Last post on Dec 09, 2013 at 5:17 PM
You are in the Prices Paid - Buying & Leasing Experiences
What is this discussion about?
Honda Accord, Car Leasing, Coupe, Sedan
#5311 of 5565 Re: Honda Accord LX Lease [jgstaffo]
Jun 28, 2013 (5:33 am)
What exactly is the deal? Is it you give him your Sienna and $500 and you then pay $210 per month or do you give him your Sienna, another $500 for the down payment, $595M for the Honda Finance fee, more cash for his documentation fee, your state's title/registration and, of course, sales taxes. In a typical lease, every $1,000 you pay up front lowers the payment by about $30, so your $210 + cash + trade is equivalent to $304. That is not a good deal. If it's the second case, you are really being taken to the cleaners.
#5312 of 5565 Re: Honda Accord LX Lease [huskerfan5]
Jun 28, 2013 (8:38 am)
I see your excellent posts where you try to explain leasing calculations to folks in the hopes of clearing up all their confusion and it is evident you have a firm grasp on the mechanics of leasing. What I can't understand is why shoppers don't just do their calculations based on no money (zero dollars) due at signing. That way if you have a target payment that you must reach, you just adjust the amount at signing, bargain for a better selling price (and/or better trade allowance if applicable), and make sure you are receiving the best money factor the dealer can offer. Jgstaffo's deal is a prime example of how a dealer can confuse the shopper by throwing all those numbers into the pot. I wish folks could just simplify and control the process - I know - I'm preaching to the choir.
#5313 of 5565 Re: Honda Accord LX Lease [gmanusmc]
Jun 28, 2013 (9:52 am)
Thanks, you nailed it. Get the money factor and residual, take your target purchase price and add all the fees and TTL, throw it into a calculator and come up with 36 equal payments, then negotiate off that.
#5314 of 5565 Shopping for a lease on Accord EX Manual or Accord Sport Manual
Jun 28, 2013 (11:43 pm)
Love this forum. Have been reading it quite a bit, wish I saw it on my last lease! I never thought negotiating price first and then calculating lease price off that is the way to do it...well because dealers told me that it's not how lease works. Not it makes sense what you preach and I know better!
So I currently have Honda Pilot EX lease for which ends January 2014, I wanted to get into Accord Sport or EX Manual. Is now a good time to start shopping for a lease and when is a good time to start really buying? I always though August/September. If timing is good, is 6 month turn over on a lease to get into new one a doable thing?
What do you think about TrueCar.com? It seems like a good tool and the prices they show are around 10% lower than MSRP.
And last question, is residual value calculated off MSRP or selling price of a vehicle?
#5315 of 5565 Re: Shopping for a lease on Accord EX Manual or Accord Sport Manual [positronus]
Jun 29, 2013 (5:41 pm)
Generally speaking, Aug and Sep may be good times to purchase a car but since you need to factor in money factors and residuals for a lease, you can't necessarily say that's the case if you are leasing. Residuals drop during the year and the money factor is a product of economic conditions and marketing strategy. Makes no sense to start shopping for a lease now. Money factors and residuals are set monthly, so it wouldn't even make sense to shop for a lease today unless you make a deal before Jul 1.
Early lease terminations, unless there is a program by the manufactures, generally won't be in your favor.
Residuals are based on MSRP.
Tried using Truecar once. Never got any dealer replies. Based on what I've seen in forums, Truecar changed their pricing structure and deals are no longer as favorable. Regardless, you should negotiate up from dealer cost, not down from MSRP. You can price an Accord at $100K and take 50% off MSRP and it would still be a terrible deal.
#5316 of 5565 ACCORD EX-L lease rates
Jun 30, 2013 (6:35 am)
Car man, can you give me July (if you have) or June money factor on Accord EX-L with nav for 4 cyl and 6 cyl? thanks
#5317 of 5565 Re: ACCORD EX-L lease rates [gpb59]
Jul 01, 2013 (5:05 am)
with 10k miles or 12k miles per year
#5318 of 5565 Accord Sport Manual Lease
Jul 01, 2013 (9:35 am)
Are residual and money factor for Accord Sport Manual with 12K miles per year for July available?
#5319 of 5565 Re: Shopping for a lease on Accord EX Manual or Accord Sport Manual [huskerfan5]
Jul 01, 2013 (8:41 am)
Sorry, forgot my other login and don't remember email I used
When you say "Regardless, you should negotiate up from dealer cost", how can I find out what dealer cost is? As I understand there are number of things at play here - holbacks, hidden incentives, etc.
I see that residual for Sport is 59%, I used Weymouth Honda lease calculator. I am trying to time when I will lease this vehicle, so when, if possible can I expect this number to go to 58%?
Lastly, I thought that 2014 models are available starting August/September, but one of the dealers told me it's November/December, is this true?
#5320 of 5565 Re: Shopping for a lease on Accord EX Manual or Accord Sport Manual [camokatu]
Jul 01, 2013 (10:41 am)
I'll answer in reverse order.
Based on a look back in this forum, both the carryover 2012 and the redesigned 2013 were introduced in Sep so I would expect the same.
As for residuals, I suggest you do some detective work and go back through old posts to determine when Honda has traditionally changed the residuals and maybe you can predict.
You can buy a report from Consumer Reports where they claim to show dealer's cost. Of course, with incentives based on sales, not even the dealer actually knows today the final cost of the cars on his lot. My point was the MSRP's are meaningless so negotiating down is not the optimal way to go.
Write down your new username so you don't develop multiple personality disorder