My wife and I are considering upgrading her 2016 Honda Odyssey with the current incentives available, while being mindful of the current situation and not taking advantage of it. While we think our current 65,000 van has some life left, we wonder when the positive equity may turn negative with miles.
Here’s one of the lease quotes I am currently considering and would welcome professionals feedback.
2020 Honda Odyssey Touring
Total price with dealer adds: $49,499
MSRP $46,055
Selling Price: $42,938.06
Discount: $6,560
Residual: 59% ($27,172)
MF: .00086
It does involve a trade in which I have just a couple hundred dollars of positive equity.
The taxed difference is $21,938.
36 / 12k
Payment with just first payment DAS: $543.
I still feel like there’s room in either the trade or the discount especially with all the dealer adds.
Based on my research, I feel like the residual and MF are decent.
Wait… all the lease trusts do not go by the MSRP + Dealer Add-ons.
But I am thinking that you probably need to go with US Bank or Ally on this one if you are concerned with Residual Value.
Thanks, Chris. I agree with the dealer adds. I thought that was a bit ridiculous, but do think I can negotiate them off. We do certainly love our current van, but really like the new features (especially the info system) on the new ones.
Our trade is worth between $500 and $1,000 more than we owe. We bought it out of the previous lease a couple of years ago.
Agree with the others, move along from this dealer. I did an Odyssey EXL w RES deal last Thursday at 13.3% off MSRP before the $1k incentive that is available right now. This included any dealer adds.
Usually dealers that have that much crap added on, aren’t even worth dealing with. Personally if I saw that, that dealer would be thrown on the bottom of the pile and not even contacted unless everyone else was sky high.
Thank you all for the replies… I totally get the point now on the adds and had fully intended on trying to talk those off in person. It’s ridiculous! I didn’t even to bother writing down their list over the phone because I knew I’d try and talk them off.
Appreciate all of the feedback here. You guys help make a much more informed decision.
Even better is I was recently looking at a pre-owned where the dealer had $1,000 in adds for a second key, door guards, window tint, and it felt so good calling them out on it since all of that is tacked on when the vehicle is new anyway. Talk about double dipping. And, no, I didn’t do business with them either.
Good deal, Matt. I actually read your post before posting mine. My wife’s current model is a Touring, but I do like the EX-L. Seems to be a much more logical choice. Sees like you got a great deal on yours.
Are you able to sell your 2016 privately? There seems to be a huge market for used Odysseys. I actually looked at a 2016 Touring before pulling the trigger on the new one. The 2020 upgrades, safety and infotainment alone, made it a no brainer with the April leasing rates and $1k conquest/loyalty rebate.
Personally, I would try and snag a Touring for around $39,500 (inclusive of all dealer adds) with the $1k rebate, remove the 2016 from the equation, and you got yourself a really nice deal.
