The new Honda Accord is awesome. It’s so good it was actually named 2018 North American Car of the Year in January this year. But there’s one thing that’s wrong with it – it’s a sedan, not an SUV, and that’s affecting negatively its sales. Last month, dealers of the company reported they have a 104-day supply of Accords and Honda even decided to halt production at its Marysville, Ohio plant for 11 days over the next four months. The 11 days won’t happen all at once.
Now, the Japanese automaker is taking further steps to attract new customers, cutting the national lease prices for the sedan by up to $1,100 this month. Thus, the Accord 1.5T LX is now available at $249 for 36 months with $2,399 at signing, which represents an $800 decrease in the amount due at signing. Before April’s discount, the lease cost was $22 higher.
If you go for the more expensive Accord EX, the cut is larger at $1,100 with leases now starting at $289 for 36 months with $2,699 at signing, down from $3,799 before. The 2.0 Sport model leases at $10 per month lower than before with $900 lower signing fee.
According to data from CarSalesBase, in March this year, Honda delivered 24,171 units of the Accord versus 19,753 units in February. Despite the relatively high numbers of cars in stock (104-day supply versus industry average of a 70-day supply), the Accord is still one of the strong sellers in the mid-size sedan segment. In 2017, it was the second best-selling model after the Toyota Camry, which in turn was the only one to register positive growth.
Through the first three months of this year, Accord sales are down year-over-year - through the end of March, 2018, Honda has delivered 61,601 cars versus 69,815 in 2017.