I want to lease a 2018 Honda Odyssey Elite 36/15. I know they don’t lease out well but this is the best deal I could find from Orlando to Miami. Let me know if you think it is good enough to go for. I prefer to lease instead of purchase as I never keep my cars for more than 36 months. The dealer is not local and I have never dealt with them but the car is new with 5 miles on it and the sales associate I have been communicating with has been ultra fast with responses and his communication is excellent so that experience has been superb so far.
Payment $615.85 6% sales tax included
36/15
MSRP $47,465
Sales price $41,975.00
Residual 55%
MF .00210
additional chages $1,394
accusition fee $595
Doc fee $799
Base pay $580.00
tax $34.86
Cap reduc $1402
Additional charges -$2,108.63
Cash Received $2,500 (includes 1st month and $500 to Flat bed the card from Orlando to Naples FL)
Elec filing $99.87
Transfer tag $225
It fails the 1% rule miserably, but its a Honda so that is to be expected. Are you set on this model? I would expect you could get into a similarly equipped Pacifica or Sedona for <500 easy, and even less if you picked a lower trimmed vehicle. The MF on that Odyssey lease is terrible (but a quick perusal if Edmunds shows it is either at buy rate or close to it).
Odyssey and Sienma hold their values well so make good candidates for purchase. In June 2017, I sold my 2 year old Odyssey EXL (which I hate leased at 1% of MSRP) and it had 3k equity in it.
To look at it another way, see which other vehicles you can lease in the $ 615 per month range and see if you would still choose Odyssey over those.
A 7 seater Lexus GX460 is much less than $615, just do a search on the forum. Its also about as ugly as a mini van so it’s almost like you’re driving a mini van except for less money and probably better equipped
Thanks for your reply. I do agree that the Odyssue does not lease out well but the GX while It seats as many people still does not have as much functionality. It also drives more like a truck.
If you’re set on a minivan, have you looked at the Pacifica? Those stow and go seats are amazing!! Yeah it’s a FCA product, but if you’re leasing it won’t matter.
I don’t want the Sienna as it the very old version and I just don’t like the way the KIA drives. The Odyssey is all new, drives at least semi sporty and has a nice quiet cabin.
Our friends got a loaded Pacifica last year and it seems to be in the shop every couple of months. Also my wife finds the seats uncomfortable. The Kia does not drive as nicely. I do generally get rid of cars every 3 years if it sooner.
@SuperJ to be honest, there’s isn’t much discussion left here, you’re set on the Honda, and you should be if that’s what you want. Just realize it’s a terrible lease any way you slice it. It’s one of those “if you want it, you gotta pay for it”. None of the leasehackrs on this forum would ever consider this lease, especially given the type of vehicle when you can drive a maserati ghibli for less. I know you’re looking for a different type of vehicle, i’m just trying to make a point that you’re asking the wrong audience here as well. You got less than 10% off MSRP which is nothing to get too excited about but it’s also not bad. Even if you get another $1000 off somehow, it’s still a bad lease so if you’re set on it, just get it and enjoy.
I love your reply and I understand where you’re coming from which is why I am asking. It is painful to pay this much for this car as I’m used to getting much better deals. Can you make any good argument that purchasing it but somehow be a much better way to go when I get rid of cars every 36 months.
@SuperJ You won’t be paying the acq fee and that super high interest rate, but you’d be paying the sales tax on the entire sales price. You need to do the calculations to see which is better.
If you’re set on getting rid of it in 36 months, leasing is the way to go for sure, but as people said even with a discount (which I think the one you got quoted is pretty good for a Honda), the RV and MF makes it pretty bad to lease.
It’s a great minivan, I agree, and if you really want it - I would go for it.
Can you be specific at to what the 1% rule is? I understand you want to pay monthly close to 1% of MSRP but is that for a 36/10 or 36 12? What does 36/15 change that rule to? How much down for the 1% rule? Is it zero, just 1st months? Does 1% include tax?
Re: the 1% rule as how I interpret it, is monthly is 1% of MSRP on 36/10 Or 36/12 with only 1st month down. 36/15 would obviously push that 1% higher.
I would also add that most of the hackers on here wouldn’t be happy with 1%, unless it was a hard to find vehicle they absolutely had to have. .5 to .75% is the target deal on certain types of vehicles (sedans and electrified vehicles), with a higher % for Subs.
Some other 7 seater alternatives in that monthly price range: infinity qx60, Volvo xc90, BMW X5, Acura MDX, the GM crossovers.
