided helpful information on what you got yours for. For those that haven't bought yet and are not getting the "best deal", ask the dealer if they will give a lower price on a new car that has been in their inventory longer than the one you might be interested in. The only "drawback" may be that the other car has 40 miles on it, as opposed to 10-15 miles. If you're not picky, it may save you $100-500!
Two more questions: 1. Has anybody purchased the "HondaCare" 7year/84K mile extended warranty? My dealer is selling it for $1050, which includes "comprehensive coverage of the drivetrain, chassis, electronics, heating/air conditioning system, audio and alarm. Do you think this is a good deal? Also, if I buy this package, he's willing to sell the LoJack for a "discounted price of $395." 2. Have people recently purchased a LoJack for their care. Priced alone, the dealer is quoting me $795. Is this the going rate?
Hi, After reading the helpful posts here, I paid $200 over invoice for a EXV6 with no accessories, dealer wanted too much wouldn't negotiate. I live in the Los Angeles area and went to 18 dealers, YES, 18 dealers before I bought because nobody had my color or wouldn't give me a price of $300 over invoice or less. The dealer was pretty dishonest though tried to add $800 for window etching without asking. Also was trying to charge $700 for lo-jack. But no choice because they were the only dealer with the color on hand, not on it's way but in stock. They were jerks too since I was getting such a good deal but I don't have to go back again, so I don't care.
I still haven't decided on purchasing the honda care 7yr/100,000mile warranty. Please give me some of your thoughts, opinions and experiences (good and bad) with the honda care warranty. Are most of you new buyers purchasing the warranty when you buy the car? Thanks!
I still haven't decided on purchasing the honda care 7yr/100,000mile warranty. Please give me some of your thoughts, opinions and experiences (good and bad) with the honda care warranty. Are most of you new buyers purchasing the warranty when you buy the car? Thanks!
Re: cost - It varies from dealer to dealer. Check www.hondawarranty.com. You may find it cheaper elsewhere...and yes, you don't HAVE to buy it from the dealership where you purchased.
Re: Is it good and do you need it? That is a matter of opinion....some folks feel it is a good investment. However, there are others who feel that using the money to purchase a mutual fund, letting it sit collecting interest, and cashing it in when/if you need to pay for a repair is the better route. Of course, with the fluctuating stock market...those folks may think differently now. ;-)
well, we just picked up our 2003 EX V6. paid $99 over invoice. I think we got a fair price. I emailed a dozen Honda dealerships in southeast MI and prices ranged from $100 to $1000 higher than Victory Honda in Plymouth. The document fee in Michigan is only $40 compared to hundreds of dollars in other states, so that also plays into the pricing equation. The salesman was great. Overall a good experience, and of course, I love the car. Thanks to all on this board. I probably would have paid more (closer to Edmunds TMV for this car) had it not been for your posts. Now I need to decide quickly on the extended warranty. Hmmmm
You did good for that price in LA.I am looking to buy a Honda Accord in Los Angeles too.Can you give me the dealer you bought from? Also names of dealer I should avoid. Thanks
Thanks for all the info on Honda pricing. I am in Houston, and have been quoted a walk-out price, from an internet dealer, of $22,122.82 for an EX automatic 4-cylinder. This is with the invoice price being $20,619. Taking out tax of about $1100, I am paying $400 over invoice. Should I be happy with this deal, or should I continue to haggle for a few hundred more off?
Hi, I mentioned above that I recently bought an EXV6 sedan and visited about 18 dealers in a 3 day span, (after writing this long report, I ended up going to 20 dealers) I'm gonna go through each dealer and rate them and my personal experience with them, of course these are my opinions and you might have a better or even worse experience. Starting from the first Honda dealer listed in the Los Angeles Time New Car Buying Guide in every Saturday issue.
As a background to my story, I was looking for a Graphite Pearl EX-V6 Sedan, Supposedly; it's the hardest color to find at the moment, so maybe that's why I had a hard time. Ratings from 1-10. Also I didn’t want a Dealer Trade because I wanted less than 10 miles to be on the car. Besides they usually send the worst car for dealer trades to the other dealer.
1. Goudy Honda - Went there 1 hour before closing so I didn't have much time to spend there, didn't have my color, for the most part they were friendly, brought me a sliver to see. Offered $100 invoice if they could find the car, called me back next day but didn't agree to my price. Rating: (6) Average, didn't get to spend much time with them.
2. Buena Park Honda - Claimed to have the car but couldn't find it to show to me. Best price offered by them was $500 over invoice, told me to take a hike after I offered $200. The Closer who chases you and offers you the final deal as you are leaving was very rude. Rating: (4) Rude
3. Norm Reeves Superstore Cerritos AutoSquare Didn't have my color so I just left real quick salesman was very accommodating. Didn't negotiate price but they are the biggest so they may give a good deal. Rating: (5) Average
4. Miller Honda Culver City Wouldn't go for invoice or $300 over. Was very rude at the end as I was leaving, the closer offered $25000 as I was leaving, so about $1300 over invoice. Manager came by as I was in my car next to the closer and started to argue with me because I wouldn't pay his ridiculous price. Also all the salesmen wait out in front calling out cars, they were like vultures there. Have a little class and not be so obvious about doing that. Rating: (3) Overpriced, arguing manager.
5. Miller Honda Van Nuys Couldn't really get a final price because the jerk manager refused to take price from invoice on, just plain said he would only negotiate from Sticker on. Offered $25000 to test him out, which is about $1300 over, he goes to his office and I follow him 5 min later. I say to him, I guess we have a deal, he says, I didn't okay it yet, so I start to leave and the guy starts back tracking since I said a high price. But couldn't really negotiate because they wouldn't listen to my invoice price. Rating: (3) rude manager
6. Honda World - Downey. Plain liars we settled on $100 over invoice if I waited a couple of days for my color but I wanted my car the same day so I leave, they call me on my cell saying to come back, they can get it from their other store. I go back, they change their price to $400-500 over invoice claiming they never okayed the $100, even though 2 times they said yes, so they are just plain liars wasting my time. Rating: (2) Liars
7. Honda World - Westminster Claimed to have my color, I offered $100 over. Manager said maybe, I ask salesman to show me the car, he says they have it but they will bring it later. I kept asking to see the car on hand. Salesman and I waited for the manager for about 45min, I left because I got tired of waiting, they probably didn't have the car and the manager is out taking a dump somewhere. Rating: (4) bad customer service
8. Nelson Honda Nice salesman wasn't too aggressive, offered $300 over, said no, best price given to me was $1000 over, they had specials for $250 over for the beige exterior exV6 others were $1000 over. No closer to hassle me at the end. Rating: (5)
9. Rock Honda Went there real late in the evening right before Goudy Honda above. They didn’t have my color Graphite Pearl but they still made me go look for the car with them hoping I would change my mind. As I was leaving, he asked me how much I was willing to pay, I offered $100 over and he said I could get any other color for that price. Don’t really know if he meant it but that’s what he said. Maybe someone could use that strategy to get the car at $100 over without haggling much. Rock is far from LA about hour and a half with no traffic in Fontana, maybe they have to give better deals here. Rating : (7)
10. Gardena Honda Liars also and just wasted my time, went in offered $300 over, they agreed but no car in stock they will try a dealer trade, I said no and I was walking away, they offer invoice for the car, so I go back for another try, the manager comes over changes his story and goes back to $300 over invoice, just the fact they wasted my time and were dishonest. I just left because you never know what they might pull later. Rating: (4)
11. Norm Reeves Huntington Beach Manager wasn’t too friendly, offered me sticker for the car, wouldn’t negotiate, could be because they didn’t have the car. You may get better results for a car they have. Rating (5) no negotiating
12. Airport Marina Honda For the most part friendly, I offered invoice, they came with some retarded sheet in black marker that says “New 2003 Accord only $200 off sticker MAX” signed by the manager. I just started laughing in their faces because do they still do that old manager intimidation thing. Was walking out and the manager finally offers me $500 over invoice. Rating: (7) stupid dealer tactics.
13.Penske Honda Ontario Went there real late as I was heading out to Rock Honda above. Nobody was around and finally got a salesman, didn’t have the car, didn’t discuss price. Rating (n/a)
14. Metro Honda Saw their sign heading toward Rock Honda, they are not in the LA times, anyway, went in didn’t have the car, they offered me a dealer trade, I offered $200 over, they didn’t say yes or no but since they didn’t have my car, I just left.
15. Kolbe Honda Friendly salesman, offered too much for the car I forgot how much but I left after soon after because it was too much. Rating (5)
16. Honda of Santa Monica Offered invoice to them, best price they could do for me was $300 over but they didn’t have my color. Salesmen are very aggressive, kept calling me but the best they offered was consistently $300 over. The manager seems to have made that the minimum sale price. Rating (7)
17. Scott Robinson Honda All the salesmen out in front like vultures, didn’t have our color but said would get us a dealer trade for $300 above invoice, minimal talking with them cause I left after 10 minutes. Rating (6)
18. Norm Reeves West Covina. Didn’t have my color, I mentioned $200 over invoice, didn’t agree but they didn’t have my car so I left. Rating (6)
19. Kaiser Brothers Honda Downtown LA THIS WAS THE BEST DEALER I WENT TO BUT I DID NOT BUY THE CAR FROM THEM. Why were they the best, didn’t argue, never raised their voices, always smiled, in a good attitude, I asked for invoice but they were very accommodating. Showed me another buyer who paid $300 over and said that was the best they could do in a respectful and nice way. I offered $150, they said no. I walked out and there was no closer to badger me. I came back 30 minutes later because I just wanted to buy from them and they had my color. They said ok, went out to the car but the car belonged to another dealership because the sticker had a different dealer, the truck dropped it off at the wrong location. So the offered to find me a car but I wanted it the same day and no dealer trade. Also they were one of the few dealers that told me about the 3.49% financing up front without any hassles when I asked what tier 1 credit got. Others were very secretive about 3.49 unless I brought it up myself. My salesman was a young Asian man, I forget his name.
20. Colonial Honda Glendale Ok, so I bought my car here, they had my color, it had 5 miles on it. Made in 12/2002 still wrapped in plastic. Manager wouldn’t negotiate on any of the accessories wanted full price no matter what. Saleman was somewhat nice but manager was a jerk. I offered him $200 over, he accepted, if he accepted, he should at least treat me nicely and with a smile. I could tell he wasn’t happy about it but they are small dealership and I guess really needed the end of the month/year sale. So as I mentioned above, they tried to sneak in $795 for window etching into the sales contract without asking. First the financing guy tried to play dumb but I did all my calculations using the Edmunds loan calculator and I knew what my monthly payment should be at 3.49% so I had them remove it, of course he goes back to manager to get approval saying that maybe he might not do the deal. I mention something about the Better Business Bureau and about adding things into a sales contract without asking. Offers me the window etching at $300, I still say no, goes back to manager. I give unsatisfied face and about to raise hell. So they offer lo-jack for $695, I still say no and no to the 7/100K extended warranty for $1195. I could tell they are unhappy but I remind them again about the BBB and them trying to sneak in the $795. Very casually of course. I then do what is wise and finally ask them, “Is there any fees on this contract that is not required by law for the sale of the car” Of course they have to tell you the truth or it’s fraud so they say “No” I sign the contract and the figures are correct and just like I calculated on Edmunds with the loan calculator. Another bad thing about them was I don’t think they did a good job of PDI, getting the car ready and checking everything out before delivery to me. It just didn’t feel right because most of the plastic was still on the car the morning I came to pick up the car. It wasn’t even moved the night before but they claimed everything was checked. The check sheet in the glove box was not check at all. Whatever I’ll just check it myself but at least I got a good deal in the Los Angeles area and got the color I wanted.
Thanks for reading my long report, so the only dealer I can recommend in Kaiser but they are kinda small and don’t have a big selection as other dealers but they are very customer service oriented. You can tell them you saw my post and they offered me $300 so you should be able to get the same deal. They should remember my story as I don’t think they get a lot of customers compared to other Honda dealers.
I just ask of some favors for my work here. Anybody know somewhere where I can get the Auto dimming rearview mirror installed for cheap in the LA area. I could either buy it from them and have it installed or get it myself online and just pay for install. Also do the EXV6 sedan floor mats have the word ACCORD written on them or are they plain.
Post any comments here or email me for detailed questions or if you know the answers to my questions at ackang@email.com
Also beware, the dealers I mentioned above could give you $300 or less above invoice but they could pull that $800 window etching or try to make you buy overpriced alarms, lo-jack, warranty, etc.
i JUST PICKED UP AN EX V6 COUPE FOR $24250 FROM DCH ACADEMY HONDA IN CENTRAL NJ WITH A 6YR/100000 EXTENDED WARRANTY FOR $650. THE SALESMAN I USED JOHN SCAPATULA AND HE IS FANTASTIC. HE SAID HE WOULD GIVE INVOICE TO ANYONE I RECOMMENDED TO HIM ON ANY ACCORD SEDAN. HE WILL ALSO GIVE A GREAT PRICE ON COUPES BUT THEY WONT GO DOWN TO INVOICE. I ALSO RECEIVED THE 3.49% FINANCING AND I CAN HONESTLY SAY IT WAS THE EASIEST NO HASSLE CAR PURCHASE I HAVE EVER HAD. MY NAME IS JAN IF YOU NEED A REFERENCE FOR THIS PRICE. GOOD LUCK
I just leased a 4 door, EX V6 Accord, auto trans, (no nav or extra options). $493 down (1st month + tags), $333/month for 42 months -- 15K miles/year. Selling price was 23,900. Did I get a good deal?
I am looking to purchase an Accord EX Coupe. Could someone provide me with some guidance. The dealer has already added $395 for dealer prep & $598 for protective coating. Based upon your experiences, about how much above invoice cost should I pay? Should it be a certain amount above just invoice cost, or above invoice cost + the $395 & $598?
My friend just leased a 2003 Accord EX auto (cloth, 4cyl, no options) for $1,000 down, $245 a month for 42 months out the door. Dealer was reluctant but was a good sport and professional. He let us go to the lot and pick which car we wanted.
I am looking to purchase an Accord EX Coupe. Could someone provide me with some guidance. The dealer has already added $395 for dealer prep & $598 for protective coating. Based upon your experiences, about how much above invoice cost should I pay? Should it be a certain amount above just invoice cost, or above invoice cost + the $395 & $598?
Comments
it should only cost about $900
www.hondawarranty.com
but this warranty does not give you anything back if you don't use it
But it is very unlikely that you will file no claims in 7 years (if that was likely, why would you want the warranty?;o) so you probably are not getting $550 back.
If I were you, I would:
ask the dealer to cut the price of the warranty by $200 or so... if he does not, cancel the warranty
and buy one from hondawarranty.com even if you get a prorated refund you'll still save about $150
I was looking into lease rates for a 2003 Accord for a family member. I am very glad that I have gone through and read some of the previous posts because it seems that honda dealers will really take advantage of individuals who do not do their homework.
Anyways, looking at lease rates for an Accord $0 down... I really would like quotes for an EX auto cloth int, 4 cylinder. A recent paper was advertising an 2003 Accord DX for $0 down $199 + tax for 48 months.. Curious to what a good offer for an LX or EX 4cyl would be based on this... Perhaps others who have leased can share their incite, quotes, etc. Thanks
$199/month for a DX auto, whose MSRP (w/destination) is $17060, calculates out (working backward) to a lease factor of 0.0116647, zero down.
An EX-cloth 4cyl/auto, with an MSRP of $22860, should then lease for $267/month for 48 months using the mentioned lease factor.
Both leases assume zero down and the same mileage allowance.
The mileage allowance is something you need to nail down to complete your assessment. Some allowances are as low as 10k/year while the more generous ones are as high as 15k/year.
If you expect to exceed the allowance, negotiate to have the excess either 1) thrown in for free (remember that the lease is probably based on MSRP), or 2) be based on a good overage rate (standard rates range from 12-15 cents/excess mile. Ask for 10 cents/mile).
I won't advise that the anticipated excess be wrapped into the monthly lease because it'll be a use-it-or-lose-it situation for you. You're better off depositing into your savings account, say quarterly, any excess mileage penalty you incur as the lease progresses. This way, you can pay off the mileage excess at lease-end if desired (take note to have the pre-agreed excess rate stipulated in the lease agreement).
As you probably know, if you don't want to pay the mileage excess, the dealer will load that amount onto your next lease or purchase, with most customers having the impression that the mileage penalty has been written written off. What if you want to get a different brand car next time ?
For comparison, an Atlanta dealer quoted a lease for an 03 Accord EX-cloth auto at $279/month for 48 months with $1000 down. If $1000 is "rolled in" to the lease so that it's zero down, the monthly lease amounts to $292. This is higher than what your local dealer should quote for the same car if he applies his DX rate (which should be the case), which should amount to $267.
Bottom line ? Negotiate for $267/month for 48 months, zero-down, 15k/year.
Good luck.
Bimmer12, make sure you do NOT let them base your lease on MSRP. You can negotiate the buy price and then have the lease based on this price. Good luck.
Let me respond as per your comments:
1) "Atlantabenny, I don't see how you calculated backward into the money factor without knowing the residual value."
Building the lease factor from scratch, as you hinted, may have been too much since we'd need to know the lease company's determination of the car's residual/future market value (altho we can approximate this using Edmund' car resale history) and their target Internal Rate of Return (almost impossible to know) for the lease company's desired interest rate to be added to the bare lease rate.
There are, however, data sufficient to construct a lease rate factor that's close, and these are the quoted lease rate and the MSRP/Invoice Price of the car. It won't matter much if the MSRP or Invoice is used in this work-back method for as long as usage is consistent when computing for other models.
2) "Also, going from a $1,000 down to zero down will add approximately $25/month on a 48 month lease and $31 on a 36 month lease. Something is off in your calculation. You cannot go from $1,000 to zero down and only add $13/month. It is fundamentally incorrect. You only added $624 (13x48) to your payments in lieu of $1,000 upfront."
I had similar thoughts, numberwiz1, but I later chose a method more consistent with the computation model I established.
Using the Atlanta lease as an example, the quoted rate of $279/($22860 MSRP-$1000 down) yields a lease rate factor of 0.012763. With zero down and the monthly $ lease now an unknown, I multiplied ($22860-0 down) x 0.012763 to arrive at $291.76.
The foregoing method, I believe, is close if not dead-on with how dealers compute the zero-down rate. If they simply spread the $1000 over 48 months, I'd find that, on the other hand, conceptually questionable.
To the other readers, I intended the discussion above to hopefully create some level of confidence in the information/thoughts being presented. I'm not beyond admitting error, because what you do resulting from my ideas I feel some moral responsibility for.
To numberwiz1, your comments are appreciated and needed. Mid-aged guys like me can make mistakes too. Any response you might have to this latest post is welcome.
Lanier Honda, a dealer in the Atlanta suburb of Buford, is running a 2.9% to 60 months promo for Accords this weekend.
One percentage point is equal to $7/month (total $420/60 mos) for an amount financed of $15k. This is the opportunity loss for purchases after year-end if Honda restores their 3.9% rate.
It's also an opportunity to get Accord accessories at 2.9% interest if one includes them in the purchase.
Someone (most likely anonymousposts) did get a ludicrous quote for a 2door manual recently from this dealer, but the month-end/year-end motivator might change the dealer's tune.
Good luck to those buying this weekend.
We did get the 3.49% and it would suck if that rate is lower through Honda now.
On the interest rate, if you'd gotten the 2.9%, your gain would have been only approx. $300-400 for 60 months, probably worth avoiding the aggravation and actual financial loss dealing with Lanier Honda.
I'll try my luck with them these next few days and see if I can get a good deal on a v6 coupe.
BTW, I bought EXV6 for three hundred under invoice in LA, CA with an additional 150 for mud flaps and wheel locks. Good to all.
I don't know how much faith I would put into the claim. In order to make it worth it, you would have to raise your deductable on your comp, and if you had a hit and run, or nautural disaster you would be hosed. I know mine is usually about 200-250 since there is a $10/6mo difference between the two. In my case they would still make money after they pay my deductible.
I would just verify that you can put this shock sensor on the '03s before I go out and purchase it. Let us know how it turns out.
Two more questions:
1. Has anybody purchased the "HondaCare" 7year/84K mile extended warranty? My dealer is selling it for $1050, which includes "comprehensive coverage of the drivetrain, chassis, electronics, heating/air conditioning system, audio and alarm. Do you think this is a good deal? Also, if I buy this package, he's willing to sell the LoJack for a "discounted price of $395."
2. Have people recently purchased a LoJack for their care. Priced alone, the dealer is quoting me $795. Is this the going rate?
Thanks
Re: Is it good and do you need it? That is a matter of opinion....some folks feel it is a good investment. However, there are others who feel that using the money to purchase a mutual fund, letting it sit collecting interest, and cashing it in when/if you need to pay for a repair is the better route. Of course, with the fluctuating stock market...those folks may think differently now. ;-)
This article may be helpful:
Understanding Extended Warranties
Also, this discussion in FWI was recently archived, but it may be of interest.
Honda Extended Warranty and Finance
If you wish to have it reactivated so you can post a new question/comment, let me know.
Thanks
Mike
The 6MT Coupe will be available in Feb.
$369.00 per month inc tax. Only $1500 total out of pocket at lease signing with 12K per year.
NO trade in.
Is this a good price?
I mentioned above that I recently bought an EXV6 sedan and visited about 18 dealers in a 3 day span, (after writing this long report, I ended up going to 20 dealers) I'm gonna go through each dealer and rate them and my personal experience with them, of course these are my opinions and you might have a better or even worse experience. Starting from the first Honda dealer listed in the Los Angeles Time New Car Buying Guide in every Saturday issue.
As a background to my story, I was looking for a Graphite Pearl EX-V6 Sedan, Supposedly; it's the hardest color to find at the moment, so maybe that's why I had a hard time. Ratings from 1-10. Also I didn’t want a Dealer Trade because I wanted less than 10 miles to be on the car. Besides they usually send the worst car for dealer trades to the other dealer.
1. Goudy Honda - Went there 1 hour before closing so I didn't have much time to spend there, didn't have my color, for the most part they were friendly, brought me a sliver to see. Offered $100 invoice if they could find the car, called me back next day but didn't agree to my price.
Rating: (6) Average, didn't get to spend much time with them.
2. Buena Park Honda - Claimed to have the car but couldn't find it to show to me. Best price offered by them was $500 over invoice, told me to take a hike after I offered $200. The Closer who chases you and offers you the final deal as you are leaving was very rude.
Rating: (4) Rude
3. Norm Reeves Superstore Cerritos AutoSquare
Didn't have my color so I just left real quick salesman was very accommodating. Didn't negotiate price but they are the biggest so they may give a good deal.
Rating: (5) Average
4. Miller Honda Culver City
Wouldn't go for invoice or $300 over. Was very rude at the end as I was leaving, the closer offered $25000 as I was leaving, so about $1300 over invoice. Manager came by as I was in my car next to the closer and started to argue with me because I wouldn't pay his ridiculous price. Also all the salesmen wait out in front calling out cars, they were like vultures there. Have a little class and not be so obvious about doing that.
Rating: (3) Overpriced, arguing manager.
5. Miller Honda Van Nuys
Couldn't really get a final price because the jerk manager refused to take price from invoice on, just plain said he would only negotiate from Sticker on. Offered $25000 to test him out, which is about $1300 over, he goes to his office and I follow him 5 min later. I say to him, I guess we have a deal, he says, I didn't okay it yet, so I start to leave and the guy starts back tracking since I said a high price. But couldn't really negotiate because they wouldn't listen to my invoice price.
Rating: (3) rude manager
6. Honda World - Downey.
Plain liars we settled on $100 over invoice if I waited a couple of days for my color but I wanted my car the same day so I leave, they call me on my cell saying to come back, they can get it from their other store. I go back, they change their price to $400-500 over invoice claiming they never okayed the $100, even though 2 times they said yes, so they are just plain liars wasting my time.
Rating: (2) Liars
7. Honda World - Westminster
Claimed to have my color, I offered $100 over. Manager said maybe, I ask salesman to show me the car, he says they have it but they will bring it later. I kept asking to see the car on hand. Salesman and I waited for the manager for about 45min, I left because I got tired of waiting, they probably didn't have the car and the manager is out taking a dump somewhere.
Rating: (4) bad customer service
8. Nelson Honda
Nice salesman wasn't too aggressive, offered $300 over, said no, best price given to me was $1000 over, they had specials for $250 over for the beige exterior exV6 others were $1000 over. No closer to hassle me at the end.
Rating: (5)
9. Rock Honda
Went there real late in the evening right before Goudy Honda above. They didn’t have my color Graphite Pearl but they still made me go look for the car with them hoping I would change my mind. As I was leaving, he asked me how much I was willing to pay, I offered $100 over and he said I could get any other color for that price. Don’t really know if he meant it but that’s what he said. Maybe someone could use that strategy to get the car at $100 over without haggling much. Rock is far from LA about hour and a half with no traffic in Fontana, maybe they have to give better deals here.
Rating : (7)
10. Gardena Honda
Liars also and just wasted my time, went in offered $300 over, they agreed but no car in stock they will try a dealer trade, I said no and I was walking away, they offer invoice for the car, so I go back for another try, the manager comes over changes his story and goes back to $300 over invoice, just the fact they wasted my time and were dishonest. I just left because you never know what they might pull later.
Rating: (4)
11. Norm Reeves Huntington Beach
Manager wasn’t too friendly, offered me sticker for the car, wouldn’t negotiate, could be because they didn’t have the car. You may get better results for a car they have.
Rating (5) no negotiating
12. Airport Marina Honda
For the most part friendly, I offered invoice, they came with some retarded sheet in black marker that says “New 2003 Accord only $200 off sticker MAX” signed by the manager. I just started laughing in their faces because do they still do that old manager intimidation thing. Was walking out and the manager finally offers me $500 over invoice.
Rating: (7) stupid dealer tactics.
13.Penske Honda Ontario
Went there real late as I was heading out to Rock Honda above. Nobody was around and finally got a salesman, didn’t have the car, didn’t discuss price.
Rating (n/a)
14. Metro Honda
Saw their sign heading toward Rock Honda, they are not in the LA times, anyway, went in didn’t have the car, they offered me a dealer trade, I offered $200 over, they didn’t say yes or no but since they didn’t have my car, I just left.
15. Kolbe Honda
Friendly salesman, offered too much for the car I forgot how much but I left after soon after because it was too much.
Rating (5)
16. Honda of Santa Monica
Offered invoice to them, best price they could do for me was $300 over but they didn’t have my color. Salesmen are very aggressive, kept calling me but the best they offered was consistently $300 over. The manager seems to have made that the minimum sale price.
Rating (7)
17. Scott Robinson Honda
All the salesmen out in front like vultures, didn’t have our color but said would get us a dealer trade for $300 above invoice, minimal talking with them cause I left after 10 minutes.
Rating (6)
18. Norm Reeves West Covina.
Didn’t have my color, I mentioned $200 over invoice, didn’t agree but they didn’t have my car so I left.
Rating (6)
19. Kaiser Brothers Honda Downtown LA
THIS WAS THE BEST DEALER I WENT TO BUT I DID NOT BUY THE CAR FROM THEM.
Why were they the best, didn’t argue, never raised their voices, always smiled, in a good attitude, I asked for invoice but they were very accommodating. Showed me another buyer who paid $300 over and said that was the best they could do in a respectful and nice way. I offered $150, they said no. I walked out and there was no closer to badger me. I came back 30 minutes later because I just wanted to buy from them and they had my color. They said ok, went out to the car but the car belonged to another dealership because the sticker had a different dealer, the truck dropped it off at the wrong location. So the offered to find me a car but I wanted it the same day and no dealer trade. Also they were one of the few dealers that told me about the 3.49% financing up front without any
hassles when I asked what tier 1 credit got. Others were very secretive about 3.49 unless I brought it up myself. My salesman was a young Asian man, I forget his name.
20. Colonial Honda Glendale
Ok, so I bought my car here, they had my color, it had 5 miles on it. Made in 12/2002 still wrapped in plastic. Manager wouldn’t negotiate on any of the accessories wanted full price no matter what. Saleman was somewhat nice but manager was a jerk. I offered him $200 over, he accepted, if he accepted, he should at least treat me nicely and with a smile. I could tell he wasn’t happy about it but they are small dealership and I guess really needed the end of the month/year sale. So as I mentioned above, they tried to sneak in $795 for window etching into the sales contract without asking. First the financing guy tried to play dumb but I did all my calculations using the Edmunds loan calculator and I knew what my monthly payment should be at 3.49% so I had them remove it, of course he goes back to manager to get approval saying that maybe he might not do the deal. I mention something about the Better Business Bureau and about adding things into a sales contract without asking. Offers me the window etching at $300, I still say no, goes back to manager. I give unsatisfied face and about to raise hell. So they offer lo-jack for $695, I still say no and no to the 7/100K extended warranty for $1195. I could tell they are unhappy but I remind them again about the BBB and them trying to sneak in the $795. Very casually of course. I then do what is wise and finally ask them, “Is there any fees on this contract that is not required by law for the sale of the car” Of course they have to tell you the truth or it’s fraud so they say “No” I sign the contract and the figures are correct and just like I calculated on Edmunds with the loan calculator. Another bad thing about them was I don’t think they did a good job of PDI, getting the car ready and checking everything out before delivery to me. It just didn’t feel right because most of the plastic was still on the car the morning I came to pick up the car. It wasn’t even moved the night before but they claimed everything was checked. The check sheet in the glove box was not check at all. Whatever I’ll just check it myself but at least I got a good deal in the Los Angeles area and got the color I wanted.
Thanks for reading my long report, so the only dealer I can recommend in Kaiser but they are kinda small and don’t have a big selection as other dealers but they are very customer service oriented. You can tell them you saw my post and they offered me $300 so you should be able to get the same deal. They should remember my story as I don’t think they get a lot of customers compared to other Honda dealers.
I just ask of some favors for my work here. Anybody know somewhere where I can get the Auto dimming rearview mirror installed for cheap in the LA area. I could either buy it from them and have it installed or get it myself online and just pay for install. Also do the EXV6 sedan floor mats have the word ACCORD written on them or are they plain.
Post any comments here or email me for detailed questions or if you know the answers to my questions at ackang@email.com
Also beware, the dealers I mentioned above could give you $300 or less above invoice but they could pull that $800 window etching or try to make you buy overpriced alarms, lo-jack, warranty, etc.
Alex
I am exhausted just from reading your odyssey!
What an education.
Tnx
BTW, "College Hills Honda" accessories page shows floor mats...
http://www.collegehillshonda.com/storeart/03accord/floormatsb.jpg