I’m at the end of the 6 month extension on my lease for a 2014 Honda Odyssey. I’m over the mileage by about 1500 miles. Even so, I was thinking I had a tiny bit of equity, not a lot mind you, maybe 1k-1500 (and I had trade in offers back in the summer and spring with about that much). Now with the latest recall, I’m getting numbers that are below pay off. Honda doesn’t have a fix yet and I’ve unofficially heard it could be May before they do.
Has this happened to anyone else before? How was it handled? Did you end up having to suck it up on the loss?
Don’t stop sales only affect new vehicles? I don’t think the lower buyout offers are related to the recall. Used car prices change all the time. Offers from many months ago would most likely get lower over time.
Exactly right. The new body style Odyssey is out so price on the old ones dropped. In June I had a $27k KBB offer for my wife’s 2015 Odyssey. That same vehicle with 5k more miles (to simulate 6 months of usage) is now ~$24k. [Glad I sold it when I did, but the net effect is the same as the buyout amount has reduced my a similar amount]
That makes sense. I was basing this mostly off of a second Honda dealer telling me how he has a ton of them that he can’t sell and how his money is tied up in that inventory so he can’t offer me as much, blah blah blah…