Should I buy my lease end Oddyssey?

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Jeff Spicoli - 11 May 2006 15:36 GMT

Our Lease is up in July on the following.

2004 Oddysey EX Leather w/ DVD, heat seats, power everything.

Always garages w/ 23k miles.

Residual is $19,8k

According to KBB, we would be crazy not to buy it. If we don't buy it, we
will most likely roll into another Oddyssey.

I may have answered my own question, but am curious what others would do.

Thanks!

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Elmo P. Shagnasty - 11 May 2006 16:25 GMT

> Our Lease is up in July on the following.
>
[quoted text clipped - 8 lines]
>
> I may have answered my own question, but am curious what others would do.

Why would you continue to pay every month on leasing a car?

You have a GREAT van, one you don't have to worry about. Just buy it.
Unless your needs have drastically changed...

I'm looking at giving up our 02 Odyssey and moving to a Scion xB,
because I can't justify the 15-18mpg we get in the city (my wife uses it
as a tool to drive the kids around, and she drives it only 10K
miles/year). It's a great tool; we can drive ourselves and the kids
*and* have room for plenty of stuff, like impromptu garden shop
purchases; the xB will carry *either* people *or* stuff, which is the
tradeoff. But it gets twice the gas mileage.

I haven't run the numbers yet, so who knows.

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loewent - 11 May 2006 19:16 GMT

Honda makes their leases very top heavy. What I mean is that in a lease, you
are only supposed to pay the depreciation. Since Honda's depreciate slower
than domestics, you would think the lease payments would be lower.

Due to this fact, it almost always makes great sense to buy back your honda.

t

>> Our Lease is up in July on the following.
>>
[quoted text clipped - 16 lines]
>
>I haven't run the numbers yet, so who knows.

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Elmo P. Shagnasty - 11 May 2006 23:08 GMT

> What I mean is that in a lease, you
> are only supposed to pay the depreciation.

Plus the entire cost of financing the entire amount of money that you're
holding.

And, the very experienced car salesman--who's working on that monthly
lease number for you--manages to throw in everything including the
kitchen sink, hiding it in the lease in a way that's impossible to do in
a regular finance contract.

Folks, don't go around thinking that a lease means you pay only the
depreciation.

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Alan - 12 May 2006 05:51 GMT

> Honda makes their leases very top heavy. What I mean is that in a lease, you
> are only supposed to pay the depreciation. Since Honda's depreciate slower
> than domestics, you would think the lease payments would be lower.
>
> Due to this fact, it almost always makes great sense to buy back your honda.

Yes the lessor comes up with unnecessary gizmos to justify a higher
lease payment.
Honda are better purchased than leased from the get go.

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