Van - to buy or lease? That is the question....

Shmaichel

Thu, Jul 01 2021, 11:45 pm

Shmaichel wrote:

Leases are sky high right now, buying is sky high and hard to find good minivans.

Every lease has a buyout option that was in your original paperwork.

Buy out your own lease... Right now that would be your best deal!

Ps If you end up leasing or buying something else, pm me and I’d buy your minivan from you. I’m looking to buy a Honda Odyssey.

amother

Ginger

Fri, Jul 02 2021, 12:15 am

amother [ Ghostwhite ] wrote:

Quote:

Correct. And I also left out that it needs to be a vehicle that doesn’t depreciate completely after a few years such as , kia Hyundai Nissan Chrysler….
And should be a Honda/Acura Toyota/Lexus and for bigger vans Fords.

Unless you're planning on keeping it long term.
We bought a Kia Sedona 10 yrs ago for 18k including all taxes and fees, it was one year used. We have never had any issue with it until just last month. We fixed the transmission for $3000 and the mechanic said based on the condition of the car it should last at least another 5. I'll add in another 3000 for tires, brakes, oil changes...regular maintenance
If so, having spent 24k over 15 years that would come out to roughly $133 a month
Buying a Toyota or Honda is worth the money if you think you may resell. Buying a Kia or Hyundai definitely deserve a second look if you're the type to keep your car long term

It’s wonderful that you had that experience with a Kia, but you are more of an exception than the norm.

I Bh have been in the car industry for a while. The reason resell values are higher in Toyota’s and Honda’s or because they actually last longer and are a lot more durable. Typically those brands need minimal repairs in the standard lifetime of the car. They can handle a lot more miles on the car as well. I’ve seen Toyota’s with 250k miles in them and still in great shape.
You can’t say the same for most other brands.

If you look around and see older vehicles you’ll see majority of them are Toyota’s or Honda’s and that’s because they last.

Yes, you can have a lovely old lady who babies her Hyundai and barely drives it and it’ll last a good while…

amother

Ginger

Fri, Jul 02 2021, 12:20 am

amother [ OP ] wrote:

Currently have Honda odyssey. A relative took care of the lease so idk what it costs. We have 6 kids so need 8 seats. Not planning on more now

So it would be a great vehicle for you. When you start a lease you get a buyout option that’s set up at the time of the lease.

Right now, there’s a chip shortage which completely stopped the manufacturing of new cars. That leaves people who buy or lease new vehicles no options so they turn to used vehicles. Then there’s a used vehicle shortage because no one is selling their cars now because there’s nothing else to buy and that drove the prices to a historical high. They don’t predict the shortage to end before January.

As a dealer, I wouldn’t be able to buy a Honda Odyssey for the lease buyout that you can get. I would buy it at the auction for a few thousand more. And then Retail would be a few thousand more additionally.

And normally, our wholesale purchase price would be less than your buyout.

So being that you do have the option of buying it at the cost set up three years ago it’s really a good deal.

amother

Ghostwhite

Fri, Jul 02 2021, 4:55 pm

Quote:

Yes, you can have a lovely old lady who babies her Hyundai and barely drives it and it’ll last a good while…

I'm not an old lady, but rather a mom in her mid 30s with 4 kids LOL

My car has more than 100k miles on it and the dealer told me he sees many with close to 200k
Obviously if you abuse your car it won't last like that
You need to know yourself as a driver

10.7 million Toyotas were sold in 2019
615,000 Kias were sold in 2019
That's why you see so many more Toyotas on the road.

I don't think Kias are actually so much cheaper anymore, just giving another perspective.