Lease or Finance? Odessey, Pilot, or Sienna? cheapest place?

gemini90

Thu, Oct 06 2011, 4:14 pm

the prices on the odyssey have come down a bit. My lease was up in june and the prices were so high that we decided to extend it till last night when we got ours from ezleasing in boro park and he was the cheapest we found. It's the second car we got from him and he is honest and easy to deal with. If your interested in a used car I returned a 2008 odyssey with 18,000 miles in fact I put in new brakes the day before I gave it back and it's in excelllent condition! pm me if you want his number for leasing or financing

mommymommy

Thu, Oct 06 2011, 6:18 pm

OK now were really driving ourselves nuts. having been in an 03 sienna tonight that is still driving like a dream dh says maybe lease the sienna for 369 (incl tax) and buy it at the end for 16,500. a three year old sienna with 36k is worth that much or more and you know the car. We could keep it for eight years and still stay at 300 a month and then sell it. basically its a backhanded way of financing a car for cheaper (over longer period of time though) but for less than 500 a month and less apr on the first half of it...
BUT if we decide not to keep it due to accident cv or something...and we return it at the end of 3 yrs we will have paid more than 3,200 dollars more than the honda!!!!

What does one do???? help!!!

September June

Thu, Oct 06 2011, 6:23 pm

The Sienna is a great car! A few ppl. I know have the new one and are very happy with it. If you're planning on buying the car after the lease, the Sienna is cheaper in the long run. The middle seat is also bigger.
Leasing and then buying the car afterwards sounds like a great option for you.

Even if you don't choose to keep the car, Toyota also has a much better damage policy.You aren't charged for small scratches and dents.
Honda is much more strict about damage and only offers the waiver if you lease another Honda so you'll be forced to lease Honda again to avoid the damage fees.

You also have to look at it this way, if you lease the Honda and buy it at the end of the lease, you lose $4000.

If you really want to be sure, go to a dealer and test drive both the 2012 Odessey and the 2012 Sienna (the older versions are great too but both cars have been through some changes since then). Then, make your decision based on which car you like better.

mommymommy

Thu, Oct 06 2011, 6:41 pm

Thanks! we are going to start shopping again now for the cheapest price in Sienna. Do we do the bare basic with no power doors or do we do for 20 dollars more power doors and the 8th seat? The LE is 369 but does not have as many options as the honda EX.... Now we need to find out who is the cheapest in sienna??? Confused

Why is there no smiley that is wiping its brow in exhaustion?!

September June

Thu, Oct 06 2011, 6:45 pm

If you can fit your family in the van without the 8th seat, you can skip it. If not I would definitely get it, it's great for carpool as well.
If you've been managing without powerdoors until now, you can continue to live without it. They are really convenient though, especially for the trunk.

Good Luck!

MeadowsLane

Thu, Oct 06 2011, 7:13 pm

We just traded in our honda odyssey lease (yes you can do that!!! it still had a 3K equity) for a Sienna and I love it! We got much more for the same amount we were paying for honda. We have had two odysseys and both had transmission issues and had to be taken back a few times for repairs. Our Sienna drives like a dream! for 389 we got 4 wheel drive, leather seats, sun roof, rearview camera, all power doors and power trunk (I think the only option we dont have is Navigation). We leased from an independent leaser in NYC.

you can pm me if you want more info.

I would not get a pilot, friends got one recently, and the wife is unhappy because the car is so tall she has a hard time loading and unloading her groceries.

Hashem_Yaazor

Fri, Oct 07 2011, 6:31 am

I just don't get it. Not one bit.

You say you can't get a Sienna for 10K. But you won't OWN the minivan after you've dropped 10K. You will still be paying money if you want to keep it -- it's a complete waste of money to lease. You're in essence paying money to borrow a car.

You really can't find a used minivan and finance it? Better to spend 16K and OWN it than drop 10K down and then be left with nothing or spend another 15K to buy it in 3 years.

sarlal

Fri, Oct 07 2011, 9:30 am

hi OP,

mazel tov on getting a new car!!!!!!!!!!!!!!!!!!!! Smile

good luck with your research!!

we bought our honda pilot and love it (we weren't looking for a minivan).

in northern NJ and in NY a lot of people use ARCAR, run by a frum man/frum men. we dealt with aryeh. pm me if you want his number. he was so honest and easy to deal with and he gave us the best deal (by very far!!) out of any other dealer we spoke with. Arcar is located in brooklyn.

in the large jewish community kh we live in, literally everyone's car says "arcar" on the back of the car (where the dealer's name is printed)!!

hope that helps...
gmar chatima tovah!

September June

Fri, Oct 07 2011, 10:06 am

Hashem_Yaazor wrote:

OP is planning on buying the minivan after droping the 10k. So the 10k she pays in leasing payments are basically interest free low payments on the car. After the lease is up she'll be buying a car that she drove for three years that she knows doesn't have problems with 36,000 miles for 16,500.

No, leasing doesn't make sense it's for convenience. Being that a car is not a very good investment (it doesn't increase in value at all!, ppl. who lease want to have a nice functional newish car. Others who lease put too many miles on the car to make financing worthwhile. They lease with an extra milage option.

mommymommy

Sat, Oct 08 2011, 8:34 pm

Thanks Sep June, thats what I was trying to say, do you think that makes sense rather than skipping straight to finance a second hand car that I will never have normal info about and it costs 16k so by the time I finish with finance fees and all I am at least at 18k. and on a new car finances will be of 500 and this way - lease +buy I will never pay more than 360 a month.....I sent Meadowslane a pm and still didnt hear from her... I am wondering if her 389 included tax and where she got that deal. If that included tax I want that deal! Also btw I got a quote back from one place that offered me a 500 waiver and no return fee which is unusual for toyota!

LiLIsraeli

Sat, Oct 08 2011, 9:35 pm

We leased a small car (Honda Civic). Yes, the payments aren't all that much - but even when our lease is up, if we want to buy it, the total price would be about 3-4k above a brand new one.

So look into that - when leasing, after the lease is up, there is a buy option, but the only advantage is that you already know the car, having gotten it brand new. You end up paying more for a lease + buy than if you would have bought it originally without leasing.

Hashem_Yaazor

Sun, Oct 09 2011, 7:39 am

September June wrote:

So in the end she's spending $26, 500. You can get a decent used car for much cheaper.
Ok, whatever. People can spend their money how they wish. It just seems to be a complete waste to me.

Mommy3.5

Sun, Oct 09 2011, 11:39 am

Hashem_Yaazor wrote:

September June wrote:

So in the end she's spending $26, 500. You can get a decent used car for much cheaper.
Ok, whatever. People can spend their money how they wish. It just seems to be a complete waste to me.

Getting your hands on a decent used car is near impossible at the moment. Because of Cash for clunkers, there are very few used cars available, and used cars are at a premium, people are getting more then the kelly blue book value for used cars, because they are really in demand and not many to go around.

MeadowsLane

Sun, Oct 09 2011, 7:17 pm

mommymommy wrote:

I did not get your pm. I just went ahead and pm'd you.

campmommy

Sun, Oct 09 2011, 7:37 pm

pricewise I can't help you, but as far as which car to get... SIENNA, SIENNA, SIENNA! B"h we recently outgrew our Sienna and since we can't afford more than one car, we had to sell it in order to buy a new one. I miss that Sienna like crazy!!!!! It drives like a dream, it hardly had any problems, and anything that did go wrong were fixed and stayed fixed! (Unlike our current FORD - "Fix Or Repair Daily") Good luck! and go for the 8th seat, it can be folded down flat? if you don't need it and then you can keep the car longer.
Hatzlacha!

September June

Sun, Oct 09 2011, 9:29 pm

Hashem_Yaazor wrote:

September June wrote:

OP is planning on buying the minivan after droping the 10k. So the 10k she pays in leasing payments are basically interest free low payments on the car. After the lease is up she'll be buying a car that she drove for three years that she knows doesn't have problems with 36,000 miles for 16,500.
No, leasing doesn't make sense it's for convenience. Being that a car is not a very good investment (it doesn't increase in value at all!, ppl. who lease want to have a nice functional newish car. Others who lease put too many miles on the car to make financing worthwhile. They lease with an extra milage option.

So in the end she's spending $26, 500. You can get a decent used car for much cheaper.
Ok, whatever. People can spend their money how they wish. It just seems to be a complete waste to me.

Just want to add my two sense.
She's buying a new Toyota for 26,500 which is the going price. She just is able to pay a bit more than 1/3 of the car payments with no interest and is able to buy a car she used with very low milage.

It would be very hard to find a used Sienna with 36,000 miles for 16,500.
People aren't leasing because it makes sense, they're leasing because there's a very low supply of used cars and its hard to find a good used car. (Anyone thinks cash for clunkers may have something to do with this?)

OP, if they throw in the waiver it's great but I wouldn't be too concerned about it or pay even a dollar more for a waiver. Unless you dent your car badly, Toyota won't charge you for the damage (My friend returned her Toyota with some small dents and scratches and wasn't charged anything). The car is also not inspected before its returned the what Nissans and Hondas are.