Lower interest and a lower amount due at signing
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Last month, we reported that despite stellar reviews, the Honda Accord isn’t selling as well as its competitors. With inventory sitting well above the national average, Honda North America execs recently met with dealers to discuss possible solutions. Based on the latest report, it sounds like they were able to reach an agreement.
CarsDirect reports that earlier this month, Honda began offering Accord leases at a lower interest rate. That decision allowed the Japanese automaker to reduce the amount due at signing and slightly lower some monthly payments. For example, CarsDirect found that a 36-month lease on a 2018 Accord LX can now be had for $249 a month with $2,399 due at signing. That’s the same payment as before, but the upfront cost is about $800 lower. Choose the mid-tier Accord EX, and you’ll owe $1,100 less at signing. Even better, the 2.0-liter turbocharged Accord Sport is $10 less per month and requires $900 less at signing.
Unfortunately for Honda dealers, the most affordable Toyota Camry can be leased for $199 a month with $1,999 down. So even though the Accord will be more competitive, it still won’t be quite as affordable as its main competitor.
Honda will also now finance Accord buyers with a 1.9-percent APR on a 36-month loan. A 60-month loan will be slightly pricier at 2.9 percent. That’s not quite as low as the 0-percent, 72-month loan you can get on a Ford Fusion Hybrid, but the Accord is a much newer car. And as CarsDirect points out, the 2018 Accord also has well-above-average resale value.
Whether lower interest and a lower amount due at signing will significantly improve Accord sales remains to be seen. But it certainly can’t hurt, especially when you remember how enjoyable the Accord is to drive.
We’ve reached out to Honda for a comment and will update this post if we hear back.