2017 Honda Ridgeline RTL-E Lease impossible to get a good deal?

Ask the Hackrs
1

Hi I am new here and already loving this forum from the threads i’m seeing.

I am dead set on this truck, have test driven everything else even more expensive trucks but this is just the one i am dead set on, its either this or nothing.

I have done quite an amount of research on this truck but it seems like there are 0 good deals on it currently because its a new model and its sold out constantly?

Just yesterday i went to the dealership and this is the deal that i got.

Vehicle Price: $42,410.00
Autonation Savings: $2,921.00
Autonation Price: $39,489.00
Wheel Locks: $149.00
Vehicle Selling Price: $39,638.00

Sales Tax: $2,476.59
Tag/Registration Fees (Estimate): 298.75
Tire/Battery/WEA: $6.50
Dealer Service Fee: $699.95
Balance Due (Estimate): $43,119.79

48 Month Term/12K Miles a year

Cash Due:
$1,500/ 558/Month
$2,000/ 546/Month
$2,500/ 534/Month

Residual Value: 22,477 (52%)

So it seems like this is a terrible deal for me, and I don’t think it will get better than this after i saw some other people one here and other sites who have gotten similar quotes,

why are the deals for this truck so bad especially after seeing someone on here get a 2017 gmc canyon denali which costs $25k more than this, for only $450 a month with 0 down

Surely something is fishy here? or is it just the demand for the truck? is it possible for me to get this truck cheaper?

would really appreciate the help because this is the only truck i am interested in so its either all or nothing, guess i would have to wait if i cant find something better

Thanks guys.

2

The GMC you are referring to is the Sierra Denali. The residual for 36 months was at least 70% and GM had more incentives, states that did not tax the full sale price like yours is, and dealers willing to discount around 10%, and possibly lease cash/loyalty or conquest cash or GM card points. So that accounts for why it was a less expensive lease.

If you really want this vehicle, buy it. A 60 month finance with 0 down only about $150 more per month than your lease deal.

3

thanks for the fast reply,

I would love to finance it but i cant justify the monthly payment which would be around 740 a month and my insurance would go up 80 so that’s a total of 820 a month for both payments and insurance

that’s why my only option really was leasing, because if i could get a monthly payment of 400-450 that is alot more manageable, then when the lease term is up, i could just purchase/finance the rest and it would be about the same payment and i could just finish paying it off and keep it

4

The RV kills the deal. Not sure what the MF is, but it’s probably just average at best. There’s nothing you can do unless you can get a dealership to give you a MASSIVE discount off MSRP, but that’s pretty much impossible.

5

Any specific reason why the RV is so low? i thought Honda’s were supposed to hold value better than most cars? or is the issue just with this specific model? is it since ridgeline is a newly refreshed model thats why prices are so crazy?

I just saw another thread with someone getting a 47k msrp Mercedes benz C300 down to 40k OTD and total monthly of $400

im new with this whole leasing situation, maybe im missing something here but surely this is not right?

how is that even possible a supposed luxury german machine is so much cheaper than a mainstream “value” non luxury brand Honda?

Thank you for the reply by the way, i appreciate all the information and advice i can get. Loving this site.

6

If you did 24 or 36 months, the RV will be higher. 52% for 4 years is not that bad. The mf (interest rate) is likely high, because they know people (almost like you, lol) are willing to pay for this vehicle since it is in demand.

That sales tax of $2,500 is adding over $50 per month by itself over 48 months, Over $70 per month over 36 months. You must be like me with the unfortunate raw deal of living in a state that taxes the entire price and not the final lease payment.

7

Where are you located? I opened up the Honcker app (i’m based in NJ) and for a $42410 Ridgeline RTL-E 36month/12k mile lease it shows $419 per month with 1853 due at signing. That is with no legwork at all.

They have the Black edition for $457 with 1895 due. You should be able to do better than what I just listed.

8

The dealer prolly has maxed out the MF.

9

Honda has terrible leases.

Brother bought a new RTL-E (nice truck) after running lease numbers. Same thing with the CRV.

Where are you located? Honda inventory of the RTL-E is pretty bad and not many discounts yet.

10

but then if i did that with lower amount of time for the lease (36 month instead of 48),

then wouldn’t the monthly payment be a lot higher?

is the MF something that i can negotiate?

that deal that jayneo74 posted sounds really awesome. 419 a month would be perfect honestly.

Also I live in florida so i do think taxes go into the monthly payment

honestly if the monthly payment from buying wasnt so high i would love to buy, but its just too much which is why i planned to just lease then once it depreciates i buy that and keep the monthly payments about the same through purchasing. I know im losing more in the long run but its the only way to really make it work

11

Florida’s doc fees are ridiculous and add substantially to the monthly payment. I would look at leasing or buying out of state. Do you belong to a credit union where you might be able to get a decent finance rate on a 72 or 84 month purchase? Or look into a slightly used one if there any available.

12

I have a credit card with Capital One but that’s pretty much it.

Would the deals out of state be that good? How would I bring the car here? sounds interesting !

I tried for used but there really aren’t any since its a brand new model for 2017 that just came out

13

Your payment may be higher or lower depending on the RV and the MF.

I personally don’t see the appeal in a 48 month lease, especially when the last year is out of bumper to bumper warranty.

If you run the numbers, most of the time if your intention is to keep the vehicle after you lease it, it is better to just purchase it from the beginning instead of leasing it then purchasing it.

14

yeah i understand what you are saying but like i said before the monthly payment currently financing it is way too high (about 800 with insurance) as opposed to lease which maybe could be about 500 , thats why i planned on leasing first then when it depreciates i can finance 20-25,000 as opposed to 40-45,000 now and the payments would be alot lower,

not sure if i am explaining myself correctly but please let me know otherwise,

I appreciate the time you are spending reading and replying,

Thank you.

15

I believe I fully understand. To put it bluntly, you are trying to acquire more vehicle than you can comfortably afford. And, in the long run, you are going to be paying more for it than if you would just buy it. This is not a good plan. Dave Ramsey would be furious!

Your insurance is going to cost the same whether you lease it or buy it. Or am I missing something there? It would go up $80 per month because it replaces a cheap vehicle or adds another vehicle to the policy?

1 Like
16

To echo what adamcar said re: affordability, it sounds like you should look at 3-4 year old Ridgelines or maybe pick a new model lower down the trim line scale.

17

What zip code are you in? I’ll get you connected with a credit union in South Florida that should have a Honda dealer in their network. Our company sets RVs for a few credit unions around the country. We have a better RV on this specific truck than Honda Finance and this credit union has a MUCH lower MF than the captive as well. Only trick is that you need to go to a dealer that is signed up with the credit union.

We are also strong on CR-V and Pilot. Honda is enjoying the natural demand of their all new designed vehicles so they don’t feel the need to incentivize the lease program. Hence the high MFs and relatively conservative RVs. Ridgleine is supply constrained as well so there is not much ground stock out there. Dealers don’t need to discount the MSRPs to move the few units they have in stock.

18

Hey, just sent you a private message with my zip code and city, let me know if you need anything else

Thank you!

19

Hey guys, I have decided to purchase it due to the bad lease numbers,

would you recommend purchasing through honda finance or somewhere else?

Thanks

20

Whoever gives you the lowest APR.