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In 2014 we leased our first Honda Odyssey EX-L w/ RES. I also picked up the extended warranty 8 yr / 100/120k miles as I was planning to purchase at the end of the lease. Our lease is coming to an end and now I am heavily considering just leasing a 2018 or 2017. What should be my next steps? This is my first time leasing a vehicle so I wanted to ask the pros.
My lease ends 9/20 and I have just started researching what to do. I'm a little worried I started too late!

For example,

1. How to best determine the value of the car?
2. We have a decent ding / scratch on the side of the car. Should I get it repaired myself or by the Honda dealership I leased from?
3. Do I have to return the vehicle to the same dealership I leased from if we leased through Honda financial services?
4. Do I need to have the car cleaned before setting up an inspection?
5. Can I return my warranty or apply it towards a new car?
6. Anything else you pros can share?

Thanks!
 

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I will share my insights. This is my second lease. first one was 2012 traded that for 2015 lease.
First lease 2012 odyssey had a big iPhone 6 size scratch on bumper, couple of chips and usual dings, no dents though honda covered me under for $1500 worth damage cover as a part of some insurance. Got $3.5k over the price and used that for downpayment for 2015 lease. As per my research on lease vs buy, my opinion is that the lease is the worst thing to do financially. Essentially you are bearing the depreciation cost for the Honda. There are lot of other factors that come into play, i don't want to open it up for arguments on lease vs buy.

Here is what my suggestion.
Answer this question first. What is your goal?
- Save money long term?
if you want to keep the car long term then buy it. 2014 is a decent model you won't regret keeping it another 6-10 years.

If you want to have a flashy car every 3 years and have money for it then go for another lease.

I test drove 2018 multiple times in the hope of buying it. Its a great car, not a day and night upgrade from 2014 though. I felt that the car needs some refinement in quality, since this is the first year of production and given all new platform i will wait till mid-cycle refresh.

my answers to your questions :

1. How to best determine the value of the car?
[Answer] use the same Kbb.com or nada.com that dealer uses to determine your current car value. The residual value or the value that you have to pay to buy the car should be on your lease terms

2. We have a decent ding / scratch on the side of the car. Should I get it repaired myself or by the Honda dealership I leased from?
[Answer]Check with Dealer. my dealer is usually nice to do a pre inspection and give me if i end up paying more or is covered under normal wear and tear.

3. Do I have to return the vehicle to the same dealership I leased from if we leased through Honda financial services?
[Answer] Nope. you can return anywhere in US or even out side honda dealership.

4. Do I need to have the car cleaned before setting up an inspection?
[Answer] nope. if you want to trade the car for new car. its worth $50 cleaning to get good price.

5. Can I return my warranty or apply it towards a new car?
[Answer] no , check if its transferable then you might get couple of dollars more in trade in.

6. Anything else you pros can share?

[Answer] My suggestion - if you have bought warranty and liked the car, then buy it out. wait for 3 years then think about buying newer model. A car depreciates its value maximum (upto 45%) in first 3 years. So if you sell/trade your car you have essentially taken that loss.

By the way you are not too late. just right about time.

Hope that helps.


In 2014 we leased our first Honda Odyssey EX-L w/ RES. I also picked up the extended warranty 8 yr / 100/120k miles as I was planning to purchase at the end of the lease. Our lease is coming to an end and now I am heavily considering just leasing a 2018 or 2017. What should be my next steps? This is my first time leasing a vehicle so I wanted to ask the pros.
My lease ends 9/20 and I have just started researching what to do. I'm a little worried I started too late!

For example,

1. How to best determine the value of the car?
2. We have a decent ding / scratch on the side of the car. Should I get it repaired myself or by the Honda dealership I leased from?
3. Do I have to return the vehicle to the same dealership I leased from if we leased through Honda financial services?
4. Do I need to have the car cleaned before setting up an inspection?
5. Can I return my warranty or apply it towards a new car?
6. Anything else you pros can share?

Thanks!
 

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I agree with everything bulleteer said as far as advice. For me personally, I do not see a drastic difference in 2014 and 2018 to warrant starting a new lease/purchase and restarting the depreciation. As bulleteer mentioned, you have already paid the vast majority of depreciation on the Van.

If you do decide on the 2018, DO NOT purchase the extended warranty at the time of purchase. You have 3 years/36k miles; you have until the original manufactuar warranty expires to purchase the extended. So if you decide to keep towards the end of the lease, you can purchase the extended at that time for the same price. Also the extended warranty can be purchased at any dealership, online has the best prices (Hyannis and Sacucci Honda).

Good luck!


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I see at least three reasons to buy your van.

First, you have already paid the biggest cost of a new car - the first three years of depreciation.

Second, you still have 5 years left on the extended warranty so you will have no major repair bills in that time.

Third, these vans are good, solid transportation for at least 10 years. Your 2014 still has a lot of service in it. (I assume the mileage is not very high since leases usually penalize high mileage.)

So my left brain would say keep the van.

My right brain might say get a new van if I wanted the safety and convenience features that the 2018 has. In my case, I think these are interesting but I would not give up an otherwise good vehicle for them.

Dave
 

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It doesn't matter if it is an old thread if you have some advise that would help others. Threads around here are not just for the original poster, but help folks who aren't even registered.
 
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