Trade in Odyssey or not?

[Anonymous]

Have a 2019 Honda Odyssey with 45k. 18 months of payments left. Warranty expired. Dealer offering 28k credit toward 2022 Odyssey with 60 month loan $59 less per month than we pay now. Have young kids so foresee driving minivans for next decade +. Would you do the trade in for the new car with the warranty? Our 2019 has run great except the DVD player is really glitchy.

[Anonymous]

What's the interest rate?

[Anonymous]

Keep the car and not have a car note. Oh what. A feeling!,,

[Anonymous]

Quote is for 3.9%

Anonymous wrote:What's the interest rate?

[Anonymous]

You are paying 3.5 more years (only save $59 for next 18 months). I would keep the car for few more years

[Anonymous]

No of course not!!!

[Anonymous]

You’d put $28k down for $59 less a month? Absolutely not.

[Anonymous]

Never. You keep a good car

[Anonymous]

you should get more money than that for your van


What trim? I see an elite with similar miles on carmax for 46k. Obv. you won't get 46k, but you'd get more than 28k


They are lowballing you big time. Take it to carmax and sell it if you want to buy a new car.

[Anonymous]

Why get rid of a car with only 45k miles. You seem bad with money. Don’t boil everything down to the monthly payment. That’s how poor people think.

[Anonymous]

I’ll give you $29k for it. We have two family Odysseys and use two other older ones for our business. Used to use Suburban’s or Vans but the odyssey is truly a great car. Have clocked over 200k without any unanticipated maintenance issues.

[Anonymous]

I’ll give you 30K

[Anonymous]

Anonymous wrote:Have a 2019 Honda Odyssey with 45k. 18 months of payments left. Warranty expired. Dealer offering 28k credit toward 2022 Odyssey with 60 month loan $59 less per month than we pay now. Have young kids so foresee driving minivans for next decade +. Would you do the trade in for the new car with the warranty? Our 2019 has run great except the DVD player is really glitchy.

Warranty expired? Who cares? I have a 12 year old Honda going strong.

DVD player? Do you own DVDs? This whole post is bizarre.

[Anonymous]

So you want to extend the loan by 3.5 years to “save” less than $1100 over the next 18 months. The depreciation on your vehicle is a sunk cost.

It’s a Honda. Replace the DVD player if you feel it necessary. Drive it another 3-5 years. There’s a reason Hondas and Toyotas have strong resale value.

If you’re still seriously considering, follow up with Carmax, Driveway and ALGO Nation (don’t waste time with Vroom or Carvana) for an offer. $28000 seems like a really lowball number.

Dealers have to play a shell game because of the craziness in the used car market. Their profits are at record highs with virtually no new car inventories in the lot for them to finance. They can’t have a new 2022 Odyssey sitting on the lot for only $6000 more than a pre-owned 2019 with 30,000 miles on the odometer. Add to the mix that the 2023 models will start showing up in a few weeks (they’re already on the Honda website), which means that you effectively would be buying last year’s model. Part of the reason Honda raised prices $750 earlier this year after reducing output due to parts shortages (Honda announced more production cutbacks this week).

You have nothing to lose by asking them to write up and email their best out the door deal with trade-in. You have all the leverage. Don’t be surprised when you see a “market adjustment” added to MSRP as well as $1200-2500 in dealer add-ons for floor mats, nitrogen tire fill, wheel locks, paint and leather protection, etc.

You should also ask about allocations. Dealers get what they get from Honda and most frequently have to trade with other dealers to get that EX-L in Obsidian Blue Pearl that everyone wants.

Lastly what’s your current rate on the car note? You can explore refinancing your existing loan. We did that last fall. You should be able to do better than 3.9 from a credit union. Possibly 2.75-2.9 or even better.