Can I Afford A 2008 Honda Accord?

[Ashley1980]

PJ1369... thanks a bunch.  Negotiation seems to be the key.  I'm assuming that I could be able to negotiate the dealer down to about 27,500 or so.  Then with my trade and my downpayment totalling at least $3,000 I should be right where I want to be.  I am a very responsible individual when it comes to paying my bills on time and I can handle 550ish  (I just personally refuse to pay over 600 for any car, unless its a 4 year loan as MEL suggests).  Hopefully it will work out the way i want it to.  My credit union says they will give me a 5.74% and if i do direct draft it will be 5.24%. 

Someone else had a good question, how does one negotiate a price?  Just take edmunds.com and autobytel.com printouts? 

Thanks for your help.

[Ashley1980]

Schoolbus...I'm sure she wouldn't approve me now. LOL  But by the time of my purchase I will have no credit card debt and no outstanding balance on my current vehicle.  Think she'd still deny me?

[Anonymous]

Ashley-

First, you should be able to get the car at 27K or lower. Considering it is a 2008, and the 09s come out in three weeks. Additionally, Honda sales are doing horrible, so if you shop around I'm sure you can get the deal you want.

Go to Edmunds to get the new car buying guide as well as poke around forums there a little bit for tips. As for affording it, the payment shouldn't be more than 20% of your monthly take home, after retirement and taxes.

Also, make sure when negotiating, you are not negotiating "a monthly payment" rather a total OTD (out the door) aggregate financing amount. So figure out how much you can afford to finance overall and let that be your ceiling. And go in there and begin negotiations at 5% below invoice.

Again, good luck and keep us posted!

-PJ

Message Edited by Pj1369 on 08-05-2008 04:59 PM

[Ashley1980]

COOL DEALPJ1369..  i actually inquired to all the local dealers in my area thru the net.   This is the best out of all that i've heard from.....

Dear Ashley,

Thank you again for your interest in the 2008 Honda Accord EX-L V-6 2dr Coupe w/Navigation (3.5L 6cyl 5A) and (edited) Honda.  At this point in your search, I understand you may be interested in pricing.   While our pricing is great, we also provide great service.  Please come in to give us the opportunity to show you all we have to offer.  I am able to price the vehicle you inquired about at  $28,162.00 Plus 3%tax,doc.$399.00&tags$83.00 Please print and bring to dealership and ask for Roy  I look forward to assisting you with this purchase. 

Thank you,
(edited)

Internet Sales Professional
Edited

How does this sound?

In addition, 20% of my take home is 590.

THANKS!!!

(Please refrain from posting personal contact information in your posts, thanks!  -Peas)

Message Edited by WhirledPeasPlease on 08-05-2008 08:52 PM

[Anonymous]

Ashly that is a very high quote! I bought an 08 EXL and paid out the door... 22300.00 Isn't Sanford in NC?

[Anonymous]

Ashley they can go much lower. Do you have a friend that can help you negotiate. I stay with my notion of not going more than $27K.

And again, technically, you can afford it if its within that 20% rule; however, not sure its worth it, unless you really need a car.

Remember, you are buying an 08 that will age a year in a month - killing the value by $2K at least --- so aim to get below $27K and remind the dealership that you know that. And make sure you don't get any warranties or add-ons and that $399 is superfluos ----

I recommend you e-mail all dealers at the same time stating you want to buy a 2008 EX-L OTD at $27K plus tax, title, and license, no additional fees. Tell them what colors you prefer (don't be too picky - give them 3 options if possible) and state that the first dealer to respond will get you business within 24 hrs.

Good luck!

-PJ

[Anonymous]

PJ... I disagree with you! Never ever tell the dealer what you are willing to pay! The 2008 Accord EX L i4  Manufacturer's Retail is 25,860 before options or destination charges. I bought my 08 accord otd including destination 22,300

[Anonymous]

Bran, I somewhat agree with you and that is why I recommend Ashley get someone that is more comfortable to negotiate to help her. However, if she cannot that I recommend my second recommendation that I posted...

However, typically when I negotiate, I do tons of research, come up with a fair price, and stick to that. Hence, I got my new 2009 camry xle for almost $5000 below MSRP with special financing. I base negotiation off that researched number, and in fact, every car I've ever purchased or helped a friend purchase was never more than $500 below invoice. But different styles work for different people and some people are willing to negotiate aggressively to get the most amazing price --- hence the e-mail recommendation.

Ashley, you may also want to visit two local dealerships and begin negotiating at 5% of MSRP below invoice ---the other number I begin with typically---and take it from there.

Remember, stay firm, know your ceiling and don't be afraid to walk out. They will call you back in a week or two...again, car sales are bad, you are buying a 2008 when 2009s are all over the place, and in the end, it is a buyer's market!

[Anonymous]

PJ,   I also do a lot of research before visiting a dealer. Salesmen & F & I director's don't seem to like me much. I have never paid any where near invoice for a car.

Ashley you need to look up the wholesale price of the car as well as all the options at wholesale and start your neg close to those figures.

Sanford I believe is in NC unless there's another dealer with Sanford in it, I got a quote from them also and they were high! If you are in NC I would recommend getting a quote from Bryan Honda & Lumberton Honda.

[Anonymous]

Bran - very cool that you have a dealership rec. Was your sales agent good as well? You may want to recommend that person to Ashley via PM.

Oh yeah, congrats on the great deal Bran!

P.S. The coupes are much more popular than the accord sedans - so it might be a little harder to get as a good deal, but you should be able to do much better than originally anticipated Ashley --- good luck and keep us posted!!