I’m new to leasing but looking for advise as to what I’m doing wrong. With MSRP @ $32,975, Cap cost 30,000, we had been figuring monthly payments @ ~$300/mo incl tax for a 36/12 lease (my dad leases & figures this amount to be correct, the 1% test comes in around here as well). Edmund’s said residual 55% (which seems low) MF 0.00087, $500 incentive, tax is 9.25%. Recalculating, i’m coming up around $400 incl tax. What am I doing wrong?
Also, how can I find out how long a car has been sitting on the lot and does that even help in negotiations or not? (only asking since when we’ve gone to test drive, several dealers have said how quickly they’re turning over, but a couple have had to jump the vehicles, so clearly they’ve been sitting).
Don’t lease a hybrid (unless under circumstances where the lease value is less than running costs). Accord 1.5T EX-L is several points higher RV, cheaper MSRP, and better chance at a discount.
Although, @HondaSoCal does not use this site for business, maybe he can offer some advice as to what Accord is currently the best lease-wise.
Residual is correct. Are you including the DMV fees, acquistion fee, any doc fees, etc. ?
Also, how much money are you putting down?
The 1% test is nothing more than your ability to move a decimal point two digits over.
$300/month is more along the lines of an Accord Sport 1.5T.
I don’t recommend leasing the hybrid ANYTHING with Honda because the small amount saved in gas will not be greater than the savings in monthly payment.
We had planned on including DMV fees in the drive offs, 0 down.
I just realized that the low residual for a sedan is probably because everyone is moving toward SUVs, which seem to have a higher residuals? We’d like to get an electric car eventually, but think they’ll be much better in a few years and we aren’t quite ready for one yet. So we had figured leasing for now, and that a hybrid would be a good way to go (better gas mileage, better for the environment, etc) and had thought since hybrids/electrics were getting more popular that there would be better deals. Though clearly that’s not the case.
We’ve done a lot of research & spend a lot of time driving cars, but didn’t quite find all the info we needed until noodling around here. We were about to make a deal until now. I think we may need to reconsider.
Thank you for your advise and I’m so thankful for this forum!!
Accord 1.5T gets 38 MPG on the highway. Very efficient. The SUV, no matter what it is, is going to be substantially less MPG than a sedan.
If you want to lease an electric car, the Chevy Bolt is in your price range. @chevysalesgirl is in California and has Bolts around the $300/month price range. You could probably also find a Nissan, but the lack of cooling in that car makes it seem like a nightmare in terms of long-distance travel.
Oh, and I forgot @ethanrs has a great Bolt deal if it is still available. Under $300/month IIRC.
Leasing an electric car would be fantastic! but we don’t have a place to charge it currently. We will definitely look into a Bolt and Nissan though! I don’t know why we hadn’t really thought of those. Good to know about the cooling problem! I still have my old reliable 1992 Mazda truck & the AC broke years ago. Haven’t fixed it since it would have to be totally re-done, so the Nissan may seem like a dream LOL! I could check w/ my landlord to see if we could maybe install an outlet, and if not, I guess I could pull off my environmental pants for a few more years too.
If you don’t have that, don’t bother with an EV… it’s too much of a hassle otherwise. Pure EV cars like the Bolt really need a level 2 charger. Otherwise, a regular 120v outlet gives you 3-4 miles charge an hour… you’ll be waiting awhile or overpaying at charging stations.
Just recently leased. Is this a good deal?
2020 Honda Accord Hybrid EX-L
MSRP $32,975.00
36 months lease
12k year mileage
Color White
$900 Drive off (includes 1st month payment, DMV, and Doc Fee)
$303.27 plus tax (7.75%)
Is this a good deal?
