LovenLifeInMyOdy: Let's see. You have 2001 Odyssey with 38,000 miles, which is a bunch of miles for a 2001. If I am not mistaken, a 2001 EX stickered for $26,400 (please correct me if I'm wrong.) The dealer is willing to give you $23,900 for it now.
In any case, it cost you $2,500 to drive not just any vehicle, but an Odyssey, for 38,000 miles.
I think considering the fact that most depreciation normally occurs in the first 3 years of a vehicle's life, this is a good deal.
I think the honeymoon for those trading in their 99-01 Odyssey's will be over in about 6 months to a year for several reasons. Production will increase with the new plant, which in turn means that dealers may finally have more stock than demand, which means discounted sticker prices. All of the sudden you can't resell your year old Odyssey for near sticker. I think the slow economy will also be a factor.
In my case, we are selling or trading our 2000 EX TW with 26,000 miles for a 2002 EXL RES. Normally I would never consider doing this, especially with a perfectly good vehicle that I don't have any problems with.
However, let's look at it: I paid sticker for our 2000 ($25,400). I have several folks interested in buying it for $24,000. If all of these leads fall through, my dealer will trade for $22,000. So, for $1,400 (best case), or $3,400 worst case, I've had the use of the van for two years.
With the 2002 I get:
1. 30 HP
2. 5 Speed Tranny
3. 4 wheel disc brakes
4. leather
5. rear entertainment system
6. better RVH handling (road noise, vibration, harshness.)
7. security system
8. Essentially -0- miles.
9. other stuff I've forgotten
Of these, I could buy a RES and leather for our 2000 and spend about $3,000. I don't know how to place a value on the other extras.
So I'm spending about $6,000 on the new '02 to get the above, or I could spend $3,000 on my existing van to get leather and RES but still not have the new mechanicals, a quieter ride, and a zeroed odometer.
I think in a year, the value of my 2000 van will decrease quite a bit more than it did the first two years. If I were to guess, I'd say it would be worth about $19,500 in a private sell and about $18,000 trade in a year.
It's one of the few times that a justification can be made to trade after one or two years.
Just my 2 cents. Go ahead and get the 12 gauge out and shoot holes in my justification for buying a new toy!!
Greg
[This message has been edited by Razorback (edited 09-30-2001).]
In any case, it cost you $2,500 to drive not just any vehicle, but an Odyssey, for 38,000 miles.
I think considering the fact that most depreciation normally occurs in the first 3 years of a vehicle's life, this is a good deal.
I think the honeymoon for those trading in their 99-01 Odyssey's will be over in about 6 months to a year for several reasons. Production will increase with the new plant, which in turn means that dealers may finally have more stock than demand, which means discounted sticker prices. All of the sudden you can't resell your year old Odyssey for near sticker. I think the slow economy will also be a factor.
In my case, we are selling or trading our 2000 EX TW with 26,000 miles for a 2002 EXL RES. Normally I would never consider doing this, especially with a perfectly good vehicle that I don't have any problems with.
However, let's look at it: I paid sticker for our 2000 ($25,400). I have several folks interested in buying it for $24,000. If all of these leads fall through, my dealer will trade for $22,000. So, for $1,400 (best case), or $3,400 worst case, I've had the use of the van for two years.
With the 2002 I get:
1. 30 HP
2. 5 Speed Tranny
3. 4 wheel disc brakes
4. leather
5. rear entertainment system
6. better RVH handling (road noise, vibration, harshness.)
7. security system
8. Essentially -0- miles.
9. other stuff I've forgotten
Of these, I could buy a RES and leather for our 2000 and spend about $3,000. I don't know how to place a value on the other extras.
So I'm spending about $6,000 on the new '02 to get the above, or I could spend $3,000 on my existing van to get leather and RES but still not have the new mechanicals, a quieter ride, and a zeroed odometer.
I think in a year, the value of my 2000 van will decrease quite a bit more than it did the first two years. If I were to guess, I'd say it would be worth about $19,500 in a private sell and about $18,000 trade in a year.
It's one of the few times that a justification can be made to trade after one or two years.
Just my 2 cents. Go ahead and get the 12 gauge out and shoot holes in my justification for buying a new toy!!
Greg
[This message has been edited by Razorback (edited 09-30-2001).]
