Be as specific as possible in the title if you are posting a deal – include car model, monthly payment, and money down.
Include as much information as possible in your post, and even a celebratory picture.
Year, Make, Model, and Trim: 2020 Honda Pilot EXL 2WD
MSRP: $39701
Discounted price of $33728, for $5973 off.
Monthly Payment: $369
Drive-Off Amount: $0
Months:36
Annual Mileage:12000
MF:.00107
Residual:61%
Incentives:? Not broken down, believe I got $500 for having a Hyundai lease.
Region:Alabama
Leasehackr Score:10.1
I had $430 in positive equity from a trade, looks like the dealer kicked in another $382 from somewhere but regardless I paid not a single penny out the door. Final payment seemed good to me, overall we are happy. Did no research on this dealer, had never heard of or seen them before. Stopped by on a whim and think we did fine.
We really wanted a Mazda CX9 Touring but I got quotes from dealers for $589 to the lowest one of $400 a month with $1000 down. What?! I contacted six Mazda dealers ready to buy, no one was willing to get to my target of $360 for that vehicle and I qualified for $1000 off for first responder also. Kind of unbelievable. Considered VW Atlas, got quotes of zero down $579 a month for an SE V6. I laughed, walked out and 10 minutes later happened upon this Honda dealer. First quote was $419 with me paying first months payment and ended at $369 with me paying 0. Hope I did okay especially considering this was a walk in and walk out deal with no work done beforehand, but I’m happy regardless.
Would love some of the deals posted here but no brokers I wanted to buy from and reached out to sell to my area. Maybe next time!
Thanks for sharing. Today I went to honda dealer to lease a 2021 EXL and they wanted $545 a month plus tax. Your post is a guide to me to the fair price.
The inputs (MF, RV and incentives) all change month to month. You cannot assume the payments will remain as is after the inputs change. You’ll either leave money on the table or you’ll have an unrealistic target to aim for.
It is practically impossible for us to tell you what a “good” monthly payment is for your specific lease as lease programs are highly dependent on region, personal qualifications, tax rates, etc.
We always recommend the following method before you ever contact a dealership. If you do all of the work up front, you’ll have a stress free dealer experience and set yourself for success.
Read Leasing 101 (Blog | LEASEHACKR) to understand how to calculate a lease payment and the variables. Monthly payment is an output, not an input!!
Pick a specific vehicle that you want to target
Gather the current MF, RV and incentives from Edmunds forums for your zip code
Research the LH marketplace and other deals that have been made recently on your vehicle - what was their pre-incentive discount? How did their lease terms differ?
Plug your numbers into the LH calculator, and use a pre-incentive discount similar to what you have seen
Create a target deal, this is what you’re trying to negotiate to. You can try different terms, selling price discount, etc. and see how your monthly payment is affected. It is also possible that different trims of your vehicle may have different MF and RV (i.e. this is very common with GM), so make sure that you look into that. Come up with a set of inputs that give you the output that you want - your desired monthly payment.
With a target price determined, you now have a deal to pursue and compare dealer offers against. More importantly, you have a solid foundation to work from.
