Honda Odyssey Forum banner

1 - 20 of 23 Posts

·
Registered
Joined
·
463 Posts
Discussion Starter #1
I could not resist the urge to point out to anyone shopping for an Odyssey right now that the prices for late model used Odys are higher than for a brand new 2010. Hopefully most shoppers will figure this out on their own, but if you just go shopping and compare the sticker of a new one to the price of an used on the dealer may have, you might think used is the way to go. But, they are almost giving the new ones away. For example, I can buy today a new 2010 EX for about $26,400 (sticker is about $32,000), but most dealers are asking that much for 2007s and 2008s. One CarMax store has a 2010 EX with 5,000 miles and they want, at their no haggle parice, $2500 more than I can buy a brand new 2010. What are these dealers thinking on the used prices? Maybe in a few months when the new 2010s are gone, they can get these high prices. Anyway, I just posted this to maybe save someone from wasting a lot of money on an used Odyssey when they could buy a new one.
 

·
Registered
Joined
·
11 Posts
I'm with you OP, in my area asking prices for used Odysseys are ridiculous. Typically you'll find a 3-4 year old van with 50K miles at a 25% discount off of new. What's the point? The vehicle's life is 30-40% used up yet only a few grand cheaper. No thanks.

If I walk into a pizza joint that sells $20 pizzas, is it a good deal if somebody walking out offers me their leftover, half-eaten pizza for $15?

Maybe it's different in other parts of the country but where I'm at, that's the reality and people are paying it. I don't get it.
 

·
Registered
Joined
·
11 Posts
Here's a real-life example of what I'm seeing:

http://eastidaho.craigslist.org/cto/1848120014.html

2007 EX-L with 46K miles for $21490. Van has a few hundred $$$ body damage.

Brand new 2010 EXLs are going for about $28500. So buying this particular used van nets a savings of exactly 25%. But assuming the van will last around 140K miles or so, 33% of the life of the vehicle is already used up. And the 33% used up portion was the nice-smelling, trouble-free, warrantied portion.

Going back to my pizza analogy, should I pay somebody $15 for their cold, leftover, slobbered-on pizza they've eaten 1/3rd of, or go buy my very own, fresh, brand new pizza for $20?
 

·
Registered
Joined
·
17 Posts
First post here...

Picking up a 2005 EX-L tonight with 65k miles for $17,000. That's a lot less than a new one :)

I do agree that if you are looking at a used 2009, new makes sense.

--Bill
 

·
Registered
Joined
·
11 Posts
bigbill25 said:
First post here...

Picking up a 2005 EX-L tonight with 65k miles for $17,000. That's a lot less than a new one :)

I do agree that if you are looking at a used 2009, new makes sense.

--Bill
Welcome, I'm new too. :)

Maybe you made a good decision, I don't know. I've certainly been struggling with purchasing new vs. used.

I think I've narrowed it down to buying a used domestic vs. a new import. With the linear depreciation of Honda & Toyota I just don't think it makes sense (for me at least) to buy used. American vans that rapidly depreciate are more tempting to me to buy used.

Anyway, congrats on your new van and I hope it works out for you.
 

·
Registered
Joined
·
1,711 Posts
I've been saying what the OP says for years. Best deals out there in order of best monetary value to worst (assuming you do like me and expect to drive the car to 150k+ miles):

1. Used domestics
2. New Japanese
3. New Domestic
4. Used Japanese
5. Any lease (unless its a business expense / writeoff)

I figure a car has an effective life of 150,000miles. You may get more, but to keep it going the cost of parts and service really make 150k the zero value point (at least when making projections from new). So an Odyssey costing 2/3 of its new price at 50,000 miles is no bargain at all. Might as well buy new and enjoy the cleanest/prettiest of its years too, the lifetime cost/mile is unchanged! If I'm buying a used car, I'd better get a lower capital cost per remaining lifetime mile than a new one would have.

Used Honda prices seem to assume they require zero maintenance until about 250,000 miles. Just not happening!

The risk of the used domestic, of course, is that you might get one of their lemons that still seem more plentiful than the number of lemons from the Japanese makes. Maybe that is an outdated notion today, but it's hard to know what to believe anymore.

Our Ody has been a good value, but the used 02 Saturn I bought a year ago for $2,800 has been a miser's delight. No breakdowns, cheap parts, easy to work on, surprisingly fun to drive for an ecobox and an average of 38mpg in 20,000 miles so far of my Chicagoland commute! Megabargain. Cost so far is about $0.08/mile in capital cost. Roughly half of what the Odyssey's is.
 

·
Registered
Joined
·
346 Posts
Strong opinion, but 2/3 price at 50,000 miles is too much to base it upon.

25% discount with 25,000 miles, that's only 1/6 of your expected life.
You get a bargain in this instance.

2008 Touring for sale, see sig.
 

·
Registered
Joined
·
17 Posts
I'd say I got mine for 50% of new with 66% life remaining. Plus, I was able to pay cash for this where I would have had to finance a new Odyssey. That makes a large difference.

--Bill
 

·
Registered
Joined
·
2,604 Posts
bigbill25 said:
I'd say I got mine for 50% of new with 66% life remaining. Plus, I was able to pay cash for this where I would have had to finance a new Odyssey. That makes a large difference.

--Bill
I would agree and cash is king! I don't finance anything unless it can MAKE me money. Wife wants a new Enclave but even with the reasonable value of our Ody...it's still $30k out of pocket and that just is too painful in this economy.
 

·
Registered
Joined
·
887 Posts
I don't think it makes sense to compare the negotiated price of new to the full asking price of used.

Lets use the example below:

"2007 EX-L with 46K miles for $21490. Van has a few hundred $$$ body damage.

Brand new 2010 EXLs are going for about $28500."

The 07 could probably be had for about 19500 or so. So the difference is in the $9000 range.
 

·
Registered
Joined
·
3 Posts
Planning to buy 2010

Hello Everyone,
Since I have reluctantly moved away for 2007 Pilot, I am now considering Ody. It has become instantly clear to me that 2010 are the best value for money compared to a certified 2007 or 2008. I can get a new 2010 EX-L with RES and NAV for 32500. Used one like this will be around 26-27K since used/certfied cars are preceived as better value but not always the case. Since I plan to keep the car for at least 10 years, I think I will be better off with a new one. I am also getting better interest rate and not to mentione worry free 3 yrs of warranty as opposed to 1 yr with string attached warranty of a certfied car. I was thinking of haggling on the price of a new one with the dealer - for it is in his best interest to get rid of it and make room for 2011. For used ones, dealers are really not under pressure.

Any thoughts??
 

·
Registered
Joined
·
1,711 Posts
It's a judgement call on how much you really save. If a used car still has 30k miles (20% used up) and costs 25% less than a comparable new one, is that a good deal? Maybe.

But you don't know if the original owner changed the oil once or 4 times. You don't know if he parked it on the beach and let the salt water splash all over it. You don't know if he was an idiot driver and did a lot of severe wear to the transmission clutch packs. You don't know if the reason they got rid of it was that it was one of Honda's comparatively few lemons.

But it is unlikely that he spent a nickel on tires or brakes. YOU will pay for all the wear that he put on those items.

It's hard to put a value on all the above. But for my money, buying a new Odyssey, maintaining it meticulously, and keeping it long term (157k miles so far) has been a smart move.

Someone who scratches the itch for a change in vehicle every two to three years might be smarter, err, less sprendthrift buying used each time.
 

·
Registered
Joined
·
606 Posts
Used value

Agree domestic used is a great value over import, due to the steep depreciation curve for now on domestics. People buy, then trade in later and take a huge hit, often upside down.

Typically this has driven me to buy domestics, I have two GM cars. But I also liked the Honda and aware of the resale value deal, negotiated a reasonable deal on a '06 EXL RES of about 18.2k w/54k miles and a few months of powertrain warranty.

True I don't get the new car smell and all that dealer warranty work, but I also don't pay $31.4k which is the Edmonds TMV on my van in the 2010 model. That's $13.2k more. And more tax on a higher sale price. Thats more dollar difference than I paid for my GM sedan (loaded) cash in a outright sale - in fact more than double. And some neighbors I gave a ride to in my van thought it was brand new it was so fresh inside from detailing, so for us knowing the kids will be hard on it, it was a cheaper option.

But then again I'm cheap and do my own car repairs, so a few things to do is nearly fun not a headache. :D :)

I had thought like you that used Hondas were no bargain as they were so high, but you get out a few years and the prices become better, and Honda for whatever reason is still a good resale brand. I could resale my van today for more than what I bought it for I'm pretty sure and used ones don't last long on the sale lots, so doubt I'm going to regret it at this point.
 

·
Registered
Joined
·
1,711 Posts
How's the Intrigue holding up for you?

We had a '99 with the 3.5 that must have had a contaminated load of gas once. I dumped it when the FOURTH fuel injector died at about 60k miles..... And bought a new Ody. Only lemony used car I ever bought.
 

·
Registered
Joined
·
309 Posts
I bought used, but I was also factoring in the HUGE tax savings I get buying used :)

The area in which I live charges an annual tax on the value of the car you own.

The first $20k in value pays a 70% lower tax rate than any value over $20k. On a $30k vehicle (this is based on blue book, your purchase price doesn't count) I would be paying the full rate of the tax on $10k and the discounted rate on $20k.

In buying a 2007 used, I am only paying property tax on $20k and that is a savings I get year after year.

For example, this is the first year and I owe $310 in property tax for this van and I would owe $867 the first year if I bought a new 2010.

That easily buys me a complete set of brakes :)

You do have to factor everything. I am still not convinced I made the right decision, but if I get 150,000 miles out of this thing (bought it with 50k) and then can still sell it for something, I might not have done so bad for myself.

I also factor in that my wife and kids beat to death anything they are in or around everyday, so I just couldn't bring myself to buy them anything new.
 

·
Registered
Joined
·
606 Posts
OT - Intrigue

manualman said:
How's the Intrigue holding up for you?
OT for the thread, but no worries... The 2000 Intrigue is a top line GLS with stability control and sunroof, Bose stereo, leather, dual climate controls, heated seats, etc. Its been a fantastic bargain. I got for a bit less than $5k. It has one spot on trunk lid where a mag antenna scuffed it up, but otherwise is pretty good. The engine on mine is the 3.5 DOHC v6 based on Northstar, has a ton of technology (in fact was too expensive to produce so GM killed it). The car has been fantastic and starts every time, transmission is smooth and always in right gear. We have 140k on it now and 90 when I bought it, I've had to put a power steering hose on it, and some rust items as it spent a few years in snowbelt - power steering tubing rusted a hole, rear brake lines needed replacing. We had a Maxima SE (5 speed) and it was supposed to be the ****z but the rear suspension sucked, the engine didn't' start easily, turning radius of a aircraft carrier, the transmission and clutch were balky and weak feeling (and I grew up on a clutch cars and motorcycles), the windshield started making noises like it was coming unglued when unloading a front wheel like coming out of a incline at a parking garage, a crappy cruise control that's always pumping the throttle...and the larger gripes of - used premium fuel, got barely 23mpg highway and needed 6th gear (which it got later years).

The intrigue uses regular fuel and on some road trips has gotten 29-33mpg highway even at high speed with airconditioning! One recent trip was to Dallas in 101 heat with AC blasting and got 29.5 mpg and nearly 29 on next tank. Engine has excellent torque off the line unlike the maxima that is high end only, and very smooth auto (better for wife's commute), stability control for safety and better climate control, nicer seats, etc.

Granted the Maxima felt more athletic when pushed and the tires were better (a big part of the difference) but you had to drive it like you were mad at it and rev it high to make it go - which killed fuel economy and would spin tires off the line. And the engine compartment looked like it had been attacked by someone with a fetish for vacuum hoses - what a mess.

Luckily it held value and I sold it for nearly 9K and bought the intrigue and had money left in the bank.

;)
 

·
Registered
Joined
·
38 Posts
I bought a used Odyssey.

I think after 2 years of driving it it has has depreciated much less than if I bought a new one.

2k7 LX was $17k with 26k miles.

Fast forward nearly 2 years:

45k miles and what's its value?

$14k?

Compare that to buying a new one at the time.

I doubt I could have grabbed a new 2k8 LX for under $24k.

What would it worth today, nearly 2 years later with 20k miles on it?

$18k?

That's $6k hit compared to $3k hit for used.

Plus if I bought new I would have paid more tax. 8.5% on the $7k difference between used and new would be ~$600.

INsurance for 2 years would have been higher. Wild guess let's say $150 higher.


$750 total plus $6k - $3k or $3750.

And so not only did I save $7k up front plus the $750 in tax on that, but also after 2 years depreciation is $3k less. Roughly speaking of course.

Also that's not including any finance charges on the difference nor what I could earn on the $7500 difference between used and new over 2 years.

Last if you save $5k-$10k or more up front on a used car and invest it over the life of the car that's a serious savings.
 

·
Registered
Joined
·
606 Posts
Well said. :bow: :cheers:
 
1 - 20 of 23 Posts
Top