It’s OK to Pay MSRP for a 2021 Honda Accord Now | EngineBiscuit

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If you’re looking for a midsize sedan, you really can’t go wrong with a 2021 Honda Accord. The Accord has been around for decades, and in its current form, it continues to offer buyers a healthy dose of reliability, technology and performance. value. However, with the recent chip shortage and ensuing shortage of inventory, it can be difficult to find the exact Accord you’re looking for below the MSRP right now. In fact, paying the MSRP might be your best bet.

Used Honda Accord Prices Soar in Some Areas

Honda Accord Sport 2021 | Honda

Why would anyone want to pay the full MSRP for a 2021 Honda Accord or any other car? It all depends on supply and demand. According to Ari Janessian – of Negotiation Guides – used Honda Accord values ​​are skyrocketing to their original MSRPs in some areas, so it might be worth paying the full MSRP for a brand new Accord instead. We conducted a nationwide search on CarGurus for the 2018-2021 Honda Accords and found Janessian to be right.

In some areas, used Honda Accord’s sell for near their MSRP when new. However, these Accords now have 20,000 to 30,000 miles on them and some of them have even had more than one owner. Since these cars are only two or three years old, they don’t seem like a great deal.

For example, we found an ad for a 2020 Honda Accord LX in California with a selling price of $ 25,410. According to the listing, the car has 22,281 miles and had only one owner. It is also sold as a certified used car, so there is an additional year of warranty.

That sounds like a good deal, but consider that the same car had an MSRP of $ 24,270 (before destination charges) when it was new, according to US News. In this case, the Used Accord doesn’t sound like a good deal after all.

If you want to buy a 2021 Honda Accord, then find a Sport trim level

If you would rather buy a new 2021 Honda Accord, your options may be limited. According to Janessian, there are currently 2,682 Accord Sport trim levels in dealerships nationwide, so your best bet might be to find one. In contrast, there are less than 500 units of other trim levels at dealerships at this time.

There is some truth to this, as we checked out every Honda dealer in the Denver, Colorado area and found that each had only a few new Accords in their inventory, the majority of them being the Sport trim level. As such, Janessian offers a financial breakdown for anyone looking to purchase one.

Honda Accord Sport 2021
MSRP: $ 28,840
Target sale price: $ 27,690
Discount: $ 0
APR: 1.9%
Final: $ 27,690
Monthly payment: $ 510 + tax

According to Janessian’s calculations, the 2021 Accord Sport has an MSRP of $ 28,840, but it urges buyers to aim for a target sale price that is 4% lower at $ 27,690. There are no discounts currently offered, however Honda Financial has a special 1.9% APR for up to 60 months. If you were to put in around $ 2,000 to pay sales tax, registration, and other fees, your monthly payment would be around $ 510 / month plus tax.

However, just note that your payout and selling price may be higher depending on your region and your local dealer inventory.

Leasing a 2021 Accord can give you a better monthly payment

Honda Accord Sport 2021

Honda Accord Sport 2021 | Honda

If that monthly payment seems higher than what you’d like to pay, renting a 2021 Accord Sport might make more sense. Here is the example of Janessian’s lease structure:

Honda Accord Sport 2021
MSRP: $ 28,840
Target sale price: $ 27,690
Discount: $ 0
Residual: 60%
Monetary factor: 0.00066 (1.6% APR equivalent)
Monthly payment: $ 318 + taxes ($ 1,650 down payment)

Same MSRP and same potential discount apply to rental structure. In addition, the residual value of the Accord after three years is 60% and Honda Financial has a special monetary factor of 0.00066, which equates to an APR of 1.6%. By plugging in all the numbers, which include $ 1,650 to cover start-up costs, you can rent an Accord for $ 318 / month plus tax.

That’s pretty good, considering the value you can get from a 2021 Honda Accord. However, if you ended up paying the full MSRP for the car instead, or so it could still be worth the. additional cost. Just do your research and you might be able to find one for a lower price.

RELATED: You Won’t Find Too Many Complaints About the 2021 Honda Accord


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