I’m new to leasing & I’m looking for what money factor, residual value, & lease or loyalty credits if any should I be looking for in a 2023 honda accord LX 4 door 36 month 10k per year Mile lease. I’m in VA zip code 23464
Having current, accurate information for residual value, money factor, and incentives is important in understanding your deal. As such, going directly to a source that has access to that data from the captive banks is your best option.
Rate Findr has that information, as they have direct access to it from the captive banks. It’s a tool on the Leasehackr Calculator, available to Super Supporters.
Also, avoid copying and pasting messages from youtube videos.
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Saying this for your own good. If you know this little about leasing you are probably going to get destroyed in the finance office.
Don’t be like the guy who was so embarrassed about what happened in there that he couldn’t even own it (“my wife signed everything while I was in the restroom!”).
Plus, Honda Accord has almost always made more sense to finance anyways.
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I know how to calculate & understand the numbers… I’m just having a time finding the numbers
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Being a LH Super Supporter gets you access to the numbers from LH in real time, as noted above.
https://leasehackr.com/contribute
You can also post a request on the appropriate Edmunds deals forum for your target year/make/model, and they’ll post back the answer usually in a matter of hours.
If you have several vehicles and/or trim levels and/or lease terms and/or mileage options in mind, that may require several posts.
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Recently leased a accord in 90504
Residual 62%
MF 0.00265
They do $500 loyalty incentives if you own a Honda in household
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With 2k down you looking at about 400 payment
IDK if you can just throw out a payment to someone in another state, especially one that taxes the selling price.
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Probably for a different trim level too. Or else someone is paying $16,400 for a LX Accord that has a MSRP of just over $27K.
For financing, the math is simple. In Virginia, if you get an Accord LX at MSRP, you are going to be out the door under $29K. A 60 month note on that with nothing down is going to be under $550 a month using Honda’s 60 month financing promo. At 36 months you will owe about $12.5K. Obviously accidents can happen or markets can change, but I would guess that car would be worth $17K to $20K at three years and 36K miles with a clean CarFax based on my history of owning Hondas.
OP has to figure out cost of leasing and whether it is worth the reduced risk/fixed cost of ownership versus financing.
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CALCULATOR | LEASEHACKR Here in VA
No, because you have no dealer or government fees listed. You also list as being in VA, but are not taxing correct for VA.
Beyond that, we have no way of knowing if that is a reasonable target discount since you haven’t mentioned what vehicle we’re talking about. (the vehicle specific info of the supporter calculator doesn’t stick when you share it)
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CALCULATOR | LEASEHACKR it’s a Honda accord LX & I’m in VA
Nope, since this doesn’t have an acq fee and isn’t being taxed properly for VA, so the numbers don’t mean anything for your situation.
Maybe? Have you seen any advertised Accords at a discount like that, or received any offers from dealers with that kind of discount? I’d start there. Also, your tax structure is wrong for Virginia in your calculator link.
That’s probably more representative with the Acquisition fee included. Missed that one. I think that it may be difficult to find a meaningful discount on one of these though. I checked near me on CarGurus and everything is advertised at MSRP. Oldest listing is only three weeks old. They don’t seem to sit for very long.
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How do I get my tax rate right?
Google it?
you should buy this instead of leasing it. Hondas don’t lease well. Accords don’t lease well.
Hondas do keep high residual values. So if you value having the most money in your pocket, it would make sense to purchase and sell in 2-4 years.
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I broadly agree. Since the new body just came out, the OP could stay in the current bodystyle for ~6 years by financing and then trade in for a new one.
Rinse and repeat every time a new body comes out (6 months or so after they start populating dealer lots).
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