Deal Check - 2023 Honda Accord Hybrid EX-L

Ask the Hackrs
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1

Hackrs, please help. Our 2021 Honda Accord Sport lease is up at the end of the month. Buyout is $16, 445. I’ve run our vehicle’s trade-in value on several online checkers and get $22-$24k from each. Carmax gave me an offer of $21k.

We’d like to upgrade to an Accord Hybrid EX-L and I’ve attached the deal we’re being offered. The dealership tells me all the online value checkers are wrong on my car that they are selling their car for under what JD Power says they should. Yet, they have a 2024 Accord EX-L with the same mileage that’s been on the lot for over 60 days. I’m thinking this is a bad deal but would like some confirmation. Also, I’d love to know where I can accurately assess the 2021’s value so that we can appropriately set our expectations.

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blue accord23024×4032 2.14 MB

BTW, earlier quotes were for a 5.49% interest rate. I see that they raised it to 5.69% on the last offer. I’m not sure if the rates changed over the last few days or if that is further shenanigans.

2

I would separate the trade-in from the new vehicle transaction, so that you can optimize each. Unfortunately, CarMax cannot buy out Honda leases, but see if there’s another Honda dealership (or a dealer group that has a Honda store) that will offer more than $19K for your current Accord. You can also try Equityhackr, which can buy out Honda leases.

I would also compare this 2023 Accord with the cost of buying new. The selling price will be more, but new car finance rates and incentives are generally better. Rate Findr is showing as low as 1.9% APR plus Loyalty cash that you won’t be getting on the used car.

3

On a late model Camcord you’ll almost never get enough discount to justify losing most or all of the warranty.

You can buy these new at nice discounts.