I’m trading a 2021 Tesla Model Y Long Range with 36K miles. I was able to bump them to $25K for my trade which is “very good” KBB value. The problem is I owe $28,500 so I’m upside down $3,500.
I’m looking at a 2024 Honda ridgeline Trailsport - 36 terms - 15,000 miles/year. We got to $489/month. Sticker on the Honda is $46,800 and residual is $29,503.
I’m putting $5K down which covers most of my negative equity. Essentially $1,500 down.
dont know about the ridgeline, but there are cheaper trucks like the Santa Cruz.
You can privately sell the Y for 29, if not 30k
I helped a friend (NJ resident) lease a 2024 Honda Ridgeline TrailSport at the end of June. It was a challenge finding one that wasn’t on stop sale due to the tailgate wire harness safety recall. The lack of available inventory impacted the dealers willingness to negotiate. Here is the data point:
2024 Honda Ridgeline TrailSport
MSRP: $46,830
Selling Price: $44020 (Pre-Incentive 6% discount)
Monthly Payment: $382
Drive-Off Amount: $3,230 (Includes 1st month, Dealer Fees, Tax, Registration)
Months: 36
Annual Mileage: 10,000
MF: .00112
Residual: 67%
Incentive: $1,500 total
• $1,000 Conquest
• $500 HFS Lease Cash
The above deal was based on the June program. Please check current program for MF, RV and available rebates/incentives.
The dealer was located in PA so the doc fees were a few hundred less than you typically find in NJ.
At the time, there were better deals on the Nissan Frontier PRO-4x but his heart was set on a Honda Ridgeline.
You can definitely do better on the Model Y, should be closer to $27K to $28K. The bigger problem is the Ridgeline lease is not very good, I would be looking for minimum 8% off based on broker offers in marketplace. You are close to a Rivian payment and beyond a Lightning payment and in NJ with a short window remaining for sales tax exemption.
Are these broker offers in the Northeast and for the TrailSport trim? Perhaps I’m searching wrong but I can’t seem to find much relating to the Ridgeline in marketplace.
Please clarify.
Best dealer discount I found in June for “any trim” was 8% with @BimmerCarDeals (here), and for “RTL trim” only @AutoCompanion (here) was doing $5000 off (around 12%). Trailsport has the +1 RV compared to other trims. I went with the Lightning instead, but I see no reason why the dealer discount target should be any less in July, as they carried from May to June unchanged.
Thanks for the info. June supply issues due to the stop sale made it difficult to find a NJ/PA dealer willing to deeply discount. Hopefully that is no longer an issue and the available inventory has increased.
I have a 2023 Ridgeline RTL-E and its good for what I need, but given the opportunity, I would strongly consider the Lightning or Rivian in the future.
