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36/15k
First payment down.
423 a month tax included.
I can get a nicely equipped G35 sedan or G37 coupe for not much more than that money, in fact a fully loaded (just about every option) example would only be about $100 more per month with 7% tax on it.
Accord lease numbers are really, really high right now.
Dennis
I've summed this in another post before but I'll go over it again (numbers may have changed slightly). I pay 421 / mo for my accord with 1288 down (just fees). and my friend actually pays 438 for his TSX as he got it in Nov but i know i could get a TSX putting just the fees down for 360.
Accord TSX
Lease Pmt / Mo 425 360
Insurance /yr 1100 1600
MPG 29 25
cost / gal 3.00 3.30
mileage/yr 15000 15000
Gas Cost /yr 1552 1920
Total Annual Cost 7752 7900
Monthly Cost 646 659
So as you can see the lease payment is only one factor in the equation. My friend just got a 08 TSX and i couldn't convince him that the honda was a better deal but i hope i can convince you. When he got in my Accord yesterday he was blown away with how nice it is. (I know i'm bias but i think the fit and finish of my EXL is better then his TSX, and it's bigger and more comfortable).
I work for an insurance company, and my friend with the TSX is actually an insurance agent, he freaked with how much his premium went up when he went to the TSX. (TSX is a Symbol 19 vs the Accord is a symbol 12) (for anyone who is not insurance savvy the higher the symbol the more it costs to insure.
The other factor which i didn't mention due to it's varying by state, county, or in some places by city is property tax. The value of the TSX is higher then the Accord (by about $3,000) so you will pay higher property tax as well.
I love my Accord, and it was worth the wait!
When the new G37 coupe came out folks were paying way over MSRP to get one and the lease rates were 0.00285 (even worse that Accord). Now, just a few months later you can get the car near invoice and the rate is 0.00239 and they are even offering $500 or $1,000 in customer cash.
I don't want to be the "first on my block" with a new model, I want to be "the guy on my block who got the best deal" :-)
Dennis
2008 Honda Accord EX-L I4 Sedan Automatic
36 Month – Residual 60% of MSRP – .00255 Base Rate (15k mi/yr)
MSRP: 25,860
Invoice: 23,428
Residual=15,516
-----------------
Assuming I have a trade-in, the best approach is to negotiate the lease terms first and then mention the trade-in, correct?
Do your homework on the trade just like you did on the new car in finding the invoice price and lease buy rate, find out what Edmunds, KBB, NADA, and Blackbook say it is worth. Run it by Driver's Way or Carmax and see what they will give you for it. Then you will have a good idea of what to expect.
If you buy near invoice you can expect a near auction value for your trade, the more they make on the new car the more than can allow on the trade. The difference is all that matters in most cases.
Once you have all the numbers worked out, you simply pop the difference in your lease calc and maybe roll in the $595 bank fee (or not, that is a high interest rate) and work out the payments. That should be the same thing the dealer comes up with as well.
The rates are not very good now and have not been since the new Accord launched, but if you look back to early last year you could see numbers like 55% residual (36/45k) and 0.00078 on an EX-L Accord. To see what difference that makes, let us say you can lease at invoice - if you plug in the current residual, invoice, 36 months, and current MF you get a payment of $319.12 per month without taxes, bank fee, etc. If you plug in the numbers from May you get $285.09 per month, a savings of $1,225.08 over the life of the lease. Go back to last March and the payment is a little less, go back to last Jan and you are looking at $278 per month a total of $1,480.32 over the life of the lease, not counting taxes.
I know this is a new design and the EX-L I4 might have been cheaper last year, but I am using the name invoice price and MSRP to show the effect that rate has on what you pay. The more expensive the model the more the difference typically.
If you don't have to have a new car right now (and most of us fall into that category) and you want to lease an Accord then I would just wait for Honda to offer better rates. The more folks that sign up for these high rates, the longer it will take them to decide to drop them
Dennis
lease: Accord 08' sedan LX auto
36 month
12k per year
drive off- taxes/mv and all $2400
payment per month with tax $248
Is this a good deal?
But, I would think Honda would want to have better deals now, since it is winter, and sales are slower. I am not buying when its cold out, I'll wait til Spring.
Read all the above posts.
Its not a good deal.
36 Months
15k Miles
Inception Fees 1200.00
352.00 Per Month tax included
MF=0.00255
Not sure if I am going to pull the trigger however wanted to pass it along.
Not bad at all.
I got an offer for Honda LX-P lease 48 months 15K miles/yr lease for $269 with $2000 at signing (includes taxes etc + 1st month payment). I put $300 to reserve the car but have not acquired it yet. Is the payment amount good?
Thank you
Its a fair deal, but certainly not real attractive, I would wait, unless you got to have it.
Any lease on the 08 Accord right now is going to be fairly expensive. Sure, you negotiate the price, but when they use the lease rates, its horrible.
You should be somewhere near that payment with little down.
Car_man
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Accord Coupe - EX-L v4
Leather
heated seats
moonroof
spoiler
Front and Rear bumper
Side skirts
The guy is giving it to me for about $270 a month for a 39 month lease. With 2,000 down. The MSRP on the car was i think 25k....I am taking a 39 month lease because i'll be a year out of college and will be making a salary by then. Thanks for your help. Oh located at Staten Island Honda - Hylan Boulevard, New York
Wow, I am totally surprised about your deal. Even with $0, thats a good deal, especially on a coupe.
What do you think Car_Man? Is this totally normal, and what it should be?
They key is to get a good price on the front end AND to get a nice low MF on the loan.
Right now the MF is not that good, so you need to be sure you have a nice price up front. There is no way to predict what the future value will bring so no sure bet that the car will bring buyout as a trade in 2 years, but if you get a good low price and a low lease money factor (and lease something with strong resale value, like an Accord) you have done as much as you can to insure that will be the case. Only time will tell for sure.
Dennis
That is true, but try trading in a nissan or chevy, and you'll see that it won't be easy getting out, without digging out the fees, and negative equity. I was at point to trade in early last August, and I was going to owe nothing on the car. You are right though, it does help to have low price, so it works out better in the end, but I don't see getting a good price as a problem so much any more on the 08 accord, it is the lease rates that are killing us. Really, I might lease my 08 accord with a longer lease, so I get a better payment, I see myself keeping my next car for the whole lease, and possibly opting to own it at the end.
I have been getting quotes, but there bad, and I feel that I want to wait, when the weather is warmer. That way, I'll really enjoy the car.
I have 29,654 miles on my current 06 Accord lease, but I can only have 36k on it, but my lease isn't up til Jan09. When should I trade, so it looks better to the dealership?
I think you can get more for your used Accord when there is some of the full factory warranty left - so something under 36k would be nice. A Honda dealer can CPO a Honda to help them get top dollar for it, but having some bumper to bumper warranty helps the car move even without the CPO. For sure before we get close to 09 model time as your 06 will be another year older.
Next time get a 15k lease if you are going to drive more. The cost is 2% of MSRP less residual, so on a $25k car this is a $500 lower residual or $13.89 per month plus interest and taxes (if applicable). The lower residual means your buy out will be less during the lease term and you can always have the turn in as a fall back. If you go 45k on a 36k lease you are looking at $1,350 on a cheap car and $1,800 on a car with MSRP $30k and up. So paying $500 plus interest/taxes is cheap in comparison and helps make that "just turn it in" an option.
Lease, then buy only makes sense if the lease money is really cheap. A couple of reason, first is the $595 bank fee - so that makes your net cost $595 higher than a purchase price. Second is you pay interest on the whole car (residual and depreciation). If the lease numbers are good, you can run them and get your net payment x term and get your lease total of payments, then see what the finance would be on the buy out. Total those payments and add to the lease total, that is you lease then buy total (guessing at the future interest rate for a used car purchase). Compare that against the sum of payments for a loan. Anything that is say $1,000 or less different is probably a good deal, the more the difference the worse the deal - if you end up buying the car anyway.
I have not checked it for a new Accord, but with the 0.00255 buy rate I am nearly positive it is not going to look good for lease then buy.
Dennis
4 cyl - 3yr 36,000 miles
Sale price - 24,263 ($200 over invoice)
Residual - 16,428
Money - .00265
Out of Pocket - $1,000 (first month and bank fee)
Monthly - $363
6 cyl - 3yr 36,000 miles
Sale price - 26,552 ($500 over invoice)
Residual - 17,503
Money - .00265
Out of Pocket - $1,000 (first month and bank fee)
Monthly - $410
Are these good deals. I'm in NJ. Offer from Clinton
IIRC, the top tier lease buy rate MF is 0.00255 so the number you posted either reflects some dealer mark up or a lower tier rate.
Dennis
Thx
first time lease buyer - Maryland
You could get an Acura or Infiniti for $465 plus tax per month, heck a loaded G37 coupe with an MSRP over $42k (Nav/tech/premium) is about $487 per month.
Dennis
$465 for an Accord lease, That is horrible! If you read the earlier posts, you will see that the lease rates are bad right now. I can only imagine getting an EX-L V6 Navi, that would put you over $500 over in payment!!!! That goes into another price range as far as leasing cars!
Work on Price, Start a lease, $0 Down!, remember, don't take the first deal, do your research, and be patient. There is no support on the Accord leases, At some point there will be.
Go to honda.com and request quotes from dealers, and work on lease deals with them, but work on price for the car, then do a deal, or call dealers.
Wow, that is hilarious, and just to think some people are paying this and more on an Accord.
Just be careful. Because at some point you don't want to find out that people are getting good deals on an accord, and your paying an insane price for the life of your lease. Your going to be stuck with this payment. There will be deals to be had at some point, like others have said, its a matter of when, and competition is really strong. Honda won't want to lose the grip!
Just know that that payment is too high for an Accord.
$0 down
I am paying up front 1st payment and state license/reg fees
$334/month (includes tax)
no security deposit or disposition fees...
Buy it?
I would totally do this deal! This is much better! Exactly, now doesn't it feel better to have that money in your pocket? For the market, this is a great deal!!
Have fun!! This deal is great! With little strings attached. Go for it! The coupe is one beautiful car!! What color are you getting?
Now, did you got to another dealer or did the dealer back down, and give this offer?
I don't get how all of these deals happen in NY that I hear about that make mine sound bad!?!? Like in Brooklyn and Staten Island?!
My fiance loves that polished metal... So do I actually..
I will be back in 8 months when I buy myself a new car.. Looking at z's- it's time i treat myself. I have an 04' nissan se-r right now with a 8 months left on the lease, but I NEVER drive so leasing is dumb, Im WAY under my miles limit on my current lease.. ( i drive like 5k/year)
Thanks again man.
If you have so much left over miles on your nissan, than you'll have some equity on it!
Ya, I am not going to lease til spring, it is too cold to be looking for a car. Spring will be so much better, there might be better deals then too.
I am not sure of what color I'll get, but it'll probably be a 4 door, but the coupe is so beautiful, I love the red, or the blue color. AMAZING!
Now, you can rest and have fun in the new car!! Then in the spring, crank open the moonroof, roll the windows down!! By the way, you can roll all the windows down and the sunroof with your remote key.... click unlock, once, and then click again and hold down. There is a tip if you didn't know.
If you go over on your lease miles, you pay.
If you are under on your lease miles, the lease bank makes extra when the sell your car - you get nothing back when you turn your car in.
Dennis
Yes, I totally see your point too, but when leasing, they still look at your
"lease turn in" as a trade. If I had very low mileage on it when I turn it in, especially honda, I am going to got top dollar for it. The dealer will make more off of it when the sell it, but I am going to take in some benefit for it.
This is exactly my situation, I will have to turn in my lease early, because my miles are nearly up, if I go over than I will have penalty for every mile over, in that case, it would be considered negative equity, in which is subtracted from any positive equity I may have.
But, IF you were to turn it in, and NOT lease another car, than you would not see any benefit from it. Really, you did not success get your moneys worth on the lease. Oh well. In this case, I would sell it, not turn it back in.
EX-L V6 $359 36/15K
$0 Down Tax & First Upfront long island
How did you come about this great deal??
Thank you.
Most folks think you can only turn in the car or buy it, they fail to realize that you can sell it to someone (through a dealer) or sell it to a dealer and even trade it in. And not just at lease end - you can do that at any time during the lease. Get a current pay off on the lease (excluding taxes) and if that is less than what a dealer will give you for it you can trade or sell it and pocket the difference.
In all the leases I have done I have only turned in ONE lease - in every other case I was able to sell or trade the car with no negative equity and in all but one case with profit in my pocket (over $2k on a 330i).
So if *I* had the low mile cream puff I would not turn it in at the end of the lease, I would sell it to someone. If I wanted a new car now, I would not wait until the end of the lease I would sell it now.
But as I said, if you TURN IT IN you get nothing extra for it having low miles.
You can't turn your lease in early if you are out of miles (and save money), you would need to park your lease car and still pay the payments OR find someone to buy/trade it at the current buy out price. As someone mentioned here, if you voluntarily turn your car in early to end the lease they will likely auction the car off and bill you for the difference between what they get and the residual (if any).
Dennis
I am sorry if I upset you, I was only stating that if he had a nissan with low miles, then he would have some value in it.
Good points though to think about. I'll just trade it in at the dealer.
As I said, most folks do not realize they have the option to sell/trade the vehicle for profit (or to just make the lease go away). If you leased a low price with a low MF and have taken good care of your car, quite often you can make a little money and/or get out of your lease early without any penalty by selling or trading your car.
Dennis
Have the lease numbers changed?
I would just call or e-mail and ask a few dealers, most have no problem disclosing the rates and residuals since they do not mark them up. Be specific about the trim line, leather/no leather, nav/no nav since that effects MF and residual.
The dealers could also be quoting 3rd party bank leases since the AHFC rates were so high.
Dennis
I like your lease number, however I want to add the Nav. What state do you reside in? I am in NC and the Honda dealers I am negotiating with indicate they can not beat this number. I am considering an Accord EX-L V6 with black leather and Polish Metal color. Do you mind indicating the dealership name and city in your reply?