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Yes, you're correct. When comparing prices, you'd have to deduct something for sales tax, if it is included in others OTD prices. The sales tax on the lease is usually as simple as taking the monthly payment and multiplying it by the state sales tax rate. It usually shows this as a separate line item on the lease agreement.
This is actually an advantage over buying a car outright because you only pay sales tax on a small percentage of the value of the car instead of the whole thing.
I'm guessing that invoice is probably a good point from which to start with the '07's because I assume they're dumping due to the '08 redesign.
Yes, they are dumping their 2007's now. And I think I've seen a good number of people on this board getting them below invoice for that reason.
Good luck.
1. Invoice
MINUS
2. About $2200 cashback from Honda to Dealer (subject to quote attainment). This is one thing that is really helping the big dealers, they have lots of choices and can move the vehicles faster. Once they attain their quota they go gangbusters because they are assured of the $2200 and also get an additional 2008 model.
MINUS
3. The usual 2%-3% holdback that is always there in times good or bad.
Using the above calculations, on a car with $25,000 invoice, the real cost to the dealer is about $22,000. That is why we are seeing a lot of deals between 2K-3K below invoice. In my opinion, the other posts we are seeing here are either the sham posters from dealers to move traffic to their dealership or some dealers are taking small losses to get more of the 'expectedly' hot 2008 Accord.
That's my 2 cents of thoughts.
JonPage
I think that the dealers are expecting Honda to bail them out eventually. The lots in DFW area are still full of Accords but no great deals. Newspapers will soon start reporting that Accords are not moving and Honda cannot stand that. It is their flagship car.
JonPage
Got my Civic's oil change this morning at Maroone Honda in Hollywood Florida and the service writer told me they still have a "sh-t load" of Accords to move out before the '08's hit the floor in about 2 weeks. While walking around the lot, I noticed at least 10 cars, all configurations, and this doesn't include their off property storage area. I was approached by three different salesmen trying to get me to upgrade the Civic for an Accord. I did see a real sweet light blue 4 cylinder SE model which had a price of $21,395 I think after the savings discount for the SE trim...very tempting I must say. I even sat in the same car with 10k miles on their used lot stickered at $19,700., but that was before any price haggle, so I'd bet one could pick that puppy up for maybe $18,900. or a little higher. They were hungry even on the used side, as I was approached by three different guys within about 5 minutes. They even had my exact car on the lot for $18,100, and it had 10k miles with the Honda certification. Cheaper to just buy it new actually.
No 2008's on the lot yet, but was told last week there were 10 '08 Accords there for the whole sales staff to become aquainted with and drive. Service guy said they look so much better in person and even he predicted that Honda has a major hit with this car. Was very tempted to take out that '07 blue Accord i liked just for a test drive, but was really afraid that I might've caved, as the tax difference would've made it not a bad deal. But I was strong and secretly have my sights set on '10 model for the wife...eventhough she doesn't know it yet. Could get her the leather which she wants but no memory seats, just power. Time to start putting my plan into action...very slowly though. Really, once we both retire, there really won't be a need for two cars anymore.
The Sandman
Honda no longer puts the LX or EX designation on the rear of the car. Only the V6 gets that now.
Can't wait til I can test drive one!
By the way, do you guys think I should wait for Labor Day Weekend for a better deals on Accords. That would their last push to get rid 07 models ?
I looked at Accords last month, and it would have been my first Honda vehicle. I have bought Toyotas and Nissans in the past and the process is painless compared to Honda dealers. I sat at the David McDavid Irving Honda for 3 hours with no pricing, just games and stupid forms where they try to match what car really fits my needs. Etc. Etc. Obviously, I got fed up and left when the sales manager put a "final" price of invoice + $1599 worth of worthless accessories. He did call me later with 2K below invoice but the accessories stay at $1599. I was not going back.
My friends who own Accords tell me they all had very similar experiences with other Honda dealers when they bought their cars.
I have given up on Hondas. I can't afford to take out 3-4 hours of my life going to each dealer and negotiating prices.
I have bought a Altima '07, as I should have to begin with.
JonPage
JonPage
They have a business, and they are just moving traffic. If you and I can not see it during the first 15 minutes of our visit to the dealership, it is our problem.
JonPage
1.Accord 4dr EXL I4 $21394
2.Accord 4dr LX I4 $17811
3.Accord 4dr EXL V6 $22936
Dealer says he is running out of stock of the 2007 and only getting 1-2 additional shipments. Says all will be sold by the time 2008's arrive.
HI PAUL, EDMONDS.COM IS NOT A DEALERSHIP, AND IF YOU GOT A PRICE LIKE THAT, LET ME KNOW WHERE I AM LOOKING TO PURCHASE ONE MYSELF THAT IS AN UNBELIEVEABLE PRICE.
Accord EX-L V6 $23,500 + TTL
Price included all of the dealer extras:
- ProPak (mud flaps, trunk tray, wheel locks)
- tinted windows
- pin striping
- paint sealant and leather treatment
JonPage
Believe it... it is a violation of the membership agreement, and outside of that, patently dishonest.
The sad part... it just reinforces the poor reputation that most auto salespeople already have.
Those that are discovered are punished, forthwith.. the details are too gruesome to recount here.
regards,
kyfdx
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The initial internet quote was exactly as I wrote in my post. They really wouldn't go down any further, and even matched the quote from Hendricks by a few bucks.
The money factor is .0005 on the V6..
Vehicle Information
Stock#: 58539
Year: 2007
Make: Honda
Model: Accord EXLV6 Sedan
VIN: 1HGCM66597A094196
Deal Information
MSRP: $27,995.00
Term: 36
Rate: 0.00050
Cash Down: $0.00
Trade Equity: $0.00
MFR Rebate: $0.00
Depreciation
Adjusted Cap Cost: $24,383.00
Residual: $15,677.20
Depreciation: $8,705.80
Cap Cost
Cap Cost: $23,788.00
Accessories $0.00
F&I Products $0.00
Acquisition Fee: $595.00
Sales Tax: $0.00
Gross Cap Cost: $24,383.00
Cap Cost Reduction: $0.00
Adjusted Cap Cost: $24,383.00
Payment
Monthly Rent: $20.03
Monthly Depreciation: $241.83
Base Payment: $261.86
Monthly Sales Tax: $22.26
First Payment: $284.12
Drive Off
Cap Cost Reduction: $0.00
F&I Products: $0.00
Security Deposit: $0.00
CA Tire fee: $8.75
Doc Prep Fee: $55.00
CA County Fee: $10.00
2007 California New Vehicle Licensing Fee: $208.00
Sales Tax Paid Up Front: $4.68
First Payment: $284.12
Total Drive Off Amount: $570.54
JonPage
2007 Honda Accord LX AT, $18,983 OTD. Base price was $17,400.
When I got home from the dealership with a signed contract, I got a quote from Hendricks Honda for $16,900.
So, I paid more for less than others here, but I thought it was a great price after I shopped around and used Accords were just a $1000 less.
A week later I bought a 2007 Altima 2.5S. I posted the info in the Altima section of this forum.
MSRP- 24,945
Invoice- 21,845
Price paid- 19,254
Extended warranty- 1,000
TTL- 1,390
OTD- 21,644
I think I'm going to go for it tomorrow and take the plunge but wanted to get some feedback from others shopping for a V6 with Navi. Here's the deal I've got:
Selling Price: 25,000
Money Factor:.0005
Buyback: 16,197
Total Monthly including tax is: $315.00
Due at signing is 1st month plus $300 deposit.
Does this seem like a good deal. I don't know if the Navi is worth it but it so far under the MSRP and invoice I think I'm doing OK. Please let me know what you think. Thanks.
The extended warranty is 100% there profit, and they are making some cash in the back with your financing....
But 19,254 is a good price...and just wanted to let people know perhaps they can do better at Boch Honda in Norwood, MA for around 18,000 if you push.
Never heard of that one before.
Is that claim from Honda or the dealer?
Well at $23,788 you are $1,627 under invoice.
And I think the acquisition fee of $595 goes to AHFC and not the dealer, so you have to pay that to get the lease.
The really good thing about the deal is that the money factor is .0005. Multiply that times 2400 to get the APR which comes out to a very low 1.2%! Obviously Honda Finance is just trying to help the dealers move the cars.
So if that's the lowest deal you can find in your area, I think it's pretty good. Plus it doesn't look like they tacked on any hidden fees---all of the other charges seem pretty standard.
Good luck!!
Never heard of that one before.
Is that claim from Honda or the dealer?
That's a standard feature of Honda Care. see:
http://www.honda-care.com/SignetOfferDetails.aspx
But you can't have used it at all. Not even the roadside assistance.
What kind of pricing did Landmark and Fairfax Honda (both are owned by the same parent company: Rosenthal) quoted you? Landmark still has large inventory of Accords on their lot that they have to clear. An email that I got from Landmark this morning (they still keep sending me sales emails even though I already bought an I4 EX from them back on the July 4th weekend! :confuse: )indicated that they still have 128 Accords (all trims/body styles) in their inventory, so it is to their interest to move these cars. Even Ourisman Honda, in their emails, is now advertising I4 EX Accords for $18,535 (they didn't specify if this includes freight/processing or any other charges) plus they'll also beat any other dealer's offer up to $500. The strategy would then be to take Ourisman's price and shop it out to the other dealers, and take into account that $500 leverage as well.
Look back at my purchasing experience as well as ddwmew's post for tips/strategies.
Regards,
David
https://www.myhondawarranty.com/plans.php?action=step2&makeID=1&modelID=4&year=2- 007&mileage=50&stateID=22&plan_typeID=1&commercial=no&Submit=Submit
If that doesnt work, just go to www.myhondawarranty.com and get a quote. Same exact plan, just a lot cheaper, and free $25 to their online parts store to boot.. You have 60 days to cancel your current warranty and buy from them.
Thanks.
JonPage
http://townhall-talk.edmunds.com/direct/view/.ef0eeb7
I *THINK* there is a difference between your plan, and the one at the website i linked. If you do not use yours within the contract period, you get a refund. In the one i linked, they do not have that option. Instead, if you sell your car before the full term of the contract, you can get a prorated refund for the unused portion.
The refund option is available here for $900 7/100K:
http://www.honda-care.com/Default.aspx
If you got the V6, it is $955 (not a huge savings.)
The problem with the money back is, if you use the road side assistance, get a loaner car, or get a "free" oil change (as the honda-care.com one provides), they consider that "using" the extended warranty, so you wont get your money back! That free $25 oil change, or 1 day rental car, or a jump start from road side service just cost you ~$900!
Also, I am unclear about this point: If something happens to your car within the first 3 years/36k miles (factory warranty), does that get covered under the extended warranty or not? From the terms of the extended warranty, it SEEMS like it does. In reality, that would suck because it means you "used" it up and can not get a refund. I am not clear if this is true though.
Sometimes, we forget to look at the bottom line.. $285/mo. to rent a $28K MSRP car.. Fantastic!!
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As far as servicing goes, I have my Honda serviced by a completely different dealer than the one I bought it from. They treat me very well. The service departments are there to make money from service, and I doubt they even pay attention to where I purchased the vehicle from. So I personally wouldn't give that factor much weight in who I acquire the vehicle from.
Good luck.
I stopped into a dealership Friday and wanted some prices and inventory. He said great timing as we are having a big sale. I asked how much and he replied that they are taking bids and no reasonable offers refused. OK, never played this game before nor did I want to. I said, I'm dead set on buying a very specify SE Accord Automatic. The only thing left was deciding what color and who to buy it from. I told him I don't play bidding games and to give me the best price or I will move along. He showed me a few SE models and hinted that I would be able to get them for $19K plus $250 Tax and title fee.
So, since they are playing the bidding game, should I then decide to walk in there next week and say $18K and do you think they will budge? I know they were eager to get the lot of 07 accords sold for the new 2008 models.
-Brian