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Prices Paid: Buying & Leasing Experiences Honda Odyssey Prices Paid and Buying Experience
24381 messages, Last post on Dec 05, 2009 at 9:37 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: 63hokie (May 14, 2008 9:26 am) |
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Replying to: mike20878 (May 14, 2008 11:46 am) Assuming the car cost before dealer incentives is $30,000 and a loan term of 60 months: 2.9% financing, $1,000 dealer cash ($29,000 loan) = Total Repaid: $31,188.00 (interest: $2,188, payment: $519.80) 4.9% financing*, $2,000 dealer cash ($28,000 loan) = Total Repaid: $31,626.60 (interest: $3,626.60, payment: $527.11) *4.9% is actually somewhat low. CapitalOne is at 5.29%. Navy Federal Credit Union is at 5.0%. So you're saving $438.60 total over the life of the loan to go with the 2.9%. In order to get below the total repaid value going with the 2.9%, I'd need to get down to 4.3% financing, which I haven't seen anywhere available to me. As a side note, I'm looking at a 2008 Odyssey EX-L w/ RES. I've gone donkeypunch style and the best I've gotten so far is $29,500 OTD with $2,000 dealer cash ($28,200 price including destination). |
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Replying to: gedd209 (May 14, 2008 12:04 pm) There is a breakeven point in your figures, you just have to see where that is, and balance it against the chance that you'll still own the vehicle at that point. So... it's only cheaper if you keep the vehicle past the breakeven point.. In the example above, I think the breakeven point is around 27 months.... Probably better to take the lower interest rate, in this case... regards, kyfdx |
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Replying to: gedd209 (May 14, 2008 12:04 pm)
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Replying to: dgrazda (May 13, 2008 11:48 am)
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| Hi, We will be buying an 05-07 used Odyssey EXL in the next 4-5 weeks. I love the donkeypunch method but it is written for buying new cars. Can it be used to buy used? Has anyone tried it buying used? | |
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Replying to: mike20878 (May 14, 2008 12:17 pm) 08 Touring $34,000 base + dest w/$2000 dealer incentive $35,000 base + dest w/$1000 dealer incentive and 0.9 financing + $1,050 sales tax + $10 title + $44.50 tags $35,104.50 - $11,000 = $24,105 at 5.0% for 3 years = 36 x 722.43 = $26,007.48 $36,104.50 - $11,000 = $25,105 at 0.9% for 3 years = 36 x 707.06 = $25,454.16 $26,007.48 - 25,454.16 = $553.32 - $30 less Virginia sales tax = $523.32 less with 0.9 financing |
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Thanks for all your posts. It is helping to learn how to shop around for a car. Does the below offer sound good for a Odyssey EX-L ( NO NAV and RES) W/RATES ( 0.9% - 36 months or 2.9% for 60 months ) 2008 Honda Odyssey EXL $28,292 + tax and license ***Destination include Doc : $55 Tire Fee: $8.75 License: $283.56 Tax: $2,219.55 OTD: $30,858.86 W/O Rates ( Cash down or finance from an outside bank) 2008 Honda Odyssey EXL $27,292 + tax and license **Destination included Doc: $55 Tire Fee: $8.75 License: $273.56 Tax: $2,141.27 OTD: $29,770.58 Shall I be negotiating more.. My budget is around 29K OTD.. Is that achievable ? If Yes, what else can I bargain for? Any one from the San Diego , LA area bought a 2008 odyssey EX-L recently ? If Yes, what's the best price you guys got ? Please help me decide. Thanks |
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Replying to: mike20878 (May 14, 2008 12:17 pm) Thanks for the tip. I setup a spreadsheet to see where the breakeven point is and it's right around a $8,500-9,000 down payment that the two become even with a 4.9% rate. |
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