The Odyssey Elite is pretty much the only car I ever hope to own for myself and picked up a 2023 in the cool grey. Didn’t shop this one as hard as I have in the past but was happy to get a one-pay done for 3 years 10k miles a year.
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Don’t know if deal is good or not but it’s one of the nicest Honda minivans I’ve seen. Congrats!
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The minivan is worth around $50k, op is paying 47% to drive it for three years, and 30k miles. I feel like a person would be better off buying it instead and flipping it, they will come out ahead, but it can be for a business use where lease makes more sense
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I definitely would have financed it and put the one-pay amount down personally, but congrats!
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Hello Irvine neighbor
You can buy it at end of lease. Majority of payments goes towards equity anyway. It honestly doesn’t make that much of a difference unless you turn in the car in the end. Plus there’s a loophole on gifting a lease which I’ll leave at that.
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tell me more what gifting a lease means
This will have equity at the end for sure. Buy it out or cash out the equity. Nice ride OP. Have a 2018 elite and we will drive it until the wheels fall off. Close to 100k on the clock in 5 years.
Swap out some tires with high performance all seasons(Continental DSW’s or similar) and it will handle like a dream(for a minivan) and be a road trip master.
Great color by the way. I didn’t know Honda had started putting the newer flat cool tones on the Odyssey.
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I’m not sure if you were quoting OP there but that isn’t Irvine. Looks like Huntington Beach.
Yes HB, not Irvine though I too live in Irvine! This price does include all my taxes and drive offs which is 7.75% sales tax in CA. if you buy it you pay 7.75% on the whole car and for someone who usually has these about 24 months that is a hard one to catch up.
I’m confused as to why you did a 36m one pay then?
The last year cost me much less than the first 2, so to me, its worth having the option to keep it. It’ll surely have equity at 2 years.
I can’t say I’ve ever turned in a lease. Somewhere along the way someone (carvana, vroom, driveway, Honda dealers) tend to make an offer worth it to me to let go of it and get a new one
What was the buy rate MF and one-pay MF?
For reference - here’s my lease for the Odyssey exactly 18 months ago when the supply chain issue was starting: 2022 Odssey ex-L $584pm $42k msrp $0DAS 12k miles per year.
And quick huddle notes here because I’m seeing arguments between lease and purchase arising again. The original idea of LH is to go past the 10% or LH score of 10 years minimum+ because the real depreciation of the car far exceeds the vehicle of choice. Cause most people in the right mind will not purchase their brand new BMW after 3 years after seeing the price between buying out their old one exceeds the cost of lease hacking into a new one. (but mind we are in changing times and understand this is the general idea.
With practical world cars, real world residuals, it’s different. The higher payments don’t go into thin air - a big chunk of it goes into the equity thus buying it the end of the lease makes more financial sense than buying a new minivan. But something to pay attention to is the sales price of the car which in this economy you have to pay attention to the markups and other misc fees. Hope this helps. Happy New Year!
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Definitely this. Need to know actual transaction price to know for sure. We don’t know it here since it wasn’t stated, but for an Odyssey, it’s probably assumed at MSRP. Though a markup is absolutely likely if the vehicle wasn’t reserved ahead of time and was a walk in acquisition.
But assuming it was at MSRP, the total sales tax would be around $4k on a purchase, closer to $1.8k on this lease. So if you definitely return it or trade in with equity to a Honda dealer (the only place you can do so without buying it out first), and absolutely wouldn’t keep it past 36-mo there’s those savings. But you’re also paying about $700-$800 in acquisition fee and presumably a higher interest cost over the first 36-mo even with the one-pay. Could be close to a wash, not sure. And if you do buy it out, you’d then be somewhat worse off, but not obscenely so.
So as often is the case, it boils down to one’s intentions & preferences long-term.
You’re good man. Within the range for an Elite no markups (probably just installed dealer options for a grand or whatnot - can’t escape it) congrats and happy new year!
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Interesting, tell me more.
Amazing deal OP. Well done. 100 bucks of rent charge!!
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I hadn’t even looked at the $100 rent charge. IMO thats a way better approach than financing because the $100 rent charge and $595 acq. fee GREATLY outweigh the 3 year interest you would’ve realized.
Great job on that!
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I assume it means you do a buyout and within 10 days gift it to someone in the family and don’t pay sales tax as a result. Is this a valid transaction?