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2013 and earlier-Honda Accord Lease Questions
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2008 Accord LX
MSRP $21795.00
12,000 miles
$259.00 month - 36 months
$2479.00 due at signing
2008 Acura TSX
MSRP $28905.00
10,000 miles
$299.00 month - 36 months
$1499.00 due at signing
2008 Acura TL
MSRP $34440.00
10,000 miles
$359.00 month - 36 months
$1999.00 due at signing
The bland style of the TSX doesn't bother me and I'm ok with the 10,000 miles per year. I leased an Accord with 12,000 and never came close to 36,000.
It's been about 7 years since I last leased a car, but the Acura deals look a lot better than Honda. Am I missing something? :confuse:
The Honda advertised lease deals, ARE NOT anything special. They are horrible deals, they are simply pointing out, if you put this much down you'll have a payment of...
Plus the price of the car is strictly dealership MSRP. Take away the down payment, and you'll see what your really leasing on an LX Accord. Its not anything special.
But yet, I can put money down on a BMW, Acura, Audi and be in the same payment range... Thats crazy. In this case, I would pick the Acura, but remember, you have to negotiate a deal yourself, and not take the deal advertised, after all, they want you to take that deal=$$$$.
I was offered $309 a month on the TSX with first payment due only. From Ed Martiin
Anyway, the 2 better factors on the Accord are 1) the better gas mileage (and the fact that is needs 87 vs 91 octaine). and 2) the fact it's a bigger car ( i think the Tsx is just a bit to small but will drive it if push comes to shove).
We'll see what's what... anyone have hard MF numbers for Dec? Are they still the ridiculous .00270?
I like the fact that the accord is nice is size and new, but the tsx would be smaller and perhaps sportier. I am not even sure yet. I want the EX-L navi, but I really don't want to pay anything more than $330 for it. Lowest amount possible down, if any. I could just get the EX-L, but the navi looks fun!
Just for example, a 2008 Acura TL with Navigation on a 36 month/10k miles a year would run about $400/mo (plus tax) with $1,000 out of pocket due at signing.
And the TL w/o Navi is running about $360/mo (plus tax) with $1,000 due at sign.
Acura has 3 different models, but all models come with a V6 (258HP) and are fully loaded (compares to Honda EX-L V6).
Right now.........until 1/2/08 (special ends)........you MIGHT be able to do BETTER on an Acura, than you could on a Honda. Wow. It's worth a look and an email to your local Acura dealer.
I am in the process of getting my lease deal finalized, and it was a "no brainer" to take the Acura over the Honda on a lease!!
Thanks.
If my car EXL I4 NAVI MT gets delayed any more i'll be getting an acura, either the TL or the TSX depending on the final deal.
Does anyone have the residuals and money factor for the 2008 Accord EX?
Thanks,
Jason
Many thanks!
I had no problem trading back in August when the deals were so good on the upper models, I was simply going to move to an EX-L V6, and literally pay the same a month. They covered my payoff completely, now that my payoff is even lower, I should have no problem trading, as my value hasn't gone down that much. I also take extreme car of my car, detailing/maintenence.
You should have no problem trading, as long as you stay with Honda/Acura line, as they know that honda's are a good value. Other brands might not give you as much. Even then, I don't see it being a problem.
I'll start test driving in Spring...I would like to test drive an Acura. With the stiff prices on the Accord, it makes other models look much better financially. Really I want to score a deal for an EX-L with navi for around $26k. With the prices of the accord, it almost makes the BMW 3 series look better, Acura, VW,
Looking for a car is so annoying and fun all at the same time.
Well I am glad you got your car, and I bet your drained from it all, have fun, I am actually thinking of getting the EX-L without navi, and saving a little money on my payment.
Thanks,
Noah
AskNoah@icloud.com
2008 Honda Accord Sedan EX.
$275/month including tax
$1000 in out of pocket cost.
Is this a good deal? I think I could definitely get the out of pocket cost to $500.
How much lower can I get the monthly lease price?
Thanks,
DL
I tried to work with a lease calculator to get that number so i could see what they are selling the car to you for. ( I assumed you are in MA being charged 5% tax).
I see the MSRP is 23,860
using a Money Factor of .0027 and a residual of 63% (I've seen these number on the forum recently)
If I plug in a selling price of 20965 i get a lease payment of 275.10
This is a below invoice price (by almost $400). So i'm wondering if that 1,000 down isn't including the above mentioned fees. If it is, i would go for it.
-Andy
DL
Honda Accord EX-L V6 28554.00
18" Wheels 2392.00
Back up Sensors 649.00
Wood Trim 242.00
Wood Steering Wheel 202.00
Interior Illumination 184.00
Rear View Camera 652.00
Auto Day/Night Mirror 374.00
Tax Rate @ 3% 997.47
Documentation Fee 398.00
Tags 55.00
Total Price: 34699.47
I want to lease given the my situation instead of buying because I do not believe I will be in this vehicle after three years. If I lease I understand the MF is 0.0027 and the residual is 63%, what would my payments be and how much out of pocket should I go with? I want to lease for 36 months with 15K miles. Please advise.
First of all the EX-L and the V6 EX-L both come with the Auto day/night rear view mirror - so why are you adding this accessory?
Second, why would you want backup sensors and a rear-view camera. Just get the camera and save 650.
Third - Leasing a car with so many add-on accessories is really a bad idea and i'm the biggest pro-lease guy there is! The reason is all of these are added in on-top of the agreed price of the car and not calculated into the residual of the lease.
W/o all these accessories you are paying 28554 for a car with an MSRP of 30260. With a MF of .0027 and a Residual of 63% a 3 yr 15k/yr lease would be 392.18/ month without tax.
Now when you add all the accessories in (and i took out the Day/Night Mirror and the backup sensors) you would be paying 32266 for a car with an MSRP of 30260. WIth the same terms as above, this makes your payment 504.10/ month without tax.
Your down payment would be First Mo Payment, Acq. Fee(usually 595), Doc Fee (which in this case seems high at 400 - should be 100 or less), and Tags. (I'm not sure what this tax is as most leases have taxes charged per month on the payment and not based on the total price of the car but some states don't allow this, if you post what state you are in I or someone else may be able to help).
Your only other option if you want all of these accessories is to pay them as part of your downpayment, since they total to $3672 you would end up with a downpayment of about 5,000 which is outrageous - especially for a lease which is really a rental. If the car is ever totalled you would lose all of that.
My advise to you (and as i said before i'm a very Pro-Lease guy) is to buy the car, or forgo the accessories (or just pick one or 2 of them). Adding close to $4,000 in accessories doesn't work out well when you can't get anything for the at lease end where as if you bought the car when we went to sell or / trade-in you would get some value for them.
Good Luck!
- Andy
The other alternative is to pay for the accessories as part of your downpayment
Thank you for your response, I want to say I was looking for another voice to tell me if I was making a bad decision. When I spoke with the dealers none of them said, "wait a minute you would be better to try this alternate solution" - I guess they figured I knew what I wanted. I was not aware you could get the day/night mirrors on this model and the comment about the backup sensors make sense. I live in the state of North Carolina where the state tax is 3%. I found myself over the number of years buying a new car almost every three years and reconsidered my buying habit to look at leasing. I will go with adding only the camera, and the tires which should take the total to $31598.00. Those other accessories were nice but in reality did not make sense as you have stated for a lease. Now that I have a better picture of what to ask for; what will my lease payments be based on the new total? If I understood you earlier, my down payment should be the first month lease payment + acquisition + documentation fees and tags. Can documentation fees be negotiable? Thanks for the reality check.
That being said, i worked up a new payment with the revised capital cost (price you'll pay for the vehicle) at 31598 brings the payment to 484.96
therefore the difference in monthly payment to add these accessories (the wheels and the camera) is $92.78 / mo.
I also just took the price of these accessories and divided them by 36 to see the price / mo without any interest - that comes to 84.55 - so you only save like $7 per month by financing the accessories vs. paying for them up front so i would advise to finance them as you don't want to pay any more money up front then you need to. (again since it's a car you don't own).
Personally I'm in this same boat - i'll be leasing a EX-L 4cyl Navi MT (ordered it 4 months ago and it should be in this week) and wanted the camera, and the Spoiler but couldn't justify adding all these accessories to a leased car so i just went for the spoiler as i think it looks nice w/ it. Thing is my last car had the Rear Camera (2004 FX35) so i'll really miss it but it's a choice i'll make.
Finally - if you want to run your own numbers you can go to google and search Lease Payment Calculator and find any number of these tools that will help you. I have my own excel spreadsheet that i made as I like seeing many options on one screen but for most people the web calculators are fine.
Good Luck!
You have been a great help...I am now armed to go ask for the vehicle I want based on your suggestions. Thanks for your help and I hope your EX-L V4 Navi MT comes through in a mighty big way!
Most of us have seen spl. lease advertisements in newspaper that look too good to be true. Often these advt say - 1 or 2 cars available at this special rate.
My question - are these deals for real? What are the hidden costs to lookout for?
A local dealer is offering Honda Accord LX (Automatic) for $199 ($3,000 down, 36 months, 12K miles) with a residual of $14,000 and MF of 0027.
The exact same car is being offered by Honda for $259 ($2,500 down, 36 months, 12K miles) with a residual of $14,000.
Am I missing something? Or is this really a good deal.
Please let me know as I am seriously considering this deal and plan to finalize this tomorrow.
Thanks!
The Accord's lease program varies by term and mileage allowance. For now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Honda Accord LX-P Sedan or an EX 4-cylinder Sedan with 15,000 miles per year are .00260 and 63%, respectively.
Car_man
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The best way to get a good deal on a lease is to negotiate as low a selling price as possible on the car that you want. Shoot for a price of a couple hundred dollars over dealer invoice.
Car_man
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Thanks for your reply. So does that mean we should look for least capitalization cost?
In my case Honda is offering a similar lease deal with same amount of down payment and $259 monthly payment.
Besides the capitalization cost, is there anything else I am missing in this deal. It looks too good to be true, but the only catch is super preferred credit, which fortunately I have pre-qualified with Honda.
Let me know if I should go ahead with $199 per month deal.
Thanks!
Thanks for any info.
Sorry about the delay...no this is not a vehicle quote from Van York Honda.
The dealer's price may go up however, as they are probably more motiviated to sell a car on Dec 31 vs. Jan 1.
So it may be a half truth.
I am hoping to get a EX-L 4cyl, Navi, with a final price in the 25k range. Hopefully, I can do it.
According to the mileage that I should have at the end of each month, I should have 24k, on Jan 10 of 2008, but I have 29k miles. So I am about 5k over my projected mileage. Meaning, if I were to wait I would be atleast 5k over my 36 allowed miles. I also have been driving more lately, I see my mileage increasing past 5k over. Obviously, I am not going to keep it til Jan 09, because it would hurt my contract.
When Should I trade? I am thinking this Spring, If I drive reasonably, I will have 33k in May. What looks better on my trade? Being a little under, so that way they can offer the warranty left? or wait right up til 36k. Let me know, its not too complicated, but just wanted a little bit of feedback. I am not worried about my trade in value, plus my payoff is low enough now.
I'm finding all of this car business very distressing along with the pressure that's put on you to go for a deal. I'm wondering if I just shouldn't wait for a 2 yr old car to lease!
Would you mind telling me the deal for the fully loaded Acura TL? I'm curious to know. Thanks.
If you really want an Accord, do your research, look at realistic numbers, then start putting in online requests. If you try hard enough, you can get close to what you want.
I have seen a load EX-L 4cyl, Navi, around 26k, when the price is MSRP 28k. I have even seen around 25k,
Remember start with $0 down on all deal, then if you feel you want your payment lower, EVEN after all the negotiating, then put some down, but don't tell them that til you have to.
Thanks!