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Leasing an Ody

4127 Views 42 Replies 14 Participants Last post by  adam1991
In the paper in Orlando todat a local dealer has a lease deal for 2002 Ody's. 48 month lease, $1000 down, $370/mo.

Has anyone else leased an Ody? We are leasing an Accord right now and might just turn it in on an Ody. I am thinking of just doing another 3 year lease, though. My wife does not drive a lot of miles (Accord has averagesless than 12,000 mi/yr) and we do not take many trip where we drive.

Lease: $380/mo for 36 mo with $1000 down 36x380=$13,680

Buy: $550/mo for 60 mo with $1000 down

By leasing after 3 years we haved saved over $6000. We could buy the Ody at the end of 3 years for about $18,000-$19,000 or sell it for about $21,000-$22,000 and use the $3000 to put down on our next vehicle.

I don't mind leasing because my wife's vehicle is always under warranty and the payment is lower. My truck will be paid off in 1 year and I plan on keeping it for at least another 2-3 years.

What does everyone think about leasing versus buying and if anyone has leased what is your monthly payment and what is the residual value?

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I am leasing on for 48 months, 12k miles EX for with my $500 -ve equity. without it it was $393 pm.. I know I am going to trade it in for 2004 ody or x-pilot so will not buy honda care warranty, plus even if I sell it in betwwen my lease I am sure I will get what ever I owe as payoff.

What was the prive of the Ody when you leased it and what is the residual value?
<font face="Verdana, Arial" size="2">What does everyone think about leasing versus buying </font>
It's not a "leasing vs. buying" issue so much as a "what does the contract say" issue.

There are many more ways to screw you out of your money in a leasing contract. If you're the type that hates to read everything before you sign it, you'll get screwed on a lease.
SMC- If the lease work out the way you described in your spreadsheet, it would be a wonderful deal for everyone that doesn't want to keep an Odyssey more than 3-4 years. I truely believe there is a lot more complicate than what you have in mind. Read the fine print carefully before you sign it. The saleman never tell you everything you need to know. They'll find a way to screw us anyway they can... there is no 100% honest dealer out there! I have to always fight for the deal everytime I want to get what I want out of them. They never tell you the lowest price/rate you can get for the vehicle until you start to fight with them and the price/rate start to drop.
Thanks for all of the advice. We are currently leasing an Accord so I know all of the fine print and how the dealer can screw you when you turn the vehicle back in. The best option at the end of a lease is to sell the vehicle yourself and pocket the difference betwen what you sell it for and what the residual value is. The key is that you have to lease a vehicle that holds it's value, which Honda's do. If you lease a Ford Windstar you might as well turn it in at the end of the lease because it will not be worth more than the residual value.

Odyssey's are holding their value and will continue to hold their value even if production meets demand because they are built by Honda. We will try to sell our Accord and will be able to make about $1500-$2000 because the residual is $13,400 and it will be worth about $15,000 or more in July.

I am just wondering what kind of deal people are getting on their leases, since dealers are not moving off of MSRP at all.
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my msrp was 27190.00 agree dealers are not moving below msrp, but giving a bang for a trade-in. also you may want more ask for accesories. when I started to show my trade-in and told the dealers I wanted $14000.00 I was laughed and insulted. I owed 14,500.00 finally I got 14k, and after I got the car home, another delaer called and said he would pay 14,500.( too late ) for my trade in was 12k. so i am sure they discounted ody.
SCM- since it work out great for you, I guess I have to try out the lease program on my next Honda. I am always plans to keep our family 2nd vehicle around 3 years to keep up with the new model, and the first car was paid off.

Leasing is not for everyone but if you only keep your vehicle for 3-4 years, take good care of it and like to drive the latest vehicle out there it is probably a good idea. With the Odyssey I think it is an even better idea because at the end of the lease you could sell it for more than what they say it is worth, unless the resale drops in the next few years. If that's the case you just turn it in and owe nothing.

I saw the ad again yesterday and it was actually for $340/mo for 48 mo lease with only $500 down now. That would be a savings of over $200 per month!

The only way you can get screwed is if the vehicle has more than normal wear and tear when the lease is up. They send someone out to look at you vehicle but you can get more than one opinion. They will also credit you for tinting the windows, etc. The only thing wrong with our Accord is that two of the hubcaps are scaped up a little, so if they try to screw me when I turn it in I will just sell it outright or see what Carmax will give me.
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<font face="Verdana, Arial" size="2">The only way you can get screwed is if the vehicle has more than normal wear and tear when the lease is up.</font>
Yep. And read the contract: guess who gets to determine whether the car has had more than normal wear and tear?

The leasing company can say anything they want, under the terms of most contracts.
by why turn the car in after the lease and pay disposition fees, just trade it in for another car or sell it directly to the dealer or carmax. this way no way about wear and tear and other agony. This works good only if you have a go resale value like ody.
Have anyone drive less than the given lease mileage? I am afraid I can't keep it below 12000 miles per year. How much they normally charge per mile go over at the end of the lease? I am not that familiar with the lease, but I read the lease contract of my brother. It sound pretty complicate.

My wife's car will only have about 34,000 miles on it when we turn it in at the end of the 3 year lease.

You can buy extra miles up front at a cheper rate then at the end. At the end they usually penalize you at a rate of about $.15/mile and I think you can buy them for around $.10/mile.

Here is Honda's site on leasing

Here is a good link which explains leasing

[This message has been edited by scmc75 (edited 02-18-2002).]
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Go to and play with the numbers.
I have leased my cars for the past 15 years from Ford, Mazda, VW, Honda and BMW and never had a problem at lease end. Follow the above link and figure on 6% financing. You can practically set the residiual value yourself; it is around 55-60%. It was $14,600 for my '99 EX and about $18,000 for my '02 NAVI. The trade-in on my '99 will be about $19,000 in April with an estimated 36,000 miles. I am applying the equity against the new lease which brings the monthly down to around $365 for 36 months. I like a new car after 3 years for safety, peace of mind and the new technology. Not owning a vehicle makes me re-evaluate my driving needs with less hassle. Most leases allow early termination without penalty; also your equity builds up faster early on because the interest/principal ratio stays almost even for the duration.
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Now, we are talking. Thank you for the wonderful information. I guess I have to lease my new Honda Pilot in a couple months instead of purchasing it. The way it sound, it is a lot cheaper if we don't want to keep the vehicle for more than 3 years. Hopefully the new Pilot don't loose too much value in 3 years.

If the vehicle is worth more than the residual value that they set do you get that money when you just turn it back in to Honda?
<font face="Verdana, Arial" size="2">Originally posted by scmc75:

If the vehicle is worth more than the residual value that they set do you get that money when you just turn it back in to Honda?

No. The only way you see the benefit of the car not depreciating is if you purchase it from Honda and resell it. If you turn it in they make more money reselling it. The only time you would want to turn the car back in to the dealer or leasing company is if the vehicle value is at or below the residual. You might even consider your cost and ability to sell on your own if the car is only $500-$1k or so better than the residual.

If you do it right, take care of the vehicle, would like a new one every 3 or 4 years and don't put over 15k a year leasing can work very well.

We lease a new vehicle every 3 or 4 years for reasons mentioned in other posts. I never put money down only first payment and title fee. It's a depreciating asset, if you put money down you're essentially throwing it away in the name of saving $50 a month. In our house that $2 - $3k can better be used elsewhere. I usually can negotiate out of either the acquisition fee or the disposition fee, was successful on getting rid of both on our last Accord.

You have to be careful to be sure. But if you can handle a payment every month with no end in sight, leasing usually gets you a lot more vehicle for the money.

Also, note that the advertisements in the papers generally do not include TAX or GAP insurance, so the $370 will be higher dependent on those items.

FWIW, 2002 EXL-RES, MSRP, 48 mo. 15K miles, 6% TAX rate, GAP insurance included, no money down, first payment and title fee only. Payment is $465. Payment on is $431 w/o tax or GAP.

2002 Redrock EXL-RES
2002 Explorer EB
A couple of bikes and feet that work too!
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If the vehicle is worth more than the residual value that they set do you get that money when you just turn it back in to Honda?"

Presently a dealer would be very much interested in giving you the cash; that depends on the market situation and might change. You could always sell it yourself and most likely get more for it. Mine offered a $3000 check for part of the equity. I am using it as a downpayment which lowers the monthly payment by $100. It's a return of $600 which is more than I got recently on other investments. It's not make or break and it helps in budgeting.

Thanks for the information. I did not know that. We will probably still sell our Accord outright or to Carmax.
Do they have in Arizona? Did they really buy used car? Will they buy your car at higher price than the dealer?
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