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2008 Odyssey Touring Lease Buy-Out or New 2011 Purchase??

2019 Views 0 Replies 1 Participant Last post by  Jon Long
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 2005-2010 forum. :-D