Last post on Dec 04, 2013 at 2:02 PM
You are in the Prices Paid - Buying & Leasing Experiences
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Honda Accord, Car Leasing, Coupe, Sedan
#4828 of 5551 Re: 2013 Accord Sedan [jcarlos]
Sep 30, 2012 (11:04 am)
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 5551 Re: 2013 Accord Sedan [cashibata]
Sep 30, 2012 (5:42 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 5551 Re: 2013 Accord Sedan [pegasus17]
Sep 30, 2012 (6:27 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.
#4832 of 5551 Wait until December at the earliest
Oct 01, 2012 (5:49 am)
Try a reverse auction through Carwoo and see what happens. You can always decline and wait. My suggestion, wait until end of December; near end of month and end of quarter during a typically slow month for dealers. Use Carwoo right after Christmas and be ready to move fast on offers.
#4833 of 5551 Re: 2013 Accord Sedan [sslyusar]
Oct 01, 2012 (10:53 am)
I just got a quote for honda accord 2012 ex, $ 2000 down and $350 a month. What is currently considered a good deal for a 2012 accord?
#4834 of 5551 Re: 2013 Accord Sedan [mg198]
Oct 02, 2012 (6:13 pm)
For a 2012 that's very high. Check out Weymouth Honda or Legend Leasing (google them) for reference prices that you should try to work towards.
#4835 of 5551 2013 Accord LX Lease offer
Oct 03, 2012 (5:28 pm)
I was quoted $1000 down, and $299/month for 36 months (includes all fees/taxes).
As I was walking out they lowered the offer to $1k down and $287/month.
Note they are also forgiving my last 2 payments in my current 2009 Accord LX.
If I make it $0 down, it's $317/month.
Paying $0 down and all taxes/fees upfront (about $1900) it drops to $260/month.
Residual was also 63%.
Note I looked at the 2012 Accord LX-P and (on a 21k price) because the residual is just 54%. that 9% is $1900 in value so the pmt came to 272/month ($1000 down), thus it was a no-brainer.
As there are no incentives, you should also be able to get something close to $287/mo with 1k down or a total cost of about 11,332.
$23270 msrp * 63% resid = $14660.
Change is $8600. 7% NJ tax ($600), bank ($795), dmv/plates ($400), and another $100 (i forgot what it was for).. total = $1900.
8600+1900 = 10,500.
You also have to pay interest (money factor, etc) on the 3 years which comes to about $700 or so.
I dont think you can get much better.
Edmunds says $1k down comes to a $296/mo pmt (63$ resid): http://www.edmunds.com/calculators/car-lease.html?sv
#4836 of 5551 Re: 2013 Accord Sedan [jcarlos]
Oct 04, 2012 (6:36 am)
The money factor rates and residual percentages you have are correct. These are set by Honda Financial and not by the dealer. The way you calculate the residual value at the end of your lease or buyout figure like we say it is by taking the MSRP of the car and multiplyng it by the residual percentage, which you have is 62% or 63% depending on which trim level. The high trim levels and models with navigation have lower residual values meaning that they lose their value a little more than the base model LX. The loyalty discount is typically sent to you in marketing materials that Honda may send you by mail or e-mail to you. When it comes time to leasing again with Honda, the dealership should try to give you a better deal obviously because you are a loyal customer. Also they reward loyalty by giving you tier bumps in credit. You may not necessarily have an advantage leasing with the same dealer. Of course, it would be dumb for that dealer not to give you the best deal. You can replace metal but you can't replace customers. That's my philosophy because I am in the business. I would still advise you to shop around. Dealers sometimes try to take advantage that you already have leased with them and then try to make more profit thinking that you won't check their numbers. I work in Planet Honda in Union New Jersey which happens to be one of the top 10 dealers in the US so I have seen some pretty aggressive numbers.
#4837 of 5551 Re: 2013 Accord LX Lease offer [blue3715]
Oct 04, 2012 (7:15 am)
Honda's acq fee for leases is 595, not 795!
Can't comment on the other fees but they seem high too...