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Comments
Hi kpart,
It sounds like that price is MSRP. You can do much better. Many people on this forum seem to be getting EXL with DVD for about $1500 below invoice. Edmunds reports invoice including destination at $30,199.(link title)
I have not had any luck getting a price like this however. The best price I have gotten is $29,995 including destination, fees, etc and excluding TTL. I am in Omaha, NE.
Best of luck!
Math for calculating the dealers cost:
Invoice
+Destination charge
-Cash back from Honda (currently $750)
-Hold Back*
= Dealer’s Cost
*HoldBack = Invoice (not MSRP, no destination charge) * .03
Example:
Odyssey EX (cloth)
Invoice $25,990
Destination $595
Cash back -$750
Holdback -$780
Dealer’s cost $25,055
There is some disagreement on the holdback. I’m not a dealer but after talking with one, I feel confident that the holdback it 3% of Invoice a change from 3% of MSRP.
Financing – Until 7/5/07 there is a 2.9% for up to 36 months and 4.9% for up to 60 months. Dealers do not make as much on Honda financing as they would make with other companies. Don’t let them steer you to other financing unless you don’t qualify.
Many expect the cash back to increase and/or the financing rates to improve to help move the remaining ’07 Odyssey’s. Dealers are overstocked due to poor Odyssey sales. But they are crushing it on CRV sales so dealerships are profitable allowing many to move Odys at near cost.
Dealer “Packages” cost – (approximate)
Wheel locks ~$37
Splash guards ~$62
Pin Stripe ~$15
Paint Sealant ~$25
Edge guards ~$30
VIN Etch ~$1 (and that might be high – lol)
Labor for all this ~$40
Many dealer’s put their “package” on all cars. The “package” is there to help dealer’s increase profits and take away a bit of the perfect knowledge consumers can have in the advent of the internet and known invoice prices. Most folks don’t know what pinstripe or “paint sealant” cost so it helps the dealer when someone brings in their CR print out.
Also un-itemized “dealer prep” or “document fees” are usually fat too. Always ask to see a break down of the “document fees” if they won’t or can’t then you can be sure there is more in there then title and license.
Remember *most* dealer’s are not trying to screw you; they are just trying to make as much profit as they can. No different then us trying to get the best deal we can. If I think of it that way, I don’t have negative feelings toward the dealer/salesman. (Negativity doesn’t help in negotiations)
In my humble opinion, the best way to negotiate is on OTD price. But you must KNOW all the components specific to your location – Sales tax, license, registration, inspection, etc. then add it all up for an OTD price.
Remember to post up your results with break down of costs.
Good luck all. :shades:
Yeah, they are trying to take you for a ride. You have been quoted MSRP. The floor, from what I can tell, is 29,092 for the exl with dvd. I got that exact quote from 6 dealerships, and then one dealership that came in about 750 below that. We bought ours last week, and according to the dealer, the Odysseys, Pilots, and Accords are the cars that are the "dogs" that they don't make much profit off of... the CR-V and Fit, however, expect to pay well above invoice.
Good luck!
I got a quote from one of my local dealers for 2007 Honda Odyssey Toruing with DVD for $34650 Out the door incl title, taxes and registration. Is it a good price?
The Touring model doesn't have options according to Edmunds, so the 3% holdback on base MSRP should be calculated from the MSRP, not including destination charges (DC).
The MSRP for the Touring is $39,095 without DC. I've just started negotiating online with 7 dealerships and the lowest price from the initial salvo was $35,250 + DC.
I think I can still do better.
Here's my breakdown:
1. Dealer invoice = $35,388
2. Add DS = $595
3. Subtract Marketing Support = $750
4. Subtract Holdback of Base MSRP (still not sure if this is correct) $39,095*.03= $1,172.85
$34,060.15 baseline starting point
From here I'll try to add a fair profit for the dealer (advice on this number varies). Edmunds also says that dealers regard holdback as "sacred" and some refuse to include it in negotiations. If they are stuck with inventory, as I've seen posted here, then they may have to consider going into holdback. Business is business.
Clearly the first round of offers I received show that dealers are willing to go under dealer invoice, thanks to the $750 marketing support, and it is my guess that these numbers support the idea that Odysseys are sitting at the moment.
We'll see how it turns out.
R
Email quote:
Price (including dest): $26,890
Tax: 7%
Fees
Additional add-on: $80
No trade-in. Cash deal.
Thanks.
I'm looking at all of the posts trying to figure out the true holdback. Edmunds says 3% of base MSRP for the Odyssey. Until I have proof otherwise that is what I'll use when negotiating."
If it is off invoice, the diffence is only $111 so either way your realy close.
You are looking at the most expensive model. I would think that is not a big mover so dealing should be easier.
Good Luck :shades:
also, invoice less 3% is not their cost. These dealers make more than 3% on a vehicle. Buying at Invoice is a great deal, just don't feel sorry for them. They made more than 3%.
Buying experience: Pretty stress free because I did everything through email. I first ordered a consumers report vehicle price report for $14 (listed all current incentives including hold backs (750 +933)) The price they gave to negotiate up from is 26915. I sent out a broadcast email to dealers on Edmunds.com stating "Please send me your lowest out the door price including all fees - I want nothing but Tax and Title to be added to the number. Well, 4 dealerships responded - two said come in (I ignored them) and two gave legitimate offers. Honda Barn gave an offer of 27850 and Peters Honda said 28030. I figured no dealer would accept 26915 and would not take me seriously. So I "allowed" them to make $485 (27400) since I had seen nearly this price (27500) around the web. Honda Barn came back with 27642 so I said not bad - but they wouldn't move any lower. I then called Honda North and said I am buying the van tomorrow at Honda Barn this is your one and only chance to beat their price - at first they tried to play the game offering me 27500 over the phone on the first call and then on a second call stating that it didn't include fees. I said bull. You said 27500 with no fees - they said can't do it. I said bye and was planning to go to Honda barn. 15 minutes later the manager called me back and said let's do it..no fees. That was that I went in, no hassles they honored the price. Though I couldn't get them to budge on the 8/120 warranty.
By the way the salesman Ivan Perez was a good sport. I made him bring me 3 different vans. I had gone on the web and researched all the problems with the car. Took the list with me on the test drive and listened for all the problems. The first van they brought to sell me had some scratches on the bumper (I really don't think Ivan knew it was damaged - they park the cars there really tight together and sometimes the techs scratch them and don't tell anyone..would you?). Anyway, I said no thanks. I test drove the second van, but experienced the infamous slider door rattle. I said no thanks. They brought another one around and I test drove that one...beautiful. I got out of the vehicle and wrote down the VIN. That is the one I bought. If I didn't go with Honda North I probably would have gone with Honda Barn (not as big or reputable I've heard - they all like to bash each other saying don't believe the price over the phone the other one is going to add runner fees, etc.)...Well good luck in buying your next van. The internet and email pretty much took the stress out of the car buying process. I have one last suggestion, when you get a price over the phone, have them fax you a purchase and sales agreement stating the price and stating no additional fees. This is legally binding whereas a phone call is not.
2007 Odyssey EX - Silver Pearl Metallic
Sale Price: 24,575
Destination Charge: 595
Processing Fee: 100
MD Tax 5%: 1,228.75
MD Tags: 247
Overall Total: 26,745,75
Should I purchase today or wait and see if incentives change for July?
Thanks for your detailed post. I would like to buy an EXL-RES today and am wondering what the problems are (besides the slider door rattle) that I should look for before I purchase. Thanks so much!
Marsha
Any lower? Probably not.
Bring it home.
Not sure if you were responding to me, but yes it is the EXL with leather DVD(RES) and navigation for 30,400.
I got mine at Landmark Honda in Alexandria, Virginia. All negotiations were over the internet and the salesman, while persistent, responded quickly and did what he said he would do. I put $11,000 cash down and financed the rest through Honda 4.9% financing for 48 months. I highly recommend Landmark Honda. They were very efficient and did what they told me they would do. I was in and out at the dealership in 1 hour 10 minutes. And my wife is off my back about getting her an Odyssey.
Thanks so much for your reply. We are still holding out for a better price so we didn't buy today. I will keep these things in mind when we pick out our vehicle. I really appreciate your detailed reply!
They had the vehicle ready when we arrived. Bought from Hennessey Honda in Woodstock and dealt only with the internet department. Also, did the 2.9% financing for 36 months.
Just got my Ody EX-L NAV and DVD for $31,300. After 8.25% CA tax, lic, 8 yr bump to bump extended warranty I paid $34K and some change out the door. Not sure if I got the best deal but hope I was in the ball park.
My fist new car ever. Only got this cause I (my wife) just had our third child and need something with more room. Please leave comments on wether this was OK or if I got robbed. I see a lot of OTD prices that seem lower but I think many of those have lower state taxes.
Thanks
We are in the negotiations with a local dealer (NC) for an EXL w/RES and the figures so far are:
Base price $28025
Wheel locks and mud guards 149
Destination 595
All weather mats 0
Rubber cargo tray 0
Total Price $28768
TTL 3%(NC) and Admin fee 1017
Total OTD $29786
I know it's not the best deal but is it a decent deal? Any input is appreciated!
Could you please let me know the specifics of how you negotiated these deals. I sent an email to 13 dealerships stating an OTD price of $28250 +TTL. Most replied they could not come close to that price and didn't even send a price they would offer. The best price so far is $29995 OTD +TTL for an EXL-RES. Any insight you can give would be greatly appreciated. I live in Omaha.
Thanks so much.
Vehicle $28,539.86
FL Tire Battery Disposal Fee $6.50
Sales Tax (6.25%) $1755.23
Registration/Title fees (new tag) $187.00
Doc Stamp Fee $105.35
Dealer Fee $499.00
-------------------------------------
Total $31,092.94
It included cargo tray and some sort of splash guard/mud guard thingy's behind the wheels.
Here is the full story for those interested.
I had a leased 2004 Odyssey thru my company, with the lease ending 7/3/07. This time we wanted to purchase privately. We knew exactly what we wanted - a new 2007 Odyssey EX-L w/RES DVD. My mother has a 2005 Odyssey with the new body type. I've driven it and liked it, so didn't need to go in for a test drive anywhere. We were fairly open on color.
A sales person from Wade Raulerson contacted me by phone early this week because they knew the lease was coming up. They quoted me $30,490 base line / $33,045 out the door. They had one on the lot in a color we liked. I started researching online, purchased a consumer reports Odyssey price service report for $14, and reading thru this forum. Reading this forum was very enlightening! The salesperson had implied (of course) that he was offering me an excellent deal. But after reading thru here, it didn't sound so great to me.
At first I thought I would just call 2 other fairly close dealerships, and asked to speak to the internet manager at each. One I left a message for and they never called me back, the other emailed me back a quote of $31,000 base, worse than the quote I already had. Back to the drawing board.
I started searching online for Honda dealerships within 100 miles of us. I went to individual dealership websites and checked inventory to be sure they had one on the lot. Then I submitted request for quote thru the websites (in the end I did 5 total). Some let you include a detailed note, some don't. Most sent automated responses initially. It is important to respond to the automated responses even if you had already included all your info in the initial online request.
Points I learned to include:
- the exact model we wanted
- that we wanted to purchase in time to take advantage of the 4.9% financing being offered by Honda thru 7/5
- that we have excellent credit
- that I had already calculated monthly payments, knew we could afford them and was just looking to find the best price we could
- that I wanted an "Out the door" quote including all taxes, tag, dealer fees, doc fees, and anything else
- that we would need a new tag (not transferring one)
I was amazed at the great response I got. The best initial response I got was $31,200 out the door from Duval Honda of Jacksonville. Holler Honda in Orlando originally came in higher than that, but was willing to go to $31,100 in response. Honda of Ocala was also competitive.
Now at this point, I kind of wimped out. I probably could have spent more time, negotiated harder and maybe gotten a bit lower. But I was ready to be done, felt like we were in a reasonable price range. I called the Wade Raulerson salesperson and gave him the $31,100 out the door figure and told him if he could match it we would drop everything, come in and finish the deal. There was a long pause on the phone. He called back 30 min later and said if we could bring in a copy of the email showing the $31,100 quote they would meet it.
After that it was so easy. We gave him credit info over the phone to get paperwork started. Total time at the dealership was 1 hour 40 min and that included a 20 min test drive just to feel comfortable everything was in working order. They had the car all ready and prepped when we got there, ready to go. There was no pressure or negotiating, just standard paperwork. At the final contract printout, they did (accidently?hummm) try to slip a $100 doc fee in after the out the door quote, but my husband just asked, 'what's this?' and the finance guy said, 'oh oops, let me fix that'.
I think it helped that it was the last day of the month 6/30. And there was no shortage of Odyssey's available. Every dealership I checked had at least one on the lot in a color we would have bought. Best wishes to everyone out there still looking.
Our monthly is payment including taxes: $333
Inceptions: 1393, which includes first month payment, doc fee, bank fee, Title/Registration, and Tire Tax.
I have been shopping around via email for the last few weeks. Planet Honda in Union, NJ gave me the best offer a couple of days ago. Joyce Honda was willing to match the offer, however, they didn't have the color car I wanted. Joyce Honda was by far the best about responding promptly to all my emails, and they even broke down all the inception fees to me, which seemed quite fair. DCH Paramus was also responsive, but their price was too high, and they wouldn't negotiate. Several dealers I contacted didn't give me complete information and then didn't respond to my request for more details, or they just couldn't match the price.
The worst experience I had was with Metro Honda in Jersey City. I'd like to report them to the better business bureau. They did a bait and switch on me. They lured me with an email saying: "we promise to better the deal of any other franchised dealership's Internet price on any new in-stock vehicle by at least $500 - $1,000 in additional savings! The competitor's price must be documented with a written agreement (provided upon request)
from a currently franchised Honda dealer located within 50 miles of Metro Honda, and the agreement must be dated within 10 days of the date you visit Metro Honda. The agreement must show the specific vehicle quoted by vehicle identification number and the vehicle must be in the competitor's available inventory."
The sales person told me all I needed was the email quote for proof(not an agreement). He refused to quote me a price over the phone, and insisted I come in to get the deal. I fell for it, and went to the dealership in the morning. They claimed to beat my offer by giving me a selling price $500 less than Joyce Honda's offer(25,500), but then jacked up the payments well beyond what they should have been. I told them their payments were way off, but they disagreed. They said they just couldn't go that low. We walked and went to Planet Honda. I strongly advise anyone from going to this dealership. They will trick you!!! What I learned was never to go to a dealership without a firm price. Everyone else had no problem giving me a price, whether it was on the phone or on email.
In the end, I think we did just fine. Thank you to the forum for help.
I also read info at carbuyingtips.com. One tip was to first request price quotes through at least three of the following websites: Cars.com, InvoiceDealers, Yahoo!Autos, CarsDirect, Edmunds.com, Autoweb, Autos.com, Car.com, and the Capitol One Auto Buying Program (www.capitaloneautobuying.com). After deciding that we wanted an EXL-RES, I submitted requests to all of these sites around 12 midnight. I did not put any price information. If there was a comments section, I only typed in our three preferred colors. After submitting all the requests, I went to bed. The next morning there were price quotes from 7 dealers--3 responded to my request from edmunds.com, 3 responded to my request from cars.com, and 1 responded from the Capitol One Auto Buying Program.
The lowest quote was from Livermore Honda for $28,699 (including DC) + TTL. From reading the posts at edmunds.com, I thought this was a pretty good price. So I called the Internet manager at Livermore Honda, confirmed that the color we wanted was on the lot, and drove there around 1 pm on Saturday. We were out of there by 4 pm with our new Odyssey at the quoted price.
Hope that helps you!
I began my research on Friday night (6/29/07). Read the forums at edmunds.com to find out the prices people have paid for the EXL-RES. Then around midnight, I submitted requests for price quotes through a bunch of Internet sites, including edmunds.com, cars.com, and the Capitol Auto Buying Program.
The next morning, I had 7 price quotes from different Honda dealers. Livermore Honda had the lowest price: $28,699 (including DC) + TTL. Dublin Honda offered to beat any e-mail offer by $100. We prefer Livermore Honda--we've had good service experiences there and had a good referral for the Internet manager from a neighbor. I also read a post on the forums describing a good experience at Livermore Honda.
So I called the Internet manager at Livermore Honda and asked if he could reduce his price by $100 to match the offer from Dublin Honda. He laughed and said that Dublin Honda is never able to match his prices and explained that he doesn't like to play games, just tries to offer the lowest price he can. From reading the posts here, I knew that $28,699 was a pretty good price, so after confirming that he had the color we wanted on the lot, we drove there around 1 pm.
He had the car ready when we got there. We did a test drive and fully explored the nooks and crannies. I had calculated the TTL fees from the CA DMV site. His itemization was slightly higher (about $68)--he included the CA tire disposal fee and a $50 doc fee. He said he couldn't waive the doc fee. We thought it was good enough. After we had discussed the price, we brought in our car for trade-in.
The end result was that we left 3 hours later with our new 2007 EXL-RES for $28,699 + TTL. Great experience. I was shocked that we could do this deal so quickly. I had assumed that I would need to go back and forth a few times, but I was very happy that Livermore Honda presented a good offer right off the bat.
Thanks again!
Then I looked on the Honda.com to locate dealers within a 100 mile radius of my home. There were 5 dealers that I had not previously heard from during the process above.
I went to each dealer's website and searched inventory to see if they had the exact van/color I wanted. If they had one, I emailed the dealer and let them know I would be purchasing on 6/30. I asked if they could beat my lowest price on the specific van they had in stock (gave the VIN number of the van I saw on their website). I also told them I wanted cargo mats, cargo tray and splash guards included. I asked for OTD pricing inclusive of 7% tax. Figured I could then back into the price before TTL, to compare to what I was seeing on the forums.
The dealer I went with was about a 45 min drive from our home. They weren't the only dealer who gave us this price, but they were the one who came back immediately after my email and gave the most straightforward answers. They even reserved the van for us until 6/30, without a deposit.
I had another dealer email me on Friday night and try to undercut my best price by $100. But, I had already had a good experience corresponding with the chosen dealer and already had my plans in place to purchase with them.
The research took some time, as did the dealer emails. Some dealers tried to get into negotiation via email or would call and tell me I needed to "come in the showroom". These dealers were deleted from my list.
EX-L with Towing Package: $28,150
Dealer conveyance fee: $299
Tax: $1,706.94
Registration: $173
=====================================
Total: $30,328.94
I feel pretty good about this deal. I think I've seen lower prices on this forum, but I couldn't get any lower in Connecticut.
A summary of my process:
1. I read this forum - Nice work everyone.
2. I contacted 11 dealers in Connecticut and New York, offering them $28,150 for the EX-L with the towing package. My offer said I wanted this as the total
before TTL.
3. Four dealers did not respond. One just said "No". The rest came back with their own offers. A lot of email and telephone back & forth followed...
4. Danbury Honda came back with the deal listed above.
5. The next closest offer was $700 more.
6. When I got the offer above, I went back to the others asking if they wanted to compete with this deal. Nobody did. In fact, two competing dealers said "You
better get that offer in writing before wasting your time at the dealership." They both said they would be losing money at that price.
7. I confirmed with Honda of Danbury in writing.
8. We went to the dealer on Saturday and picked up our Odyssey.
Overall, Honda of Danbury provided a great deal and great service, including a VERY thorough walk-through of all features of the Odyssey before we left the lot.
We were at the dealer for about 2 hours on a busy Saturday afternoon.
Good luck out there.
holdback is 3% of MSRP not invoice
As I understand it, in January the holdback was changed from MSRP to invoice – at least that is the story I hear. :confuse: You might be right. Either way, you should be close to their actual cost.
by obrien040362 Jun 29, 2007 (11:57 am)
also, invoice less 3% is not their cost. These dealers make more than 3% on a vehicle.
I know, reread my post # 15453 about the $750 cash back.
As I understand it, Invoice – manufacture to dealer incentives – holdback = cost of vehicle.
They do have other profit sources – dealer add-ons, financing, extended warranties, etc. But as far as the true cost of the vehicle itself that’s all most know.
If you know more PLEASE share. :shades:
by obrien040362 Jun 29, 2007 (11:57 am)
Buying at Invoice is a great deal, just don't feel sorry for them. They made more than 3%.
Buying at invoice is NOT a great deal. And you are right they will make more then 3% at invoice. (ie $750 cash to dealers from Honda)
Take a look at my post again # 15453 and you will see you should be paying well under invoice.
EVERYONE SHOULD BE PAYING WELL BELOW INVOICE. :shades:
My deal was $1,364 below invoice on an EX (cloth). The higher your base price the higher below invoice you should be.
I don’t feel sorry for them. They made about 1.5% on my deal because there was fat in my tow package they installed.
Good luck all
I started out my search by reading Ody forums on recent prices paid and then e-mailed every Honda dealer within a 2 hour drive. In my e-mail I told them I was willing to pay $28,300. A couple of VA dealers sent back messages saying that they didn't need to sell the vans that badly. Vester was the first dealer to respond that they would take my offer.
This is how my purchase broke down:
$28,300 for van
+ $595 destination
$28,895 + taxes (3%), tags, title, and doc fee ($400)
They gave us a little less than we had hoped for our trade-in, but my husband had them throw in the cargo tray to make him feel better about it.
Van: 25618 (including dest and vehicle also has crossbars)
TL : 218 (no tax in OR)
that made it 25836 OTD.
I guesstimated crossbars to be around $100
Probably not the best deal... but I think (hope) it was decent.
I see multiple prices listed in the above thread, but it's not clear which if any extra costs were incurred.
Invoice (incl destination): $28754
Current dealer cash: $750
Holdback (3% of invoice) $863
Net dealer cost: $27141
Go up from there, as you think appropriate to compensate the dealers and salespeople for the services they provide.
Thanks for the input from lot of folks here..however I havent found a dealer in the tri-state area who is willing to give much below the invoice price..the lowest offer I have so far is $29,459 (inlcudes Dest charge) + $299 doc fee from Hoffman Honda in CT.
Is this a good price for the NE area ? 'ld appreciate your inputs.
I have been shopping for '07 Ody EXL-RES in Honolulu, HI, can anyone help me what would be the good price on this, I really appreciate.
Here is what I paid:
MSRP: $32185 (Includes $495 for mud guards and pin stripes)
Invoice: $28833 (Saw the Dealers wash out sheet)
Base Price: $26159
Freight: $595
Dealer Fee: $487
Secure Etch: $199 (Dealer is in a African part of town, so theft is high)
Subtotal before TTL: $27440
GA Tax (7%):1920.80
Tag: $21
OTD Price: $29381.80
Hold Back: $633 (According to Dealer's Wash out sheet, I took a sneak peak while the sales guy was away from the desk)
Dealer Incentive: $750
Dealer Profit: $ Zero
Thanks to everyone in this forum. I used the email approach. Had all the paperwork waiting on me, was in and out in 45 minutes. Best car buying experience ever. (Spent most of the time having the sales rep show me all the gadgets on the van)
Good Luck with your purchase.
Add a roof rack and cross bars installed for $366.25, document fees of $180 and without tax you have $22,545.25. Is this a good deal?