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Prices Paid: Buying & Leasing Experiences Honda Accord Lease Questions
3625 messages, Last post on Dec 01, 2009 at 6:00 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Here is the situation. I am currently leasing a 2007 Accord SE V-6. The lease will run out in January. I expect it will have around 20k miles when the lease ends. The residual price is $16.9k. From what I have read Honda Financing won't negotiate on the residual price. Is this a good price for a 2 year old Accord? I really don't like dealing with dealers, and really like this car. It handles great and I have kept it in very good condition. However I don't want to overpay for the vehicle. I have looked a KBB and a few other sites for pricing. I am interested in getting feedback from other posters on the price. Is $16.9 a reasonable price for a 2-year old V-6 accord? thanks
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Replying to: Car_man (Nov 07, 2008 4:17 am) Is the residual value and money factor the same for an Accord Coupe (Nav, Auto). I was told by the dealer that the sedan and Coupe has different M.F. and residual value. I was told that the residual value for a COUPE IS 55% for 36 monthe/12 K year... Is this correct? 
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Replying to: spidy99 (Nov 08, 2008 8:05 pm) |
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tonight i was at my local honda dealer (north jersey) looking to lease an `09 accord lx-p. i negotiated a cap cost that was 20,675 including destination charge. msrp is 23,275. i asked him to run the numbers for a lease with no cap cost reductions to see what the monthly payment would be. now, when the salesperson returned with some lease numbers, he quoted a residual percentage at 62% and the residual figure at 14,305. correct me if i'm wrong, but isn't the residual figure based on the percentage of the negotiated cap cost (20,675)? if not, i don't see why one would negotiate a sales price if they are going to base the residual on the msrp. i've seen some conflicting information on some websites, one says that residual value is ALWAYS based on msrp, but that doesn't seem right. also, i thought sales tax was based on the depreciation of the car, not the residual value. he was telling me that the taxes were based on the 14,305. i'm sorry if i didn't give the right information to answer my question, but hopefully someone can answer. thanks.
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Replying to: choochbertucci (Nov 12, 2008 4:54 pm) Taxes on leases are calculated differently based on the state. In most states you pay sales tax based on the monthly payment, in other states you pay taxes on the total selling price of the car, I have never heard of taxes being charged on the residual value of the car. But I do think that NJ is one of the odd ball states with regards to taxes and leases. Lease Payment Calculation Formula: (Cap Cost – Residual Value) / Term = Depreciation (Cap Cost + Residual Value) X Base Rate = Interest Depreciation + Interest = Base Monthly Payment |
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| I'm pretty sure it's based on the total payments, but then paid upfront or added to the cap cost... | |
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Replying to: srq5363 (Nov 07, 2008 6:37 pm) Negotiate as low a selling price as possible on the car that you want and then have the dealer calculate your monthly payment using the aforementioned lease money factor. If I was in the market for an '09 Accord right now, I personally would shoot for a selling price of dealer invoice. You can look up this car's invoice price over in the New Vehicle Pricing section of Edmunds.com. Car_man Host Prices Paid: Buying & Leasing Experiences Forum
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Replying to: spidy99 (Nov 08, 2008 8:05 pm) Honda Finance's residual values vary by trim level. You never fully described the car that you're interested in, so for now I will assume that you want an '09 Accord Coupe EX-L with nav, The 36 month, 12,000 mile per year residual value for this car is 57%. The resid for an otherwise identical lease of an EX-L V6 w/nav is 55%. Car_man Host Prices Paid: Buying & Leasing Experiences Forum
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Replying to: Car_man (Nov 13, 2008 6:34 pm) Does it look more attractive to lease an 09 Accord or 09 Acura TSX? Please let me know, I am favoring the TSX. But, the Accord would be great too.
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I hope car_man will shed his opinion on the matter, as I have looked extensively at the two cars (TSX base and accord coupe ex-l 4 cylinder). from the quotes I received, I think I can get out cheaper on a base TSX. I think that is going to be the way to go for me.
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