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If you add $800 to the MSRP you see online then calculate the residual it should be spot on.
Dennis
If you add $800 to the MSRP you see online then calculate the residual it should be spot on.
Dennis
last trip to the dealer and here's the final deal we've got.
Honda Pilot EX-L 4WD with Navigation
Terms of the lease: 36 months 12K miles
MSRP: $35,645
Invoice: $32,270
Destination Charge: $645
Adjusted MSRP: $36,290
Adjusted Invoice: $32,915
Sale Price: $31,157
Discounted Below Invoice by: $1,758 (love it!)
Residual: $18,502
Money Factor: 0.0003
Interest Rate, %: 0.72% (sweet!)
Cash at signing: $1,300 (1st month, registration, bank fee)
Monthly Payment w/o Tax: $380
NY Tax Rate: 8.375%
Monthly Payment: $412
Keep in mind that there was also limited inventory of EX-Ls, only three cars on the lot at that particular dealer. I called around and none of other dealers had dark colors (black or dark gray) in stock.
If you add $800 to the MSRP you see online then calculate the residual it should be spot on.
Dennis
Dennis
Dennis
Note that the payments should stay the same with the fees rolled in, just the stated MF is wrong. They have rolled the bank fee in and perhaps either rolled the security deposit or bumped the MF up by 0.0001 to have the deposit waived.
Dennis
I am in NJ and picking up a 2008 EX-L AWD this Friday....
Here is my deal:
Honda Pilot EX-L 4WD (no RES or NAV)
Terms of the lease: 36 months 15K miles (wanted the extra mileage and its only $20 more a month. Better than paying over mileage fees)
MSRP: $33,445
Invoice: $30,282
Ad-ons: $745 (chrome step-bars. My wife liked the look and they can be part of the residual value so you only end up paying like $432 for them or $12 month)
Destination Charge: $635
Adjusted MSRP: $34,825
Adjusted Invoice: $31,662
Sale Price: $31,162
Discounted Below Invoice by: $500 (with the 1K lease incentive the dealer is making $500 plus any hold-back)
Residual: $17,761 (51%)
Money Factor: 0.0003
Interest Rate, %: 0.72%
Cash at signing: $825 (1st month, registration & doc fees)
Monthly Payment w/o Tax: $406
NJ Tax Rate: 7.0%
Monthly Payment: $433
My wife had to have black with the gray leather so they traded another dealer for the car. If we took one of the ones off the lot, we could have saved a few hundred bucks but you have to make the wife happy....LOL This is our 4th Honda lease with this dealer and we really like the service. We are always in and out in less than 1/2 hour leasing these cars. Time is worth money so I don't mind them making a few hundred bucks versus trying to get a better deal with another dealer to save $10-20 month. The other Honda dealers in central NJ are horrible....LOL
Which dealer in NJ are you dealing with?
We went to the one in Edison.
Personally I would rather have the Leather and heated seats.
Previous postings were stating that the residual for an EX-L AWD (no Res or Nav) for 12k and 15k miles/y was 54% and 52%.
According to this deal that changed to 53% - 51% ???????????
Anybody got the data for the EX-L FWD?
This is all assuming 12k miles/y 36 months.
Ditto the rear entertainment system (on some models).
Ditto for sure on the Nav system.
So if (for the sake of argument) Honda sold the EX, EX-L, EX-L RES, and EX-L Nav models. The residuals could be 54%, 53%, 52%, and 51%.
So if the Nav option costs $2,200 at MSRP then they know it will not increase resale value by $1,144 after 3/36K so they drop the residual on the whole SUV to reflect this. EX-L MSRP $34,080 w/NAV: $36,280 so the residuals might be $17,216 and $18,502.80 .
The EX-L is $2,300 higher at MSRP than the EX and the residual could be $17,216 and $17,161.20 .
So the better LEASING cars have no leather, RES, and no Nav. You still don't have to pay for all of the expensive features, but you have to may more of the whole cost of the vehicle.
They just base it on what they can get for these used when they are turned in. Leather appears to not be a popular options on a used Pilot and does not add much value. After 3 years the RES may be about worn out and we know the Nav will be even farther out of date.
Dennis
01/03/2008 through 3/3/2008
So the lease on the VP Pilots will go on through then, at least. Ditto the dealer incentives ON THE VPs since the dealer's price is $500 under invoice and they would not go for that without the $1,000 Honda gives them on leases.
So on VPs we look good, PROBABLY on the other trim lines too.
Dennis
I never looked at any trim line except VP and EX so I don't know for sure those residuals, but as I posted elsewhere leather, the entertainment system, and nav do not add that much to the resale value at lease end, so you do not get as high a residual on models with those features as you do on ones without.
2WD gets better mileage and costs a good bit less, but on most (all?) Pilot trim lines 4WD has a 2% higher residual.
So if you are looking at a 2WD EX-L RES Pilot you have hit the "reverse jackpot" and would have about the lowest residual of any model. The only way it could be worse is if you had Nav as well
Dennis
3% drop for 2WD and then more drops for leather, Nav, and the entertainment system.
Dennis
2008 EX-L FWD rv 12k/36 is 51%, 15k/36 is 49%
Now, let's go for the price. I'm getting a car next week.
As I said, if you pay nearly $3k for leather it is not going to be worth $3k more in 3 years nor do they think it will be worth 54% of whatever of $3k.
Most cars, and I assume the Pilot, only heat the front two seats. When my kids were younger and had to ride with me to school on cold mornings I can assure you they much proffered a cloth back seat to un-heated leather
There have been lots of comments on how bad a Nav systems hurts residual PERCENTAGE and how little extra you get back for a Nav equipped car down the road. The current Honda DVD upgrade price will buy you a nice Garmin portable GPS - so the built in Nav is WAY too expensive and updating the maps is high priced too.
On the used market folks say "Gee, I wonder how much that costs to fix if it breaks" when the see the RES and Nav in the vehicles. Folks leasing for a term <= warranty don't car because they are covered. In fact, I think folks with loaded up Hondas are more like to buy HondaCare extended warranties - they don't charge any more for an 4WD EX-L Nav plan than they do for a 2WD VP plan, and the more expensive car has a lot more to go wrong with it (over the life of the vehicle). The same for a loaded up Ody mini-van - Nav, RES, power sliding doors, etc.
Dennis
Sale price was $28,870, but they claimed that it had about $550 of dealer accessories (mud flaps, cargo mat, wheel locks, some other small stuff that I can't recall), which was supposedly $375 at cost. If I believe that, minus that stuff sale price was $28,495 which I think means I was a couple of hundred bucks into the holdback. If I got snookered on the accessories, someone please tell me - not that I'll do anything, I'd just like to know.
Anyway, I put $1000 down, Capitalized cost was $31,715 (in MD you pay full 6% tax like it's a purchase so that plus destination is the bulk of what's rolled in there), and payments are $380.
This is a great site for information.
AWD SE
$561 at signing (first month $347(incl'g tax), registration, tag, document fee)
36 month /36,000
thanks to the members for the knowledge and help
Congrats on the new Pilot! What color did you choose?
IIRC, your quote was just under invoice? So you got it for under invoice and they tossed in the mirror, hitch, and rubber mats? Not bad at all.
Be careful in that snow.
Dennis
We went to Coast Honda in Wall Township, NJ.
My wife and I just got back from Honda less than an hour ago with her new black with gray leather interior 2008 Pilot EX-L. She is so excited. We had a 2002 Odyssey EX-L w/ RES and then a 2005 Odyssey EX-L w/ RES, but after the lease ended on the last Odyssey, she wanted a SUV (she was getting tired of the soccer mom image driving the mini-van....LOL). The Pilot does not have as much space as the Odyssey but whatever makes her happy
Our salesman also said that the $1,000 lease incentive is no longer in effect as it ended yesterday on 1/31/08. But he put in our paperwork yesterday so we still got the deal. For February, he said they upped the $1500 cash to $2500 for purchases and on the leases they dropped the money factor lower but eliminated the lease incentive money. I'm not 100% sure what the new money factor is but I think it may be the same as the FWD rate. Residual on the AWD EX-L was still 53% for 12K miles and 51% for 15K miles.
Best regards,
Best regards,
Tony P.
The lease specials shown online are only for the 2WD and 4WD VP Pilots, so we can't know what they did with the other trim lines until someone lets us know.
They can't get much lower on the MF as it is nearly fee. If you look on your lease contract look at the amount listed next to "Rent Charge" - this is the interest you are paying on the lease. On our VP lease this is less than $200
Dennis
congratulations on your new Pilot!
It seems that having $1000 holdback in Jan was better deal that lower MF now.
2008 Pilot EX-L AWD
34,080 sticker
29,200 sale price
I havent ruled out a lease yet, if I can keep a 15k under 450 Id be happy!
Jim
Dennis
As far as dealerships, stay away from Honda at Superstution Springs. They tried to play games and were $30.00 a month more for the lease I got. I delt with Tempe Honda, an internet guy named John Washington, who was really great. If you decide to go there ask for him and tell him Dwight referred you. The other dealership who came within a dollar of the price I got from Tempe, was Right Honda, although I went with Tempe because they got the info to me first. If you need any more info let me know. I posted the info on dealer incentives and hold backs, selling price, money factors, etc. You don't need to put a lot of money down, and depending upon the size of payment you can handle, roll everything into the lease. At the money factor I got of .00014, it is really cheep money, and silly not to. At least on the SE, they are willing to go into their dealer incentive of $1300.00 , which will get you way below invoice for the sell price...
There are other factors involved. On the info they provided me, it showed a profit on the SE of $76.98, but who really knows. I had a great trade in, an 04 pilot EXL with really low miles and they will probably get around $4000 profit on it. I indicated in a prior post the sell price was $28,000, my mistake, it was $28,500.
They said the price is good for a lease.
The dealership is 30 miles from home.
Would that be real?
I went to a local dealer, he showed me the residual spreadsheet for all Pilots, and it showed 50% for EX-L FWD 36/12k, and 48% for 15k.
So, it's 1% lower that I thought, more in line with dwynne thougths. Leather doesn't residualize that well.
Anybody can confirm these numbers? Help!!!
As to the low ball price, make sure the include the destination and dealer fee in the price. Some shady dealers will quote you online/on phone for the vehicle and "forget" to include the destination charge and the dealer fee. Then when you show up, they add those into the price and you go from a sweet deal to a terrible deal in a hurry.
Dennis
Dennis
On another note Wow, it is easy to see Acura needs a Total overhaul. They seem to be really struggling, RL can't compete, TL getting old, RDX overpriced, TSX getting old.