Honda inventory is rising, and is now the highest it’s been since before the pandemic. As a result, Honda models are more negotiable today than at any point in recent years. Across the brand, there’s a 47-day supply of new Honda cars and SUVs.
The current state of Honda’s inventory offers insights into which models provide more wiggle room for negotiation and which ones are a tighter squeeze. Plus, we’ll take a look at the best Honda offers this month. Let’s delve into the numbers and see where you might find the best deals.
Savvy car buyers have a little-known trick up their sleeve: market day supply. Previously, market day supply (MDS) was only used by auto industry insiders. We’re out to change that.
Market Day Supply takes into account the existing inventory of a new or used vehicle, and the selling rate over the last 45 days. What you get is the number of days it would take to sell ALL vehicles in stock at current selling rates, assuming no new inventory was added. In simple terms, MDS reflects the level of demand for a car. High MDS almost always means high negotiability. Low MDS suggests that deals will be harder to come by.
For starters, a ‘healthy’ MDS in the car market is somewhere between 45 and 60 days of supply. Anything below 20 days is a real shortage, and anything above 80 is a serious oversupply. Today, Honda averages a healthy 47 days of supply. For Honda, this is quite high.
When assessing the most negotiable new Honda models based on present market supply, three models stand out: the HR-V, Odyssey and surprisingly, the remaining 2023 CR-Vs. These vehicles offer buyers a good chance to get a sweet deal.
Here’s the latest Honda inventory nationwide. We’ve included used Honda inventory numbers to highlight possible opportunities for better deals, depending on the model.
For local market numbers, check out CarEdge Data.
Honda Sedans:
| Model | New/Used | Market Day Supply (October '23) | Market Day Supply (December '23) | Total For Sale |
|---|---|---|---|---|
| Accord | New 2024 | N/A | 56 | 23,548 |
| Accord | New 2023 | 30 | 58 | 2,662 |
| Accord | Used 2022 | 49 | 60 | 2,204 |
| Accord | Used 2021 | 49 | 54 | 3,285 |
| Accord | Used 2020 | 43 | 48 | 3,384 |
| Civic | New 2024 | N/A | 50 | 17,167 |
| Civic | New 2023 | 34 | 62 | 360 |
| Civic | Used 2022 | 50 | 60 | 2,038 |
| Civic | Used 2021 | 53 | 58 | 2,196 |
| Civic | Used 2020 | 40 | 46 | 4,245 |
Honda SUVs and Trucks:
| Model | New/Used | Market Day Supply (October '23) | Market Day Supply (December '23) | Total For Sale |
|---|---|---|---|---|
| CR-V | New 2024 | 24 | 34 | 33,171 |
| CR-V | New 2023 | 12 | 99 | 1,106 |
| CR-V | Used 2022 | 45 | 60 | 2,383 |
| CR-V | Used 2021 | 47 | 62 | 4,186 |
| CR-V | Used 2020 | 41 | 51 | 5,743 |
| HR-V | New 2024 | 47 | 58 | 21,075 |
| HR-V | New 2023 | 151 | 891 | 691 |
| HR-V | Used 2022 | 59 | 48 | 1,957 |
| HR-V | Used 2021 | 52 | 54 | 2,331 |
| HR-V | Used 2020 | 39 | 50 | 1,427 |
| Odyssey | New 2024 | N/A | 45 | 8,089 |
| Odyssey | New 2023 | 31 | 120 | 512 |
| Odyssey | Used 2022 | 74 | 79 | 833 |
| Odyssey | Used 2021 | 61 | 62 | 1,116 |
| Odyssey | Used 2020 | 51 | 61 | 1,098 |
| Passport | New 2024 | N/A | 55 | 2,720 |
| Passport | New 2023 | 45 | 30 | 3,003 |
| Passport | Used 2022 | 56 | 76 | 604 |
| Passport | Used 2021 | 60 | 71 | 1,379 |
| Passport | Used 2020 | 53 | 61 | 664 |
| Pilot | New 2024 | N/A | 45 | 12,496 |
| Pilot | New 2023 | 26 | 45 | 522 |
| Pilot | Used 2022 | 52 | 71 | 1,760 |
| Pilot | Used 2021 | 48 | 59 | 3,032 |
| Pilot | Used 2020 | 47 | 62 | 1,560 |
| Ridgeline | New 2024 | N/A | N/A | N/A |
| Ridgeline | New 2023 | 39 | 53 | 6,904 |
| Ridgeline | Used 2022 | 57 | 63 | 424 |
| Ridgeline | Used 2021 | 61 | 64 | 370 |
| Ridgeline | Used 2020 | 47 | 57 | 576 |
On the other hand, the least negotiable models in the Honda lineup, perhaps unsurprisingly, are the popular CR-V and the spacious Passport. But don’t lose hope; while new models might be challenging to haggle over, there’s a silver lining.
Used Honda Deals Are More Abundant
A closer look at Honda’s inventory reveals that the used car market offers a more balanced playing field. For those eyeing a Honda, it seems that the gently used 2021-2022 models are where the action is. Cars from this year appear to be in ample supply, making them a prime target for savvy buyers aiming for a reasonable deal.
Remember: in general, 2021-2022 used Honda models are in high supply. However, there are nuances from one model to the next. For specific data points for particular models in certain markets, we recommend CarEdge Data.
We track the used car market weekly here, and it’s clear that wholesale prices are in freefall. Slowly but surely, these price declines are translating to retail markets. It seems that used car dealers are fighting the overall market’s downward trend as long as they can.
The Best Honda Deals This Month
Even with low inventory for its most popular models, Honda is offering great financing and lease deals this month. Caution: dealers are known to add ‘market adjustments’ onto the price tag of the popular, low inventory models. We do NOT think any Honda buyers should agree to pay any dealer markups in today’s market. Need assistance negotiating markups and fees? Speak to a CarEdge Car Coach today.
Honda Finance Offers
The average APR for a new car loan is 9.95%, so these deals are worth considering.
Ridgeline: Enjoy a 0.9% APR for 24 to 36 months (or 2.9% APR for up to 60 months).
Accord and Passport: 2.9% APR for up to 40 months.
Other Models: 3.9% APR for up to 48 months (or 4.9% APR for up to 60 months).
See offer details at Honda.com
Honda Lease Deals
Accord: Drive away with a lease at $299/month for 36 months, with an initial payment of $3,299.
Civic Sedan: Get behind the wheel for $259/month, with $3,299 down.
CR-V: Lease deals start as low as $309/month for 36 months with a down payment of $3,399.
Passport: If size matters, this larger vehicle is available starting at $369/month for 36 months, with $4,899 down.
See offer details at Honda.com
Closing Thoughts on the Honda Market
The key to negotiation lies in understanding the dynamics and positioning oneself strategically. So gear up, arm yourself with this intel, and drive into your Honda negotiation with confidence. Remember, even in a market pinch, there’s NO justification for overpriced add-ons or inflated warranties.
Ready to negotiate like a pro? Try CarEdge Coach and CarEdge Data today! With these tools at your disposal, you can take control of your car buying experience, understand market dynamics, strategize effectively, and secure the best deal possible. We’re simply here to help!
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