If you’re looking for a mid-size 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 provide buyers with a healthy dose of reliability, technology, and value. However, with the recent chip shortage and subsequent inventory shortage, it can be tough to find the exact Accord you’re looking for at a price lower than MSRP right now. In fact, paying MSRP could be your best bet.

Used Honda Accord prices are skyrocketing in some areas

Why would anyone want to pay full MSRP for a 2021 Honda Accord or any other car? It all comes down to supply and demand. According to Ari Janessian – from Negotiation Guides – used Honda Accord values are skyrocketing up to their original MSRPs in some areas, so it could be worth it to pay the full MSRP for a brand new Accord instead. We did a nationwide search on CarGurus for 2018 to 2021 Honda Accords and found out that Janessian isn’t wrong.

In some areas, used Honda Accords are selling for close to what their MSRPs were when they were brand new. However, those Accords now have 20,000 to 30,000 miles on them and some of them even have had more than one owner. Considering these cars are only two to three years old, they don’t sound like very good deals.

For example, we found one listing 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 on it and has had one owner. It’s also being sold as a Certified Pre-Owned car, so there’s an extra year’s worth of warranty tacked onto it.

That sounds like a decent deal, but consider that the same car carried an MSRP of $24,270 (before the destination charge) when it was new, according to U.S. News. In that 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 purchase a new 2021 Honda Accord, then your options may be limited. According to Janessian, there are currently 2,682 Accord Sport trim levels sitting at dealerships nationwide, so your best bet could be to find one of those. In contrast, there are fewer than 500 units of the other trim levels sitting at dealers right now.

There’s some truth to this as we checked every Honda dealership in the Denver, Colo., area and found that each one only has a few new Accords in its inventory, with the majority of them being the Sport trim level. As such, Janessian has a suggested finance breakdown for anyone looking to purchase one.

2021 Honda Accord Sport
MSRP: $28,840
Target selling price: $27,690
Rebates: $0
APR: 1.9%
Final: $27,690
Monthly payment: $510 + taxes

According to Janessian’s math, the 2021 Accord Sport has an MSRP of $28,840, but he urges buyers to shoot for a target selling price that is 4% lower at $27,690. There aren’t any rebates currently being offered, however, Honda Financial does have a special APR of 1.9% for up to 60 months. If you were to put roughly $2,000 down to pay for the sales tax, registration, and other fees, then your monthly payment will be around $510/month plus tax.

However, just note that your payment and selling price could be higher depending on your region and your local dealer’s inventory.

Leasing a 2021 Accord can give you a better monthly payment

If that monthly payment seems higher than you would want to pay, then leasing a 2021 Accord Sport could make more sense. Here is Janessian’s example of a lease structure:

2021 Honda Accord Sport
MSRP: $28,840
Target selling price: $27,690
Rebates: $0
Residual: 60%
Money Factor: .00066 (1.6% APR equivalent)
Monthly payment: $318 + taxes ($1,650 down)

The same MSRP and potential discount apply to the lease structure. Also, the residual value of the Accord after three years is 60% and Honda Financial has a special money factor of .00066, which is equivalent to an APR of 1.6%. Plugging in all of the numbers, which includes $1,650 down to cover the inception fees, you can lease an Accord for $318/month plus tax.

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