Nobody wants a new Honda Accord.
What would it take to put you into a new Honda Accord? That’s the question many dealers are asking as the famous four-door sedan is piling up in their lots.
According to a new report from Automotive News, the national inventory was sitting at 104-day supply as of March 1st. That’s a lot of Hondas waiting for potential buyers.
It’s gotten so bad that some Honda dealerships are refusing new shipments of Accords, telling Honda’s top brass they simply don’t have any more room on their lots for a car that isn’t selling.
The new Honda Accord is certainly a sweet ride. The 2018 model has new sound-proofing foam injected into the body panels to make it one of the quietest Hondas, and most agree this is the smoothest ride an Accord has ever had.
Dealers say there’s nothing wrong with the car itself. They say the issue is with Honda.
Honda believes that the upgrades model should command a premium in the four-door market, but in a shrinking sedan market it’s incentives that move cars. Dealers say that because Honda isn’t offering attractive lease incentives those few remaining people looking to drive a large family sedan are opting for the far cheaper Toyota Camry.
Toyota is offering certain regions special 36-month leases for their entry-level LE trim Camry. Honda offers no such incentive, and it’s causing them to lose out.
Automotive News explains the situation simply: "Honda lists a standard three-year Accord lease that calls for a $249 monthly payment with $3,199 down on the LX, its base trim, for well-qualified customers. But in Los Angeles, a Camry can be leased for $219 a month with $1,999 down. In Miami, the Camry deal is $199 per month with $3,198 down."
Sure, the Accord is the better car, but is it worth anywhere between 50-80 bucks more per month?
While Camry sales remain solid for the beginning of 2018, Accord sales are down 13% in a segment that’s down 15% overall. If Honda doesn’t make a move soon, the storied Accord might become a car lot lawn ornament.