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2010 Honda Accord Automatic V6 Coupe
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Discussion Starter · #1 ·
So I just received this letter from my local Honda dealership. I went to change my ATF a few weeks back so I'm guessing this is how they got all my info. They're basically offering to buy my Accord and put me in a new Honda for the same or less than what I'm currently paying. I have attached a picture of the letter so you can see for yourselves. Anyone here ever get something like this in the mail? Do yall think its legit? Opinions?
 

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Turbo lag
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Sure it's real. But you see all the asterisk? Read the fine prints, chances are, there are plenty of limitations that you don't qualify for. Plus, they are just trying to get you to buy a new car too, at the current premium price. To keep your monthly payment the same, they'll be happy to give you a 144month financing at 20% APR.
 

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2010 Honda Accord Automatic V6 Coupe
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Discussion Starter · #3 ·
Sure it's real. But you see all the asterisk? Read the fine prints, chances are, there are plenty of limitations that you don't qualify for. Plus, they are just trying to get you to buy a new car too, at the current premium price. To keep your monthly payment the same, they'll be happy to give you a 144month financing at 20% APR.
Lmao @ 144 month financing! My current car is not from Honda and I'm paying a little over 200 a month on a 46 month term with decent credit at best. So your prolly right about the long ass term. I figure they're just tryna get me in the door...
 

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^What Hudouc says. Yes, it’s legit, but that doesn’t mean it makes financial sense.
 

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As others say, it's legit. They don't provide enough info to figure out if it's a good deal. You need to calculate the NPV of the two possibilities. Most likely, it's not a good deal.
 

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2010 Honda Accord (LX)
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New Hondas aren't as good anyway.
 
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Turbo lag
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Lmao @ 144 month financing! My current car is not from Honda and I'm paying a little over 200 a month on a 46 month term with decent credit at best. So your prolly right about the long ass term. I figure they're just tryna get me in the door...
LOL, I had to see how long you'd actually have to finance it for with this extra bit of info. I think my calculation came down to 15-18 years if you were to get a 2.0T at 5% APR and 0$ down to keep that $200ish monthly payment. You'd end up paying $15000 in just interest. Now, even this isn't realistic, but you get the idea, they'll say anything (with an asterisk) to get you in the door.
 

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The mark of a good or bad car deal is the Difference, i.e. what you have to pony up to buy the new car after subtracting what they'll give you for your car. NO OTHER NUMBER MATTERS. If you want to do that deal without getting stiffed, get the current retail price from Edmunds for your car. Subtract that from the MSRP of the new car. That's the Difference. And I can tell you it's way too much. Take the MSRP of the car they want to sell you, and get 85% of it. Now do it again, subtract the retail value of your car from the discounted price of the new car. Obviously it will be less. Keep working that dealer and you'll find out how bad they want your car.
 

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2020 Accord Hybrid EX-L
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Remember one thing.
There’s nobody who is willing to run a business at a loss.

Now the question for you would be: given the upgrade, are additional gadgets in the new vehicle justified the additional payment?
 

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Don’t be surprised if they offer you less. I had a dealer offer to buy my 9th gen coupe for like $16,700. I called the dealership manager and asked if it was real and that I didn’t want my time wasted. He assured me it was legit. When I got there he offered me $13,000 cash but said he would do more if I bought a brand new Acura... I‘m sure I would have been paying too dollar for it too. Many times they will say that that price is for a car in perfect condition and will find reasons to lower the value of your car. How can they offer you a price when they haven’t even seen/appraised Your car? I would tell the manager that I would only consider trading my car in if I’m offered top dollar for my car AND a good price on the new car.

Don‘t focus too much on the monthly payment. They want you to focus on stuff like that so they can drag out the term and make money on interest. focus more on the overall price of the car. The payments will automatically fall the cheaper the car is.
 

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The dealers usually use these letters to get you in the door. From that point, they typically ignore what the letter said and make you an offer. (The offer usually does not have any breakdown like the letter had (i.e tradein value, discount off new car, etc.) I have inquired twice and they never came close to what the letter implied they would give.
 
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