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Discussion Starter · #1 ·
Well the end of our lease has snuck up on me fast, and I am wrestling with what the right course of action is here.

2008 Odyssey Touring w/58k miles in excellent condition on a 3-year lease which ends next month. Way over on mileage, Honda FS wants about $2300 in mileage costs which I don't think so..

They are offering a buyout of the vehicle for $22,000.77 which I could finance at a 3.49% rate from our CU for any term I want. In looking the value up on KBB and elsewhere, it appears a private party sale should fetch between $27-28.5K for this car with trade in values being around $24K.

Honda dealers are perfectly willing to eat the mileage costs and take the car back with no charges if we lease another Honda vehicle (go figure). Wife doesn't really care too much for the 2011 Odyssey over the 2008 model, although if we were to buy one it would be the 2011 Touring in Dark Cherry Pearl. I haven't really spent much time trying track down that particular car -- I am just starting to spend time on this and have only heard the issues around availability recently.

We could buy the car out which would avoid any other charges, and keep it for awhile as I've heard the 2012 may be slightly redesigned? However that means I have to deal with selling to a private party as I almost always refuse trade in deals, as they only complicate the purchase of a new vehicle. How well do people feel the 2008 will hold its value?

Otherwise, what are people's opinions on the availability and pricing of the 2011 Touring model?

Any feedback would be helpful. Thanks!

PS: I apologize for cross-posting in the 2011 forum. :-D
 

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So let me see if I have this right: you've got a bit of equity in a vehicle you have driven and know well and enjoyed for three years, and you can own it for thousands less than if you entered into another lease agreement (you've been leasing? You're even thinking of leasing? again? That can get expensive compared to buying, but I don't know your situation so I'll reserve judgement)... and comparing a better-looking vehicle (IMHO) with a better-quality interior (but slightly-lower mileage potential) to the newer model... and if/when the 2012 comes out (still with the lightning-bolt sides, which I despise) you may consider that model, and you know your 2008 will hold its value well enough that you can always flip it and make a few dollars... ;)

But the new one has a brand-new warranty, tires, interior, paint job, etc., but you're going to have to lease it... ugh... :mad:

Hmmmmm... :huh:

I have to go with "keep the 2008." Makes no sense to me to spend the extra bucks, in your as-described situation. But then again, my reputation as a skinflint is well-deserved... :DD
 

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I read your post twice and still didn't see any reason to get a 2011. You have a great van, and your cost of ownership is going to be less each year that you continue to own it. You could drive the 2008 for many more years and come out way ahead financially over leasing or buying the 2011. Maybe you have tons of money so the monthly car (lease) payment for life works for you, but you really should try to get away from leasing , and maybe even trading every three years (Sorry to get all "Dave Ramsey" on you :) ) Seems like a no-brainer, like Boogety Boogety said. Even if you are considering buying the 2011 instead of leasing, why would you do that?
 
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