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Honda EXL Lease Question - is my calc right??

by tsasshonda on Mon Aug 25 19:19:00 PDT 2008

I’m trying to figure out if we are being offered a decent deal or not – we have a quote on an 09 EX-L 4wd – 42 months, 15k/yr. for $453/month (includes the PA 9%) – 1st month and $200ish due at signing. I have not asked for any info other than payment at this point. The msrp + dest on the vehicle is $35,865. Looking at some of Car_Man’s previous money factors and residual I used 45% residual and .00212 money factor. For these numbers the net cap cost would have to be $25,865 ($10,000 off of MSRP) to get that $453 payment. This seems incredible. My wife and I saw a previous email regarding somebody getting an offer on an EXL with RES for $425 on a 36 month lease. The dealer mentioned that this 42 month deal ends 9/2, but also offered 36 month $483/mo that would extend into next month. Am I off on my math? Can I do better than the $453? Car_Man do you have the residual and money factor for this vehicle? Thanks, Tony

Re: Proud new owner [confused13]

by fitisgo on Mon Aug 25 18:56:05 PDT 2008

Yes, it sounds like you got a really great price. Superior Honda of Omaha, NE, also has a leftover 2007 in yellow on their showroom floor. The MSRP is about $34,500 (I rounded off) and they are advertising $6,500 off, or $28,000. I thought this was a good price. If you were able to negotiate another $1,500, you did very well.

Re: dealership advice [iwantone]

by traindriver on Mon Aug 25 18:21:06 PDT 2008

Hello, I'm right up above you in the Upstate. A colleague at work commented recently about Phil Hughes Honda over in Athens, GA. They beat out the Upstate dealers on price and he was very satisfied with the experience. He's pretty sharp with money and I know that he did his homework. Most Hondas around here come from Piedmont in Anderson or Breakaway in Greenville. I've never heard anything really bad about either but I don't know how they are on price. I had an 89 Accord many years ago and used Piedmont and Vic Bailey in Spartanburg for service and was happy with both. Someone mentioned East Coast in Myrtle Beach. I believe that they are owned by the same people as Piedmont in Anderson. not positive though. As far as small towns go, in my experience there has been a lot less sales pressure. My worst experiences have been in the bigger towns. The two places I visited a few years ago in Atlanta were snake pits; I wouldn't go back to either if they were $3000 less. IF you do your homework, you will get a good deal most anywhere. The big difference in my opinion is the culture of the dealership and the BS you have to endure to get there. In 1996, my FIL bought my SIL a new Accord. There was a $200 difference between the Florence dealer and the Bennettsville dealer. (Bennettsville is tiny. They must have had the franchise since the 70's. Smallest town to have a Honda dealer that I have ever come across.) Let us know what you find out. I don't have a local dealer here. GSP, Anderson, Augusta, Columbia, and Athens are all about the same distance away from home. I might be in the market for an Accord next year and would be interested in what you find.

Proud new owner

by confused13 on Mon Aug 25 17:24:19 PDT 2008

I found a brand new 2007 leftover in the color I wanted (yellow) and got it for $26,500 plus a $99 doc fee. I plan to keep it for a number of years, so I think resale will be just fine with '07 vs '08 (plus I like the wheels on the '07 better). Even with 4.9% vs Honda's 2.9%, payment is better and I've got a great car for almost half of some of the competitor cars! I couldn't be happier.

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