I am new to this site and am trying to learn as much as I can about leasing information.
I am currently in the market for a pick-up truck and have decided to move forward with the 2017 Honda Ridgeline Black Edition.
Below is the best offer I believe I have received thus far, but I need some guidance as to “is this a good deal”?
Thanks for any feedback!
2017 Honda Ridgeline Black Edition
36 Month Term
12,000 Mile/Year Allowance
Total Due at Signing - $0
Monthly Payment - $636.00
This is based on the Out the Door cost detailed below;
2017 Honda Ridgeline Black Edition $40,204.00
MA State Inspection Sticker Complimentary
Dealer Document Fee $298.00
Title and Registration (New Plates) $140.00
MA State Sales Tax $2,531,38
Total Out The Door Price $ 43,173.38
Honda Finance is not aggressive at all on the MF for Ridgeline, Pilot or CR-V since all 3 models are freshly redesigned. See if your dealer is signed up with HarborOne Bank or if they aren’t, call Honda Gallery in Reading MA or Honda of Plymouth and see what their inventory looks like. You can use HarborOne Bank through those dealers and get a much better lease deal than Honda Finance. Same RV as Honda Finance but a much lower MF so you’ll get a much better monthly payment.
MA sales tax is only for purchase and not lease [where it is calculated on the monthly payment], so that Total out the door Price is bogus. Second, looks like they are asking for MSRP, why would you pay MSRP for a truck when other more capable trucks are 10-20% off. For a 40k truck, the 636 payment is really quite high.
I just did some digging around and indeed, Mass sales tax are included in a leased vehicle. The total sales tax amount is added to your monthly payments.
Given your response, is there a way to advise this dealership that sales tax should NOT be included in a leased vehicle?
Like @vhooloo said, hopefully you really, really love this truck (or at least $7-10k over 3 years love premium) … for a $44k truck, you should be ~$440/mo or around there. I know SUVs and trucks are harder to lease but $636/mo is a lot …
I really need to invest some time to teach myself on how to “properly” calculate lease numbers.
I’m at a complete loss here. Thankfully sites like this exist!
My reasoning for the Ridgeline is simply due to the fact that it drives and acts like a car as apposedto a truck, but also that it has a bed.
I have never owned a truck before, so this will be my first.
The Ridgeline Black Edition for me personally, is the Charpest looking pick-up out there currently (too bad it’s a Honda.)
I’m a high horsepower/sporty hatchback guy. Currently own a GLA 45 amg, so this will be a big leap for me!
Thanks everyone for the feedback, much appreciated.
JP
It is a good investment to learn this stuff … if you lease 1 car for the next 30 years and save $7-10k every 3 years, that amounts to $70-100k in 30 years … not too bad. If you lease 2 cars or 3 cars, it adds up
So I have read the Leasing 101 and have come up with the following numbers below.
The numbers below is based on what “I” am comfortable with paying on this vehicle and will be providing this to a few dealers I’m currently working with.
Hackr’s, Is this a reasonable offer to provide dealers or would I be laughed at? Please share your thoughts ?
2017 Honda Ridgeline Black Edition
MSRP: $43,910
Sales price: $39,700 (10% off MSRP)
Residual: 63% = $25,011
MF: 00200
Document: $298.00
Plates/registration $140.00
Sales tax: 6.25%
Total due at signing: $0
Monthly payments (inclusive of state sales tax): $508.00
Weymouth Honda usually has very good prices. I’m sure it’s possible to do better, but would require some serious negotiations and a little luck. That’s based on what I’ve seen with other Hondas, not the ridgeline specifically.
Based on that $508 would be a good deal on a Ridgeline since Weymouth is at $596. That said, everyone here will tell you it’s a terrible deal of it’s anything more than 1% of MSRP (roughly 450).
If you’d be willing to do a Private sale at lease end, I think you could make some money because I think Honda is underestimating the residual. For this reason, it really makes more sense as a purchase than a lease. Would you consider purchasing it?
If you could further reduce the MF using Harbor Bank as the poster above suggested, I think you could end up at a pretty good spot overall.
You have seen this post, right? MSRP for this truck is $64k which is $24k more than the Ridgeline
Now that you are leasing, another thing to think about is that the car is just a “rental” – albeit for 3 years. You don’t have to buy the exact truck that you want because in 3 years, you get to pick a brand new one! So maybe time to take a break from the Honda Ridgeline due to the bad lease numbers?
Great point! I was more in the mind frame of “that’s what I want, so I will get”. Now reading though this site and noticing some amazing deals that others have found, I am now all about the numbers.
The Denali is a nice truck, I have contacted numerous dealers and am now waiting for offers.
Should be interesting.
The other side of this coin is that the ridgeline may be more of a “purchase” car. The calculator on this website will help you check that.
Doing rough math: $700 x 60 months = $42k. $700 is not far from your original $636. So after 5 years, you will own the Ridgeline which may be worth $17-20k (not sure). So $42k - $17k = $25k is what you spent in 5 years. May be worth is depending on your situation.
