Accord Sales Are Declining, so Honda Figures You Might Like a Cheaper Lease
There’s no danger of discontinuation, but customers aren’t beating a path to the Honda Accord’s door in the kind of numbers the automaker hoped for. Sales of the revamped-for-2018 midsize sedan fell 9.9 percent in the U.S. last month, with volume over the first three months of 2018 down 11.8 percent. That’s a problem.
What to do? If you’re Honda, the time-honored tradition of piling cash on the hood doesn’t seem all that attractive. Better to make those in the mood for a lease happy.
According to CarsDirect, the month of April brings a better deal for drivers who like getting into a new car every three years. By lowering the model’s money factor and slashing due-at-signing payments, Honda allows Accord aficionados to drive the sedan of their dreams for considerably less cash.
Starting on April 3rd, Honda rejigged the car’s money factor to the equivalent of 3 percent APR, down from March’s 5.5 percent, thus lowering monthly payments. That means a 2018 Accord LX, equipped with the 1.5-liter turbocharged four-cylinder, now leases for $249 a month for 36 months with $800 less due at signing. This works out to $22 less a month over the term of the lease.
Move up to a 1.5T EX and the amount due at signing drops $1,100. That trim now leases for $289 over a 36-month term, saving a customer $31 each month. The 2.0T Sport model sees a reduction in both payment and down payment, however — Honda lists the monthly payment at $10 less than before, with cash due at signing falling $900. While a better deal for lessees, there’s lower payments to be found with many of the Accord’s competitors, including the Toyota Camry, Mazda 6, and Ford Fusion.
It’s not just lessees getting a break in April. A new financing promotion means all Accord models are eligible for 1.9 percent APR for 36 months, or 2.9 percent if you want to stretch it to 60 months.
On a year-over-year basis, Accord sales have fallen for the last five months. In comparison, the Accord’s main challenger, the Camry, has done a good job of maintaining sales volume in the face of an overall segment decline. You can’t, however, get a Camry with a stick shift.
[Images: Honda]
Comments
Join the conversation
Too long, too low, too ugly. Honda also cheapened out on the lower front grille so not only do you get to look at the A/C condenser in all its silvery glory but you will get to replace it frequently to keep it new looking every time it gets punctured by road debris.
The front end, it has a unibrow styling that isn't growing on me, it's irritating me more every time I see a current Honda. Yet, I don't think the offensive styling is driving people away, it's the fact that the small turbo engine will be stressed and less reliable without providing any better mileage under acceleration than the engines they replace. A standard engine without a turbo might be an option of the CAFE requirements are relaxed.