With the used car mark ups, I have decided to sell my 18 Honda Accord as Carvana has offered me 4500 over my payoff. I’ve scheduled the pick up for May 23rd. I’m aware that none of us can time this market, let alone any market, but if I can get by without a new lease for a few months, would that be the more appealing option rather than trying to scrape out a decent deal in this current climate? A broker quoted me 1k DAS 299 per month including taxes for a 21 Accord Base Hybrid. I’m hesitant to pay over 300 dollars for a base Honda, even if I’ll be saving on gas.
What do you guys think, wait it out if I can? Or is this only going to get worse?
That’s the same exact situation I have. I have 4k equity on my lease buyout. I called numerous dealerships for new leases and it’s absolutely stupid to lease.
I had one dealer quote me $600 on a Toyota XSE. I said I can get nearly any entry luxury vehicle for that price. He said with Toyota you get reliability. I then got a quote for a Honda ex-l one dealer quoted me $480 and the other just about $400.
So with higher equity in our leases we have to deal with insane new lease “deals”
My lease was up in August. In April I sold my Volt for a net gain of $2403, and leased a new Bolt. The deals are still available, or were available in April. Based on all the conjecture, I am guessing the summer months are going suck ass for car leasing. If you can live without a car until early 2022, feel free to gamble. If not, sell the car and lock up something before you get stuck.
The gas savings vs cost of lease would not be seen in this situation. You would be better off leasing a non- hybrid. Sonatas are leasing (relatively) very well right now if you are looking for a similar sized vehicle to the Accord.
I’m going through this exact same scenario now as well. Just got an offer that is over 4K higher than my payoff only to panic and say “oh shit, I need another car immediately”
Like OP I really like the Accord, I truly think it’s the best deal in its class. Luckily I’ve done a bunch of research on this (big thanks to everyone on this board) and managed to tentatively negotiate a sign and drive (1st payment + DMV only) on a Sport 2.0T- monthly will be about $360/month all in, taxes included (in NY where taxes are ridiculous). Is it more than I wanted to pay? Slightly. Maybe if things were better I’d get a monthly of $330 or below on that car. But considering Honda has no lease incentives, and the state of the market, I think I probably will do better than the vast majority. Especially because I’ll have $4k in the bank from selling my previous lease to show for it. Once I sign/finalize the Accord deal I’ll post in the deal sharing section. Good luck to the OP- crazy how I spent my day dealing with the exact same scenario.
I’m in a similar situation although I if I sell my car, I’m in the market for another car. I don’t think waiting it out will yield better lease #s anytime soon. My initial research suggests that lease #s will not be great as dealers don’t have to give out as much incentives this year. Yes, there may be some deals here and there but limited. Missed out on the e-tron and Bolt frenzy of March and April.
Sell your car and get the cash and start hunting for good lease deals. Good luck OP!
I ran into the exact same wall with Honda dealers, where they were insisting the price must be MSRP or something measly like 2-3% off on the Accord (especially my trim). They looked at me like I was crazy when I suggested more.
Based on my initial calculations (using default fees in the calculator) I got about 8.4% off pre-incentive. However, I should note that I did not go through Honda’s captive bank. There’s a local credit union the dealership works with that was doing a 39 month/12k mile lease on that car with a 67% residual and .0015 MF. While the MF is about double Honda’s buy rate, the insane residual more than makes up for it.
After I determined a target price, I just called dealerships, asked to speak with their sales manager and asked them to meet me at the target price. I think blasting out emails, while perhaps effective for some, is not as effective as a phone call with an actual person.
Exactly what I’m doing, I have an older car that barely gets driven, every month with no lease payment is hundreds of $$$ in savings, then you can pounce on the unicorn later on.
My '18 Accord lease is up in September. I just got a quote from Carmax that was just under $6k over my payoff amount. I wasn’t in the market for a new car yet, but this may change things. I had just started trying to figure out what I wanted, whether it was another Accord or something else. It will almost assuredly be another Honda. I’m not really hung up on payments. It’s more important to have a car that I will be happy with rather than one I got a good deal on.
Have you considered an Acura TLX? Although it may be late as programs are changing but you would’ve been eligible for conquest/loyalty. Picked this up over the weekend for and effective $369 per month all in for 36m/12k.
