Uh, what other car can you get for $2500? Also, what works are needed? $2500 is like 3-4month payment on a car with any kind of warranty. For cars without warranty, there is, by definition, no guarantee you won't need to spend $2500 in 3-4 months. (And most cheaper cars NEED some work since most of the time, previous owners would not do any maintenance before selling them and most car dealers won't do much to their cheaper cars anyways)

One could argue if you drive longer than 3-4 months then it is a net positive, no?

 

When we got our van last year, comparable ones were selling for $10k in my area (10 years old, 200k miles). The guy I got it from had an almost impeccable service history (I have a folder about 1 ½" thick of all of his receipts. I still put the $6k in it on top of what it was worth. IMO, almost any vehicle for less than $5k today would probably be a money pit just to get it to the point where it would be reliable.

 

Fix.
But please tell us what the issues are that need to be repaired. Perhaps people here can give you some advice about the repairs required. Perhaps it’s not as expensive as you think it is.

 

A new Odyssey is close to, if not over $50K depending on the trim and the deal you negotiate.

Put the money in the bank, a short term CD, or treasury bills... you can earn 5% on your money with almost no risk. There's the $2500 you'll earn back in a year. And you'll still have your $50K next year.

 

Keep it for another 400,000.

 

Would be nice to see what needs to be fixed--I would guess that the timing belt is a good chunk of the total. It seems to me that the depreciation on a newer vehicle in the first year will be much less than the cost of repairs. Aside from the higher costs, the newer the vehicle, the higher the insurance costs will be.

 

Our 2012 has 210,000 miles and I just put about $6,000 in it - timing belt, tires, valve adjustment, fixing one sliding door, new suspension, brakes, and a few other bits and pieces. Some of this stuff was to just get the vehicle up to my standards, even though other than the timing belt and valve adjustment, it was still a solid vehicle. Sure, it has a few dings and scratches, but barring some unforeseen accident, we plan on putting another 100k+ miles on it.

 

We have a 2000 and bought it new, just finished putting in $3000 into it and am happy as a clam on high tide.
We’re good for another 100,000 with so little spent on it. Learn to do it yourself and you will get 50% off or more on what your mechanic quoted you.

 

Value of the vehicle should not determine repair spendings.

 

If you can afford a new van with its advanced safety features, sell the old one, and buy a new Toyota Sienna which gets 36 mpg both city and highway. You can give your old van to a deserving relative or friend.

 

What service needs to be done?

 

If you are in the rust belt no guarantee how long before something structural happens at that age but then again there is no guarantee anyway even after you pluck down $2500 for any other failure.

 

k

Well, if you're looking for a new shiny toy...you know the answer.

However, if you're concerned about what $2500.00 gets you, then consider what the cost is going to be your first year of ownership with a "new" vehicle. Even if you get a 2020 with roughly 35-45k on the odo, you're looking at 30-35k which is a bout a $500.00/mo payment or about $6000.00/ year which is double your repair cost, you can fix extra with that budget!
Now, that's only the payment, and it's not the increased insurance and taxes.

 

I have a 2007 Odyssey EX-L (I am the original owner). It is now at 307,000 Km on it. I've done a few things to maintain this car, and it has been pretty much original parts that wore down. I've only replaced the following parts once: Valve cover at around 290K, front and rear right wheel bearings, rear springs (as one broke, near the bottom), original rad finally cracked at 305,000km, lower control arms at 270k, VTEC solenoid seals, alternator (due to oil leak from VTEC solenoid), power steering pump (replaced under warranty after 3yrs of ownership), replaced safety neutral switch, replaced set of spark plugs once, and I have done two timing belt changes already. The other basic maintenance are pretty much oil and filter change, air filter, and transmission fluid change, and of course brake service. Since the car is at 307,000, been changing it once a year. I know it is overkill.

My thinking is that it is the 'devil' that I know, and I know the history of the car. It purrs like a kitten, engine is quiet no issues. Getting a new car right now is so expensive, and getting a used one at $2500, who knows what you'll get.

I've done my analysis on the car cost of ownership... it is about $606 a year on average after owning it for 17 years.

 

VTEC solenoid seals, alternator (due to oil leak from VTEC solenoid)

Are you sure? 2007 models don't have the front VCM spool valve. Only VCM-2 engines do, and for the Odyssey that was 08-17.

 

2007 Honda Odyssey Specifications

2007 Honda Odyssey Specifications 2007 Honda Odyssey LX EX EX-L Touring ENGINE Type: Aluminum-Alloy V-6 X X X X Displace...

hondanews.com

Am I reading this table wrong? The 2007 EX-L trim has VTEC and VCM. That valve you mentioned leaked oil and made its way to my alternator which eventually killed it. My mechanic showed me it was drenched in oil.

 

There was a discussion about this the other day. It is confusing marketing by Honda. The engine is labeled as i-VTEC because of VCM, not because it has the traditional VTEC.

That spool valve is located on the rear bank, it is virtually impossible for it to leak oil and make its way to the other side of the front bank. More likely is you had a valve cover gasket leak or something like that, which leaked oil onto the alternator.

 

I would FIX it....I had the same problem...so I told my Mail man..since to delivers mail to all the older people with cars with low miles, that I needed one, and he hooked me up..... with Honda CRV 2012 with 20K..for $8K

 

Million dollar question is......drum roll

What is the story with rust and body condition.

Second what have you already replaced???

Third do you have the cash for these repairs???

Finally what the deal with the engine and transmission?

Same boat so here are my answers.....

Rust free southern van. So worth investing in repairs.

Two owner van that lived at the Honda dealership with extended warranty and everything was replaced before I bought it, except struts and rear shocks and springs. Which I replaced with KYB already, last summer. Motor mount are in their way out so debating on replacement of them, and yes first thing I did was disabled the VCM system. so trying to decide if Honda or after market mounts.

So have cash for repairs, sometimes you can leverage cost savings by doing all the work at once, since once you start taking it apart and already on the lift can save hundreds of dollars.

Tranny's and Engine seems solid so as my guys say....even if it takes a dump your still good to replace it cheaply.

Last thing is if your not able to do most minor things and repairs best bet is to lease and or buy new. A van this age and miles always has little things that need replacement. So make sure you have low cost boneyard and parts suppliers .

Best of luck ...let us know what you decide