If other people can buy a new 2007 Accord for $2000 under invoice after the dealer incentives and you bought yours new at invoice plus more, that's $2000 extra depreciation for your car. No one will pay anywhere near the cost of a new Accord for your resale Accord even if Kelly Blue Book listings say the value of a used 2006-2007 Accord is very high. If you have a used 1 or 2 year old Accord to sell, you will have to ignore high KBB list prices and list yours low enough that people will not be shopping your asking price against a very heavily-discounted brand new 2007.
If you managed to buy a new 2007 at the lowest price at the time with the largest incentives, you should be pretty well set as long as you didn't bring the cost back up with dealer add ons and and accessories.
Yes, it certainly will effect values of fairly new Accords. I wasn't thinking that new.
On one several years old, it wouldn't matter.
But none of this will matter to a shopper determined to wring every last drop out of a deal. They won't think..." Oh, I better not be too much of a grinder...I might sell my car in the next two years".
If other people can buy a new 2007 Accord for $2000 under invoice after the dealer incentives and you bought yours new at invoice plus more, that's $2000 extra depreciation for your car.
No one will pay anywhere near the cost of a new Accord for your resale Accord even if Kelly Blue Book listings say the value of a used 2006-2007 Accord is very high.
Your logic makes no sense. Just because a very small percentage of Accords were sold for $2,000 under invoice does not depress the Accords resale value.
That price is no longer available on most trims and it will soon no longer be available on any trim as they are sold out of each dealer. A person wanting a 2007 model will have to pay close to the figure stated in Kelly Blue Book for a used 2007 vehicle as the supply of new 2007 disappears.
It doesn't matter if a few people got a good deal during dealer closeouts. You can't use that fact to make someone sell you a car for less.
Plus the number of 2007's on the resale market are very small because very few people sell a car in the first year. Thus your so called depreciation is more theoretical than anything.
I figured there would be some people who dont understand. So, I'm going to do my best to explain:
Let's you own a 2005 Honda Accord EX V6. Say this car has 40000 miles on it. Assume you bought it for $25000.00 plus TT&L brand-new. Which at the time was close to invoice.
You now decide that you want a new 2007 EX V6 and thanks to this fourm, you are prepared to pay $23000.00 plus TT&L. $23K is invoice, minus the mythical $2k, minus some of the hold-back.
You find a dealer willing to sell you an Accord at that price. Being the smart shopper you are, you also check http://www.edmunds.com and http://kbb.com to get a figure for your trade value. Turns out, according to both edmunds and kbb your trade is worth $16200.00 trade and retails for $20500.00 as a CPO. With these figures in hand, you figure $16700.00 is a fair trade value for your trade.
Then the dealer comes back with $14000.00 for your car. *WTH?*. This is where the math gets simple.
More and more people are learning that Honda is doing things different. Honda retailers are no longer holding sticker on the cars they sell, after all, their just cars. And a few years ago, getting a two year old Accord EX V6 for $8000.00 less then a new one was a great deal. But now, why would a consumer pay $20000.00 for a two year old Accord? It's not a good deal any longer. For an additional $3500.00 you can buy a BRAND-NEW Accord. Your money is better put to use by buying the new one over the used one.
As a result, the market has set the value of your trade at $14K and a CPO value at $18995.00. In addition to the market setting the value of the '05, American Honda, through VP's, in the last two weeks has SLASHED prices on lease return Accord's. Just today we bought six 2005 Accord V6's with miles ranging from 20,000 to 60,000. The most expensive of the lot was $14600.00 for the one with 20000 miles on it.
This is very real. I'm trying to trade in my 2005 SE coupe and I'm getting offered $11-$12K for it even though KBB lists the trade value at over $15K. The dealers said they would be lucky to get 15K for it since new ones are so cheap.
Dealers in my part of the country never had EXLV6 sedans for $23000.00. The lowest they sold for were about $24750.00. That means the used ones were not that depressed. There was only like a 6-8 week period where the great deals were on 2007's. Now that the 2008's are out they are selling close to sticker so that means the used ones are going up in value. Now you can buy a used 2006 EXLV6 for $21000.00 or pay $28000.00 for a new 2008. A $7000.00 savings to get a 2 year old car. Depreciation of $3500.00 per year. Now a fair price for a 2 year old car. New 2008's are predicted to sell for close to sticker for the remainder of the calendar year, so prices should not change much.
It doesn't matter if a few people got a good deal during dealer closeouts. You can't use that fact to make someone sell you a car for less.
Try to explain that to someone looking at a used one. See if you can sell them on that idea.
All I'm trying to do is point out the flip-side of the coin.
I'm a new Honda retailer with the number one CPO Honda dealer in the Twin Cities. I sell new Accords every day and six times a week I have to explain to my customers that the Honda their trading isn't worth what the book say's it's worth.
You can't have it both ways. If you want to spend the least amount of money on your new one, doen't expect a windfall return on the one your trading.
I'm a new Honda retailer with the number one CPO Honda dealer in the Twin Cities. I sell new Accords every day and six times a week I have to explain to my customers that the Honda their trading isn't worth what the book say's it's worth.
Read the front cover of the NADA official Used Car Guide book, "The vehicle values in the NADA Official Used Car Guide are developed by NADA editors based on many sources of information. These include reports of actual transactions throughout each area for which the guide is published."
"Book prices" are from ACTUAL selling prices not a pie in the sky number.
hi , i offered my 2006 honda accord ex-l 4cyl, auto, 4dr, alabaster silver /gray j vin like new. etc 12,000 mi. the dealer offered 16,000 trade. this was on a new 2007 honda accord exl 6 cyl 4dr at a price of 23,268 inl mask before taxes. black or alabaster silver. dealer also offered the 23,268 with no trade if i can sell myself. i have been advertising for a week and no takers at a best offer or 19,000 price.
dealer said they have dropped honda trade in values by 3,000 from nada book
For $19,000 they may say they can live without leather and the other things that come with an EX-L and just buy a new 2007 EX instead. You can sell for more than the dealer will give to trade, but probably not $3000 more.
Sounds like Honda owners may have to finally deal with the very issue that Hyundai owners have had to deal with, you buy it for less you're going to get less when trade in occurs.
I am unable to, my credit union only finances 85% of book price. I would tell the dealer to do a mini sell for me, that I would pay $500.00 above their cost of the car not $1700.00.I would pay $19300.00 including tax, title and doc fees. I would put down $2000.00 and finance the balance of $17300.00 (85% of $20400.00).
2005 Honda Accord-4 Cyl. Sedan 4D EX (V6) September 18, 2007 NADA prices
PRICING
Clean Trade-In Clean Retail Value Base Price $17,550 $20,275 Mileage - 40,000 miles $125 $125 TOTAL PRICE $17,675 $20,400
Just because I dont pay full retail nor do I pay full sticker either does not mean everyone does the same. There are a lot of dealers charging stickers or even doing addendum stickers on the 2008's.
six times a week I have to explain to my customers that the Honda their trading isn't worth what the book say's it's worth.
Of course you do, that's your job. Every penny you can get from the customer is a penny in your pocket. So you'll tell them practically any reason you can dream up as to why their trade-in isn't worth what it is.
It's called "stealing the trade-in" and it's described in this great article on the Edmunds web-site:
"Every penny you can get from the customer is a penny in your pocket.
Actually, every four pennies of gross profit is a penny in my pocket.
I am a three-year running Honda "Silver Level" salesperson with an average iSky score of 98.6. This year I am pacing "Gold Level" sales goals, the top 5% of all Honda salespeople.
"So you'll tell them practically any reason you can dream up as to why their trade-in isn't worth what it is.
First off, I dont place a value on the trades, my used car manager does. Ususally, the value he gives me is far below what my customer is expecting and often times lower then I expect. Remember, I have to sell cars to make a living and I have missed plenty of deals over trade value. Second, I'm not out to rip peoples heads off, it dosen't make pratical business sense. How would a good salesperson build his repeat and referral database by taking advantage of his current customers?
Back to the topic of this fourm: New 2008 Accords are being discounted between $400 - $1100.00 at the five area Honda Dealers.
Anything, a car, a diamond ring, a Picasso, is ONLY worth what someone is willing to pay for the item. IMO, when it comes to cars, CarMax is a good benchmark. They will give you a 7 day "offer" to buy your car with or without a purchase from them.
I totally agree. This is the exact reason in the past, Honda prices were solid. One could rely on Honda not having $2,000 rebates/incentives and when you bought your car today, it was around the same price tomorrow.
In my opinion Honda is trying to hide this fact by doing Manufacture to dealer incentives and not allowing their dealers to advertise certain prices. Honda is not special anymore. They have joined the rest of the pack.
Case in point. Just took my 2007 Accord to see about a trade. KBB shows $22,000. Two dealers offered $19,000 tops.
I did not get the $2,000 incentive but apparently I have to pay for it.
Dealers will offer as little as possible for trade-ins. The less money the offer for trade-ins, the more more profit they can make. They also have little incentive to give good deals to people buying the 2008's that just came out days ago and are in low supply and then take a used 2007 for a trade-in when they have their own new 2007s to get rid of.
Lets fast forward to Dec. 1. All the '07's are gone and(lets say) the '08's are selling for $1000 below sticker(I realize this will vary by region/city). It would seem that you could demand more for a mythical '06 EX on your lot because the buyer no longer has the new, super cheap '07 option available. Is this true? If so, wouldn't the higher price eventually funnel back to a person trading in the '06 EX in the form of an increased trade-in value?
It's crazy how these prices can vary so much over a small distance. In my town, '07 Civics were still selling at or near sticker this summer. Fifty miles away, my sister bought an '06 Civic in Dec. of 2005 for $200 over invoice. That was only 3-4 months after the redesign.
In the past I've gotten frustrated that my local Honda dealership refused to deal very much. However, if all Honda dealerships did that I bet it would help resale/trade-in values. My dealer is the only Honda show in town. I guess that gives him more flexibility with pricing.
There is no winner this discussion. Why I would want to trade is my business and has nothing to do with the discussion. What I would expect from Honda is to be the company that made them what they are. No rebates etc. If the Accords are priced too high to begin with, then lower the price, keep it stable and return to a solid car company who built their reputation on a solid return for you money.
I would expect this with a Domestic or Korean built car! That is my POINT!
What is the target price for an 07 Accord v6 SE and V6 AT EXL, specifically in the Houston Texas area? Is it still invoice minus the $2,000 incentive and 3% hold back? Does this price leave any room for dealer profit? Currently I have an offer for around $19,900 on the SE and $23,500 on the EXL. How close to the invoice price minus incentive and hold back can I expect? Thanks.
I understand your point but anybody trading in or selling a 2007 ANYTHING can expect a steep depreciation curve.
Honda has yet to offer me a job in their Marketing or Strategy Departments but if they did, I would try to divert thier focus to long term thinking instead of focusing on today's sales. I don't disagree with you and I'm not happy with some of their recent directions.
Consumers today demand constant incentives and they don't care about the long term effects nor to they think about who REALLY pays for this!
Why I would want to trade is my business and has nothing to do with the discussion.
It has plenty to do with this discussion. It's a bad financial decision to try to get rid of a used 2007 when you're competing with dealers trying to empty their lots of their new 2007's to make way for the next generation.
The new 2007's will be completely gone soon and you'll have a much easier time selling the vehicle when you're competing with 2008's at almost MSRP.
And yes, if you plan on keeping cars less than a year, you'd probably be better off sticking to the used car market.
I have to explain to my customers that the Honda their trading isn't worth what the book say's it's worth.
Welcome to the world of car sales!
This has zero, nothing, nada, zip to do with the price of a new Honda. The books are wrong 99% of the time on 99% of the product. Even Lexus dealers have to break this news to their customers.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
Accords always get super cheap at the model year changeover..
The new ones will hold decent margins for a couple of months, then it will be back to the same as it ever was...
I don't know how long you've been selling Hondas, but I've been buying them for 25 years... 25 years ago, they brought over MSRP, and resale was great.. 5 years ago, I bought one for invoice, and it still has great resale.. I don't really see a downtrend..
If you try to flip a car after one year, and it isn't a new Ferrari, you are going to take a bath... That has nothing to do with resale, and everything to do with the spread between wholesale and retail.
Thinking about making a move on an EX-L 4 cylinder for $21.1k, or a 6 cylinder EX-L for $23.3k. I think I will go for the 4 cylinder. Any opinions on the price?
RE dealers' processing fee, the highest seems to be at Hendrick Honda of Woodbridge, VA ($399). Most of the other dealers in VA are usually around $289-$299.
In Maryland, they are capped at $100 per state law, so some dealers charge anywhere from $50 to $100.
This was based on my experience and research during my shopping back in July.
Just bought a 08 EX-L V6 for my wife to replace her 04 EX V6. $27,138 OTD. Several dealers had the same story "all new model, big demand, no discounts, Blah, Blah" and wouldn't come down over $400 from the $28,695 MSRP plus processing fee on my cash, no trade deal.This NE Okla dealer has these prices posted on his web site, no haggle and no add ons. I think I got a fair price and wife loves the car. Now time to detail the 04 and get it in Auto Trader.
At $1656 off MSRP this dealer still made a nice profit and we got the car my wife wanted at a price that satisfied me. I will sell the 04 at a little over NADA trade in and some one else will get a very nice car at a bargain price. I buy a new car and pick up every 4 or 5 years and never trade. 4x4 trucks and Hondas are very easy to private sell.
No sales tax credit in your state? If so, you may have come out ahead or even without the hassel and risks of selling it yourself. It sounds like a car that the dealers would want!
Anyone have any answers to my questions from #17310? What are the going prices for the 2007 V6 SE and V6 AT EXL sedans? Some help would be greatly appreciated!
Congratulations on the car and the price! Thats the largest amount below MSRP that I've seen so far. So you paid $27039 plus a $99 doc fee for a total of $27138? What dealership/city?
Grand Lake is nice. I spent some time there as a kid.
In what city /state did you buy the '08 EX-L V6 for your wife? NO NAVI right? Did you include sale tax, etc...? Market must be soft at your place. It's a fantastic deal you got. I dream about your deal. My brother in law had to travel to Canada to buy his Camry at a good deal. Trouble is in CA even if I drive to other city in CA I still have to pay same sale tax. Prices are almost same at most Honda dealers in CA.
I have bought many Honda Accord and Civic in the last 20 years at MSRP most of the time unless one '92 Accord LX I bought at year end and got some discount. It's bad. Thanks a lot for info.
Dealer is Bartlesville Honda in NE Okla. Web site inventory shows 07/08 MSRP and sale prices. No auto sales tax here. We have 30 days to register and tag and pay a 3.something % state excise tax. And to trade in when dealers offer less than loan value on a clean, low mileage late model is not an option for me.
Not to sure about your price but I just was quoted $22,067 for an EX-L V-6. It would come to about $23,860 out the door. I should jump on it in order to get the color I want.
Comments
Hmmm.. Haven't heard of anyone unhappy with the resale on their Accord..
Unless, of course.... they paid MSRP to start with..
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And you have actual facts to back-up your statements?
How do you define "cheap selling" as compared with previous times?
What are your statistics that show "Honda's are now deprecating as fast as a Toyota." Do you have any?
I can't really see how this would affect resale values.
No one will pay anywhere near the cost of a new Accord for your resale Accord even if Kelly Blue Book listings say the value of a used 2006-2007 Accord is very high.
If you have a used 1 or 2 year old Accord to sell, you will have to ignore high KBB list prices and list yours low enough that people will not be shopping your asking price against a very heavily-discounted brand new 2007.
If you managed to buy a new 2007 at the lowest price at the time with the largest incentives, you should be pretty well set as long as you didn't bring the cost back up with dealer add ons and and accessories.
On one several years old, it wouldn't matter.
But none of this will matter to a shopper determined to wring every last drop out of a deal. They won't think..." Oh, I better not be too much of a grinder...I might sell my car in the next two years".
No one will pay anywhere near the cost of a new Accord for your resale Accord even if Kelly Blue Book listings say the value of a used 2006-2007 Accord is very high.
Your logic makes no sense. Just because a very small percentage of Accords were sold for $2,000 under invoice does not depress the Accords resale value.
That price is no longer available on most trims and it will soon no longer be available on any trim as they are sold out of each dealer. A person wanting a 2007 model will have to pay close to the figure stated in Kelly Blue Book for a used 2007 vehicle as the supply of new 2007 disappears.
It doesn't matter if a few people got a good deal during dealer closeouts. You can't use that fact to make someone sell you a car for less.
Plus the number of 2007's on the resale market are very small because very few people sell a car in the first year. Thus your so called depreciation is more theoretical than anything.
Let's you own a 2005 Honda Accord EX V6. Say this car has 40000 miles on it. Assume you bought it for $25000.00 plus TT&L brand-new. Which at the time was close to invoice.
You now decide that you want a new 2007 EX V6 and thanks to this fourm, you are prepared to pay $23000.00 plus TT&L. $23K is invoice, minus the mythical $2k, minus some of the hold-back.
You find a dealer willing to sell you an Accord at that price. Being the smart shopper you are, you also check http://www.edmunds.com and http://kbb.com to get a figure for your trade value. Turns out, according to both edmunds and kbb your trade is worth $16200.00 trade and retails for $20500.00 as a CPO. With these figures in hand, you figure $16700.00 is a fair trade value for your trade.
Then the dealer comes back with $14000.00 for your car. *WTH?*. This is where the math gets simple.
More and more people are learning that Honda is doing things different. Honda retailers are no longer holding sticker on the cars they sell, after all, their just cars. And a few years ago, getting a two year old Accord EX V6 for $8000.00 less then a new one was a great deal. But now, why would a consumer pay $20000.00 for a two year old Accord? It's not a good deal any longer. For an additional $3500.00 you can buy a BRAND-NEW Accord. Your money is better put to use by buying the new one over the used one.
As a result, the market has set the value of your trade at $14K and a CPO value at $18995.00. In addition to the market setting the value of the '05, American Honda, through VP's, in the last two weeks has SLASHED prices on lease return Accord's. Just today we bought six 2005 Accord V6's with miles ranging from 20,000 to 60,000. The most expensive of the lot was $14600.00 for the one with 20000 miles on it.
So, you tell me where you dont understand.
Now you can buy a used 2006 EXLV6 for $21000.00 or pay $28000.00 for a new 2008. A $7000.00 savings to get a 2 year old car. Depreciation of $3500.00 per year. Now a fair price for a 2 year old car. New 2008's are predicted to sell for close to sticker for the remainder of the calendar year, so prices should not change much.
Try to explain that to someone looking at a used one. See if you can sell them on that idea.
All I'm trying to do is point out the flip-side of the coin.
I'm a new Honda retailer with the number one CPO Honda dealer in the Twin Cities. I sell new Accords every day and six times a week I have to explain to my customers that the Honda their trading isn't worth what the book say's it's worth.
You can't have it both ways. If you want to spend the least amount of money on your new one, doen't expect a windfall return on the one your trading.
Read the front cover of the NADA official Used Car Guide book, "The vehicle values in the NADA Official Used Car Guide are developed by NADA editors based on many sources of information. These include reports of actual transactions throughout each area for which the guide is published."
"Book prices" are from ACTUAL selling prices not a pie in the sky number.
i offered my 2006 honda accord ex-l 4cyl, auto, 4dr, alabaster silver /gray j vin like new. etc 12,000 mi. the dealer offered 16,000 trade. this was on a new 2007 honda accord exl 6 cyl 4dr at a price of 23,268 inl mask before taxes. black or alabaster silver. dealer also offered the 23,268 with no trade if i can sell myself. i have been advertising for a week and no takers at a best offer or 19,000 price.
dealer said they have dropped honda trade in values by 3,000 from nada book
It's not just your dealer, it's all of us. And I'll bet isellhondas has seen a shift in used Honda values over the last year or so.
Consumer are not as willing as they once were to pay top dollar for a great CPO Honda when they can spend less then $5000.00 more for a new one!
According to NADA, the value for a 2005 Honda Accord EX V6 with 40000 miles on it is $20400.00.
Would YOU buy this car for this price? Afterall, that number is based on ACTUAL TRANSACTIONS.
2006 Honda Accord EX 4dr Sedan w/Leather (2.4L 4cyl 5A)
Trade-In Private Party Dealer Retail
National Base Price $17,417 $18,931 $20,074
Optional Equipment $0 $0 $0
Color Adjustment
Silver $28 $30 $32
Regional Adjustment
for Zip Code 38101 $26 $29 $30
Mileage Adjustment
12,000 miles $546 $546 $546
Condition Adjustment
Clean $0 $0 $0
Total $18,017 $19,536 $20,682
2005 Honda Accord-4 Cyl. Sedan 4D EX (V6)
September 18, 2007
NADA prices
PRICING
Clean Trade-In Clean Retail Value
Base Price $17,550 $20,275
Mileage - 40,000 miles $125 $125
TOTAL PRICE $17,675 $20,400
Just because I dont pay full retail nor do I pay full sticker either does not mean everyone does the same. There are a lot of dealers charging stickers or even doing addendum stickers on the 2008's.
Oh wait, they dont buy cars, they just suggest a fair price.
Of course you do, that's your job. Every penny you can get from the customer is a penny in your pocket. So you'll tell them practically any reason you can dream up as to why their trade-in isn't worth what it is.
It's called "stealing the trade-in" and it's described in this great article on the Edmunds web-site:
Confessions of a Car Salesman
http://www.edmunds.com/advice/buying/articles/42962/page003.html
Actually, every four pennies of gross profit is a penny in my pocket.
I am a three-year running Honda "Silver Level" salesperson with an average iSky score of 98.6. This year I am pacing "Gold Level" sales goals, the top 5% of all Honda salespeople.
"So you'll tell them practically any reason you can dream up as to why their trade-in isn't worth what it is.
First off, I dont place a value on the trades, my used car manager does. Ususally, the value he gives me is far below what my customer is expecting and often times lower then I expect. Remember, I have to sell cars to make a living and I have missed plenty of deals over trade value. Second, I'm not out to rip peoples heads off, it dosen't make pratical business sense. How would a good salesperson build his repeat and referral database by taking advantage of his current customers?
Back to the topic of this fourm: New 2008 Accords are being discounted between $400 - $1100.00 at the five area Honda Dealers.
Pax,
George
In my opinion Honda is trying to hide this fact by doing Manufacture to dealer incentives and not allowing their dealers to advertise certain prices. Honda is not special anymore. They have joined the rest of the pack.
Case in point. Just took my 2007 Accord to see about a trade. KBB shows $22,000. Two dealers offered $19,000 tops.
I did not get the $2,000 incentive but apparently I have to pay for it.
I finally learned my lesson. Buy used.
Jim
They also have little incentive to give good deals to people buying the 2008's that just came out days ago and are in low supply and then take a used 2007 for a trade-in when they have their own new 2007s to get rid of.
What would you expect, even with a Honda?
Try the same thing with a Domestic or a Korean make and you would REALLY be unhappy!
Lets fast forward to Dec. 1. All the '07's are gone and(lets say) the '08's are selling for $1000 below sticker(I realize this will vary by region/city). It would seem that you could demand more for a mythical '06 EX on your lot because the buyer no longer has the new, super cheap '07 option available. Is this true? If so, wouldn't the higher price eventually funnel back to a person trading in the '06 EX in the form of an increased trade-in value?
It's crazy how these prices can vary so much over a small distance. In my town, '07 Civics were still selling at or near sticker this summer. Fifty miles away, my sister bought an '06 Civic in Dec. of 2005 for $200 over invoice. That was only 3-4 months after the redesign.
In the past I've gotten frustrated that my local Honda dealership refused to deal very much. However, if all Honda dealerships did that I bet it would help resale/trade-in values. My dealer is the only Honda show in town. I guess that gives him more flexibility with pricing.
I would expect this with a Domestic or Korean built car! That is my POINT!
Jim
Honda has yet to offer me a job in their Marketing or Strategy Departments but if they did, I would try to divert thier focus to long term thinking instead of focusing on today's sales. I don't disagree with you and I'm not happy with some of their recent directions.
Consumers today demand constant incentives and they don't care about the long term effects nor to they think about who REALLY pays for this!
It has plenty to do with this discussion. It's a bad financial decision to try to get rid of a used 2007 when you're competing with dealers trying to empty their lots of their new 2007's to make way for the next generation.
The new 2007's will be completely gone soon and you'll have a much easier time selling the vehicle when you're competing with 2008's at almost MSRP.
And yes, if you plan on keeping cars less than a year, you'd probably be better off sticking to the used car market.
American Honda has lowered reserves on lease returns that they sell to Honda dealers.
In the end you can guarantee that the Honda dealer wont be the one paying for it. Cant wait to see these fourms in three years.
Welcome to the world of car sales!
This has zero, nothing, nada, zip to do with the price of a new Honda. The books are wrong 99% of the time on 99% of the product. Even Lexus dealers have to break this news to their customers.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
The new ones will hold decent margins for a couple of months, then it will be back to the same as it ever was...
I don't know how long you've been selling Hondas, but I've been buying them for 25 years... 25 years ago, they brought over MSRP, and resale was great.. 5 years ago, I bought one for invoice, and it still has great resale.. I don't really see a downtrend..
If you try to flip a car after one year, and it isn't a new Ferrari, you are going to take a bath... That has nothing to do with resale, and everything to do with the spread between wholesale and retail.
Maybe your UCM just needs to step up for you...
regards,
kyfdx
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RE dealers' processing fee, the highest seems to be at Hendrick Honda of Woodbridge, VA ($399). Most of the other dealers in VA are usually around $289-$299.
In Maryland, they are capped at $100 per state law, so some dealers charge anywhere from $50 to $100.
This was based on my experience and research during my shopping back in July.
Regards,
David
You will probably expect your 2004 to bring top dollar too and why not?
As long as you're happy, that's a good thing.
No sales tax credit in your state? If so, you may have come out ahead or even without the hassel and risks of selling it yourself. It sounds like a car that the dealers would want!
Congratulations on the car and the price! Thats the largest amount below MSRP that I've seen so far. So you paid $27039 plus a $99 doc fee for a total of $27138? What dealership/city?
Grand Lake is nice. I spent some time there as a kid.
In what city /state did you buy the '08 EX-L V6 for your wife? NO NAVI right? Did you include sale tax, etc...? Market must be soft at your place. It's a fantastic deal you got. I dream about your deal. My brother in law had to travel to Canada to buy his Camry at a good deal. Trouble is in CA even if I drive to other city in CA I still have to pay same sale tax. Prices are almost same at most Honda dealers in CA.
I have bought many Honda Accord and Civic in the last 20 years at MSRP most of the time unless one '92 Accord LX I bought at year end and got some discount. It's bad. Thanks a lot for info.