Hello all,
I currently have a 2015 Honda Accord lease with 1 year left. I was approached by the same dealer i got the lease at if i wanted to trade it in early as I’m currently at 35k miles (15k a year lease). I have received the offer below. I typed it in the lease calculator and got 7 years. Is this a good deal? Anyway i can drop the monthly payment (currently at $258)? If so how do I go about doing that? Thank you all for your help. 1st time leasing a car on my own and appreciate any help.
Man, Accords are so freakin’ expensive. You can get a fully loaded, $37K Optima for the same payment.
IMO, not a good deal, and not a good idea to just go with the first dealer that throws you an offer.
Your trade completely muddles this deal. Is it over valued? under valued? Who knows without multiple quotes. I’d imagine, it being a first offer, that they are making decent money off you on both the front end (vehicle sale) and back end (vehicle trade-in).
Your vehicle selling price is not competitive You should be at $23k selling price on this, if not even lower. I had an offer of $23,110 on a 1.5T Sport in February from a high volume metro Detroit Honda dealer, and dealers are much more desperate to move these now.
Agreed 100%. Accords are for buying.
What I would do is, if you can, take the car to CarMax, Carvana, or any other car buying place and see what offer you get. If your payoff is more then what they offer, I would leave, if it’s less, sell the car. Then get yourself into a new lease without carrying any baggage.
Example - payoff listed in the image shows $16,939. Say Carmax offers $17,500. I would take that over the deal above as you’ll make alittle over $500. If Carmax offers $16,000, then you dont, since you’ll have to pay $939.
As far as the deal goes above - there’s other cars that lease better. Honda’s are notorious for not having good leases. It’s not a bad price but there’s definitely better cars/deals out there. If you’re adamant on staying with Honda, I’d wait till Memorial Day or July 4th weekend, Honda usually has better deals then.
Thank you. I really appreciate the feedback. Planning on going to Carmax after work. What other cars could i get that lease better for around the same price? I’m not really into Camry’s or Kia’s. Also if i do get a higher offer from Carmax would I get a better offer going into a new lease deal with Honda rather then the trade in? Salesman gave me a line about it being more expensive getting a brand new lease not taking into account my current car.
Search the forums, there are many options for around 300-350/month, but don’t compromise on driving what you want to. Using your example - I wouldn’t take a Camry if it was $50/month. You could always purchase/finance; in the case of the Accord Sport, a longer term loan at low APR wouldn’t be far off from that lease in terms of monthly payment. Honda’s just don’t lease well due to residual values that are usually pretty realistic and no subsidizing of the MF. There is no incentive to lease this particular vehicle unless you value the security/guarantee of turning the vehicle in in 3 years.
If you want out of your Accord, you can simply sell it to Carmax (or any other dealer) - you’ll either make money or lose money depending on your current payoff and their valuation. Honda doesn’t have any “lease pull ahead” programs as far as I am aware, i.e. they will buy out a certain number of payments on your old lease to get a new lease.
As I said, I had a price in writing on the same car $1100 lower than yours three months ago with no trade-in. You correctly smelled the BS, unless they really over-valued your trade.
Let us know what Carmax offers you!
