Last post on Dec 12, 2013 at 6:24 AM
You are in the Prices Paid - Buying & Leasing Experiences
What is this discussion about?
Honda Accord, Car Leasing, Coupe, Sedan
#5063 of 5566 Re: Lease Re-up with Over Mileage [gmanusmc]
Mar 08, 2013 (12:26 am)
Thanks Bill! Figured that would be the case. So in this instance the residual is about $500 more than the retail value I am finding searching different sites etc. Should I be targeting the $500 difference on the deal (difference between residual and retail)? Or should I be targeting the difference between wholesale value and residual when negotiating. The difference between wholesale and residual is about $3k. If I present an offer of the difference between retail and residual will I get laughed out of the dealership
I guess that is the last question I had. I have been inputting numbers in the Weymouth tool. What a great resource!
#5064 of 5566 Re: Lease Re-up with Over Mileage [kp600]
Mar 08, 2013 (6:51 am)
The wholesale value is not relevant to your situation unless your miles overage is huge. That would be your fault for over-driving the lease. The dealer MIGHT be willing to "eat" some of the miles overage but i doubt they would give you a skinny deal on the new car. Think about it - why would they? You are responsible for the miles - not them. The new Accords are selling well so they are not hard up for sales. If all you have to "cover" is the $500 difference, consider yourself lucky.
#5065 of 5566 Re: Lease Re-up with Over Mileage [kp600]
Mar 08, 2013 (9:54 am)
I think you mentioned your lease is almost up - you might want to extend your lease with Honda while you are shopping for your new lease - the extension will be on a month to month basis so you're not locked in long term - this will give you flexibility while trying to work a good deal.
Now back to the miles - if you are significantly over, you might be in a situation where the negative equity is less than the mileage penalty - if that's the case, it's to your advantage to trade rather than do a lease turn in. I think your best strategy would be extend the lease to buy some time, then do some smart shopping to get your best price on a new lease and you might have to work with a few dealers to negotiate your best trade in allowance on the 2010. Nice thing about Hondas - good resale (even with some miles).
Mar 08, 2013 (6:35 pm)
Please confirm or deny the following for a standard 12k/36 month Accord lease:
1. Current mf for "1st and fees" lease is 0.00107
2. Current mf for "sign & drive" lease is 0.00097
Got the info from the weymouth honda site and want to know why the mf is lower for scenario 2. Does this make sense to you?
#5067 of 5566 Re: Lease Re-up with Over Mileage [trusso69]
Mar 08, 2013 (8:07 pm)
Thanks. I am not debating whether or not it was my fault I am over mileage. I realize that it is my fault and I am not going to get the "best deal" available. I am just asking for advice from experts as to my situation. I don't seem to recall in my post where I said it wasn't my fault....
#5068 of 5566 Re: Lease Re-up with Over Mileage [gmanusmc]
Mar 08, 2013 (8:06 pm)
Thanks again! I am in a situation where the negative equity is less than the over mileage fee. So I will keep doing some negotiation. Lease ends towards the end of the month. Good advice and I thank you for it!
#5069 of 5566 Accord 2013 LX Lease
Mar 09, 2013 (9:17 am)
293 Monthly Payment
The residual value of the vehicle is 14,427.40.
What do you guys think? I live in VA. Thanks!
#5071 of 5566 Re: Accord 2013 LX Lease [trusso69]
Mar 09, 2013 (10:58 am)
Thanks for your reply. You mentioned that my numbers are not that great. Would you please elaborate a little more. I checked on truecar.com and it seems like people pay around $20.8k. I saw the invoice price for LX is around $19k and want to push them to give me at $19k or slightly above.
Do you think I can get a better price on the car? I guess destination, processing, acquisition, tag/titles are something I can't really negotiate right? Thanks for your help!
#5072 of 5566 Re: Accord 2013 LX Lease [dhyun3]
Mar 09, 2013 (11:08 am)
You first need to understand how they came up with 293 when the online lease calc came up with 263. What did they sneak in that you aren't aware of?
The weymouth honda online lease calculator is also helpful for benchmarking ANY deal. Their prices are very good but not the best you can do and they are at 20.7 for the LX. I think 20.5 is doable at the moment. How are taxes calculated in VA on leases? The other fees you quoted are reasonable IMO...