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Prices Paid: Buying & Leasing Experiences Honda Accord Lease Questions
2742 messages, Last post on Aug 29, 2008 at 9:05 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
| The Grand Rapids, MI Press for Sunday Dec.23rd has an ad in the Automotive section by the Honda Dealer advertising "HAPPY HONDA DAYS". And also touting 2.9% financing on all new Hondas. Ad states, "All prices plus tax,title,plate and doc fee. 2.9% for 36 months through AHFC with approved credit. Excludes any prior purchase. Interesting! | |
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I've been doing some research for some time and came across this deal and need some seasoned help whether this is a good deal or not. Here's the following: 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. |
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Replying to: foxhoundme (Dec 25, 2007 4:33 pm) |
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Replying to: foxhoundme (Dec 25, 2007 4:33 pm) 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
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Replying to: vital411 (Dec 26, 2007 2:34 pm) 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.
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Replying to: foxhoundme (Dec 26, 2007 3:35 pm) 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!
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Replying to: vital411 (Dec 26, 2007 4:32 pm) 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! |
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Hi: 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!
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Replying to: quattro5 (Dec 09, 2007 1:17 pm) 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 Host Prices Paid: Buying & Leasing Experiences Forum |
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Replying to: mstylady (Dec 14, 2007 11:41 am) Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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