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Discussion Starter #1
I am a happy Accord owner, in need of replacing my wife's 13 year old Honda Odyssey. Likely with a Honda Pilot.

Right now they are offering .9 or 1.9% interest, depending on term. I'd love to get zero % as I see many other brands doing that in the midst of the present crisis. And for us money is tight.

Any predictions on what rates Honda might offer in June? And if you were looking to buy a new Honda car over the next few months, any suggestions on how and when to get the best price? Thanks.
 

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You never closed out your "time to replace" thread:
 

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... any suggestions on how and when to get the best price?
You can try to play to their quarterly and yearly quotas, and shop near the end of Q3 or December. But if they have already met their quotas, and the next tier is far, they will not have a reason to budge. It's a dice roll. The thing to remember about Honda is that they are already priced low to begin with, so there is not much room to go. Don't think too much about fraction of a point of interest, the principal to be financed is what is important. They shaft people with made-up fees anyway.
 

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I am a happy Accord owner, in need of replacing my wife's 13 year old Honda Odyssey. Likely with a Honda Pilot.

Right now they are offering .9 or 1.9% interest, depending on term. I'd love to get zero % as I see many other brands doing that in the midst of the present crisis. And for us money is tight.

Any predictions on what rates Honda might offer in June? And if you were looking to buy a new Honda car over the next few months, any suggestions on how and when to get the best price? Thanks.
If money was tight, I wouldn't be looking to buy a new vehicle. I'd keep what I have now, but if it's on its last legs, then I'd be looking at a used vehicle... something that just came off lease (3 years old) or 1-2 years older than that.

But that's just me.
 

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I 2nd what "namehoeshere" said.

If money was tight why would you buy a 40k Pilot (the tourings are 47k??) Id buy something off a lease with 30-40k miles on it for much cheaper.
 

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Let's say you bought the least expensive Pilot, the LX model. List is $32770, average price paid is $28,268 and you finance the balance left from your trade in, plus all the fees and taxes. So you end up financing $26k at .9% for 60months.

Payment is about $443 and the total interest over the life of the loan is about $600. So if you can negotiate $600 off you are ahead of the 0%

FYI they have a loyalty bonus in May that is worth $1,000 if you own a 2010 or newer Honda product.


There is other bonuses as well if you qualify I have no affiliation to this dealer just did a Google search.




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I've noticed interest rates for new vehicles are based on the term of the loan. Paying a car off in 48 months or less usually lowers the rate compared to what you get for a 60 month term. I put a lot down on my car in order to reduce the length of the loan and got a 1.9% rate instead of 2.9%. But 0% or .9% sounds even better. Insane even. Why do I read these threads AFTER I signed on the dotted line? 😐
 

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I agree with #scar_cle. You really don't need a new car. If money is tight, you don't need more payments. What's so wrong with the Odyssey?
 

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I agree with #scar_cle. You really don't need a new car. If money is tight, you don't need more payments. What's so wrong with the Odyssey?
Who are we to judge? Tight as in we are eating ramen noodle soup for every meal or "tight" as in we can't go to our private island more than six times this year? Everyone wants the best deal for their money. It's a matter of perspective. I was asked if I would want to be a millionaire. I said heck no, I'd have to loose a lot of money and take a huge cut in pay. Just kidding. But there are times when things are "tight" for me, even though we get along just fine and buying the new car wasn't going to make us homeless.
 

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Who are we to judge? Tight as in we are eating ramen noodle soup for every meal or "tight" as in we can't go to our private island more than six times this year?
Tight as in the difference between 0.9% and 0.0% interest.

Read what bighonda14 wrote:

Right now they are offering .9 or 1.9% interest, depending on term. I'd love to get zero % as I see many other brands doing that in the midst of the present crisis. And for us money is tight.
Using the example provided by greg1c, the total interest over the life of a 60 month loan on a Pilot LX is about $600. If one has to hold off buying a new vehicle because it'll cost $10 more per month vs a loan at 0% interest, then IMO you shouldn't be buying a new vehicle. Period.
 

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Anyone driving a 13 year old car probably knows how there finances work. I have no car payment's right now and having one would change my budget, as I have a few expenses that make my budget tight right now. Let's face it probably over 60% of the population of the US live paycheck to paycheck.

The cheapest way to buy a car is to own it for a long time after it is paid off.

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This is how Fiat Chrysler stays in business: OMG, 0% for 84 months at the start of the worst economic recession in 90 years? We need a new car with payments! Sign me up!

"Come with me if you want to live in pain for 84 months."
520870


Three years ago the OP said "it was time" and asked about interest rates. What happened to buying three years ago?

My brother and Sis-in-Law are not financially affected by the pandemic- they can work from home and make bank. They were going to buy a new Lexus before winter, but now they are hardly driving at all, so the old Lexus may stick around another year or two. They have averaged 100 miles a month these last three months- no way they could justify a new car with 1,200 miles a year of driving.
 

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Discussion Starter #16
Everyone thanks for the insights, both financially, philosophically, and otherwise. My apologies for not responding to the helpful feedback three years ago. When I said that finances were tight what I meant was I would much rather keep as much money in the bank right now as possible due to the uncertainty in our economy and world.

My wife and I both have good jobs with decent salaries but I have some anxiety about it all. She needs a new vehicle. She decided she wanted to hang onto the old odyssey for a bit longer so we did, and during the past month we are having some additional mechanical problems which are telling me the time is now.

thanks again. I will try to keep you posted on what we decide, and welcome any other suggestions regarding timing and how to get the best deal.
 

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Everyone thanks for the insights, both financially, philosophically, and otherwise. My apologies for not responding to the helpful feedback three years ago. When I said that finances were tight what I meant was I would much rather keep as much money in the bank right now as possible due to the uncertainty in our economy and world.

My wife and I both have good jobs with decent salaries but I have some anxiety about it all. She needs a new vehicle. She decided she wanted to hang onto the old odyssey for a bit longer so we did, and during the past month we are having some additional mechanical problems which are telling me the time is now.

thanks again. I will try to keep you posted on what we decide, and welcome any other suggestions regarding timing and how to get the best deal.
Fair enough.

Check out the "Prices Paid" and "How much to expect off" threads in the 10th Gen sub-forum. Lots of wise people with buying advice as far as how to negotiate, etc...




 
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