Last post on May 22, 2013 at 9:24 PM
You are in the Prices Paid - Buying & Leasing Experiences
What is this discussion about?
Honda Accord, Car Leasing, Coupe, Sedan
#4821 of 5261 Re: Money Factor/Residual Value [maxpower02]
Sep 26, 2012 (8:15 am)
The money factor is actually .00165 when you factor the security deposit being waived, otherwise it would be .00155. The residual is 57%. These are adjusted every 3 months as the year progresses. The residuals now will be at their highest percentage since we are not in 2013 and they gradually go down throughout the year. The residual values are determined by Honda Finance and cannot be negotiated. Also, the Touring model has not arrived yet where I work and I work in one of the top 5 Honda dealers in the US. We have discounted some of the other Accord trim levels though. I am sure the programs will get better as Honda is always in the race to be the number 1 selling car in the US in the respective class and we want to beat out the Camry which was redesigned last year. We now have the better product. The money factor rate now on remaining 2012 Accords is .00046, much lower.
#4822 of 5261 Money Factor/Residual Value
Sep 27, 2012 (10:29 am)
Thanks everyone for the info. Went in to the dealer yesterday, shown some EXLV6's, asked about the Touring, got no real reply. Guess they did not have any in stock...Going back end of November... should have plenty by then.
So, according to Weymouth Honda's lease calculator, the monthly payment is about $406(before sales Tax), no down payment or additional expenses. Hopefully by the end of November, the money factor will be lower. Will see.....
#4823 of 5261 2013 Accord Sedan
Sep 27, 2012 (8:51 pm)
I'm a 2009 Honda Civic lease holder. My lease is up next month and I'm looking for a new lease on the 2013 Accord LX or Sport sedan. I'm in good standings with Honda as I never missed a payment and have excellent credit. I'm not sure if I should be leasing now or wait until subvented lease offer from Honda. I don't mind not driving for a few months.
One dealer told me as long as my credit is good there's no reason to wait for subvented lease from Honda as they can still offer me the same deals. Another dealer in NYC quoted me $298/m for the LX and and $310/m for Sport with no down payment and $595 bank fee plus local tax and DMV fees.
-Is that a good deal in NYC?
-Does it make sense to lease now, or should I wait for subvented lease offer from Honda instead?
-Will the Sport be more expensive to cover for insurance?
-When should we expect subvented lease offer from Honda on the 2013 Accord?
#4824 of 5261 2013 Honda Accord EX-L V6 Sedan
Sep 29, 2012 (1:00 am)
So, according to Weymouth Honda's calculator, payment should be about $346/mo + tax with 732.49 due at signing including first payment.
I went to a dealer yesterday, their first offer back was ludicrous... $589/mo with $2k down. I showed them the Weymouth price and a quote from Legend Leasing, both of which were under $350/mo, and they essentially laughed at me and said that I should look at a Civic EX, so needless to say, I won't be going back.
I'm willing to wait 6 months until the dealers' lots are fuller and they're more flexible on price. The money factor is a bit high still too. But WOW, is this new Accord amazing. Well worth the wait... Honda finally has their mojo back.
#4825 of 5261 Re: 2013 Accord Sedan [jcarlos]
Sep 29, 2012 (7:34 am)
I picked up a 2013 Sport yesterday.
They only had three on the lot. Would not go for my autoshopper price of 23, 471. Car had wheel locks at say $65-$80 I did not count in.
However I returned a Honda on lease- so I went that route- Sold the car on lease at $24K, Was $357. a month 36 months. Not one dime out of pocket- they paid-tax, tags-registration- zero due from me in MD. 6%
They now supply floor mats- yeah you may laugh but. They also gave me lifetime oil changes and road assistance as Honda does not provide that.
I grumbled at Honda for years on road noise and a few other things. This car however is superb. I love the 4 cyl. Sport. Fantastic!
#4826 of 5261 Re: 2013 Accord Sedan [springman]
Sep 29, 2012 (8:31 am)
Curious about the ride difference between the sport and the LX. Did you drive both? Better start saving up for those 18 inch replacement tires They don't typically wear well especially with the shorter sidewall. Good luck with your new ride!
#4827 of 5261 Re: 2013 Accord Sedan [jcarlos]
Sep 29, 2012 (2:41 pm)
Deals you are getting are very bad, new accord model just came out so prices will not be good, if you can wait few months I recommend that you do, if your lease is not over yet, you can always request 3month extension on your current lease and you can do it multiple times.
4 cylinder Accord EX-L should not cost more than $300/month to lease in NY. For $350 you should be looking at fully loaded 6 cylinder model. Especially considering that you will get the loyalty discount.
This is assuming good credit.
When new models come out they have no deals for these cars, to help dealers move older inventory. That's why it is not a good time to buy 2013 model but it is a great time to buy 2012 model, you need to wait until 2012 models are sold out and deals come out for newer model.
So my advice - tell the dealers to shove that civic EX up their ass. There is little difference between new accord and older model in price, dealers are just trying to make money. Do not believe a word they say. I hate to discover people paying $50 or $80 more for a lease because they pretty much got ripped off.
#4828 of 5261 Re: 2013 Accord Sedan [jcarlos]
Sep 30, 2012 (12:04 pm)
Honestly, I would wait until the lease programs get better. They are using Standard Honda lease rates now which are the equivalent of about 4% APR in the money factor rate. We are starting to stock up on Accords at this point, meaning the new 2013. We have 2012's left over as well but upper trim levels that you can get a spectacular deal on both in lease or finance. Up to $2750 in dealer cash for the V6 models and $2250 for the 4 cylinder Accord EX and above models, 2012. Plus the money factor rate on the 2012 is very low .00046. I would call Honda and extend your Civic lease month to month. I would probably expect in the next few months the programs will get better. In terms of insurance for the Sport model, the only thing that the sport model adds are the following features:
Leather wrapped steering wheel.
18" alloy wheels and tires
All black interior regardless of exterior color
Rear Decklid spoiler
189 hp vs 185hp on the other Accords
Paddle shifters for the CVT transmission
I really don't think the insurance will be higher quite honestly. They are mostly cosmetic things and not a huge increase in power.
#4829 of 5261 Re: 2013 Accord Sedan [cashibata]
Sep 30, 2012 (6:42 pm)
Guys, thank you all so much for your good advice. I think I'll take it and simply wait. Just today I've been having back and forth emails with one dealer. Below is his latest offer.
This is on a 36-month lease with $595 bank fee and NYC 8.875% tax rolled into the monthly payment. If I pay these fees up front, the quotes were:
I asked the dealer for some details as to how he arrived to this monthly amounts. This is what he provided.
Cap Cost: $21,369 for LX
$22,929 for Sport
Bank fee: $595.00
Money factor: 0.00165 Res %63 for LX and %62 Sport
Are his numbers correct based on this numbers? How do you compute the residual value based on these numbers?
I already passed my lease wear and tear inspection on the Civic which came up to $0 liability. Given that I live in NYC, I end up parking on the streets and cars get treated pretty bad by unscrupulous drivers when parking. I had already extended the lease for 3 months waiting to see the new Accord. I do like the new Accord and love how the Sport looks. I will definitely get the LX or Sport. I think I better hand in the Civic and patiently wait for the lease deals to get better. I wouldn't like to incur any additional charges on the Civic. In the meantime, I can save on the monthly payments, insurance and those pesky parking tickets
Two more questions:
1. Who enforces the loyalty discount and how much is it? Do I call Honda Financial or simply tell the dealer?
2. Do I have an advantage dealing with the same dealer where I leased my Civic, or does it still pay to shop around with different dealers? Shouldn't my current dealer make it easier for me and not treat me like a new customer given I already leased with them? I thought even Honda would do that. I simply hate all the haggling and lies you have to go through with dealers.
#4830 of 5261 Re: 2013 Accord Sedan [pegasus17]
Sep 30, 2012 (7:27 pm)
The sport does have an adjusted suspension which is just a bit more taunt but I did not find much difference between the too except the sport turning radius is a bit more. The 18" tires are tread wear rated at 500 which is pretty good. I don't put on many miles so it will not be a big deal and I get Michelin tires very cheap locally. But I will not need them.