Signed this deal yesterday. My only payment was the first month. How well did I do? My monthly includes NYC taxes. Lease agreement attached.
The Odysseys hold their value so well I think you would have been better buying/financing and reselling when ready. It’s surprising how low of a residual Honda puts on those.
Makes sense. I was told the higher trip levels, keep the value even better. Are you saying, with that residual value, it may pay to purchase the vehicle after the lease?
No I meant it would have been better to finance the vehicle normally. Your residual value is $25k and a quick search shows 3 year old elites with under 30k miles listed for sale between $27-30k.
Basically Honda is leasing you a car with a worse residual value than the market would. Compared to a BMW which might have a 60% residual but really be worth 40% in 3 years.
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You’re probably not going to do much better on a Elite Odyssey lease. That’s a pretty aggressive discount. I would check to see if you have equity before you ground this bad boy. Would not be surprised if you had positive equity later.
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If you do decide to keep it, it’s fine. You’re essentially paying for the depreciation they set at the residual. Just don’t ground the lease and go buy another used Odyssey - if residuals are lower than market values, you’ll be getting the double shaft.
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That’s a really nice deal for an Elite. Like others said, when you’re done with it look into selling to Carvana or Vroom. You may be able to recoup some of your cost.
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What is the actual price of the vehicle? Is it the gross capitalized cost, or adjusted capitalized cost. I think the adjusted is after the taxes and other fees they included?
Did you get quotes on a 2020? Curious how they differed.
The price you should be concerned about is selling price. The gross cap cost is with taxes, tags, and other drive offs you can’t really control. You paid 40,xxx on a 48k car. Just under 16% discount, which is very good for this particular car.
I know because I have been tracking odyssey prices for a possible purchase in the future. As far as I know, I have never seen someone pay under 40k for an Elite. This is a loser deal for the dealer.
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And for everyone saying there’s equity at lease end, I’m in the middle of a 2019 Ody EX-L lease and checked it’s trade in via carvana and right now it’s a $3k loser for me, will see how it plays out closer to lease end.
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@Supakimchee the dealer told me they are negative $1800 on this deal. But since this was a 2019, the interest they were paying on the car, was already pulling them down.
@matt1028 I was able to push them down to $450 with NYC tax and $0 DAS for a 2020 EX-L. I didn’t price a 2020 elite. But would have been $50-$75 above what I paid for the 2019, and they are identical, as far as I know.
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Yeah it’s probably less of a loser towards lease end. Most leases will start upside down in the beginning and even the middle.
So I ran an offer through Vroom, and I am actually only $600 under water 14 months in. Problem is I can’t get a dealer to discount a 2019 or 2020 16-18%
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I have a 2019 Touring I am eyeing (same dealer actually has three 2019 Tourings still), and its 13% off MSRP, so puts the payment higher than your Elite. They are saying they are all in, but still working on them…