Hello, I lost my honda odissey EX-L RES 2012 150.000 Km in a car accident and i had bought it back in 2015, paid for 4 years and still have 2 years left to pay to the bank. My insurance will give me perhaps 10,000$ at most, not sure yet, they are still investigating, which i will use to pay remaining loan. Me and my 3 kids (all under 8 years old) have to buy a new Odissey now in 2019 and its gonna be expensive and a new fiance term I dont know which one is a better financial purchase between a 2012 odissey like before (7 years old now, 15,000$) or a 2015/2016 pre-owned certified Odissey but at higher price and another long finance term (20,000$, 4 years ? )... i want to make a intelligent investment but i dont know how old should i buy, cuz i cant afford much. I used to pay 460$ / month at 6% annual interest rate for the 2012 odissey but i am trying to make less monthly payements. However my kids did use the power doors, me the sunroof, and the RES DVD system, so we may need the same car again. I want to know 2012 vs 2016 how old should I buy as it is such a price difference (15,000$ vs. 20,000$) ? and also, RES system vs. after market options (dual screens DVD from Walmart or IPADs attached to header of front seats) what is better choice ? whats your advice on this purchase? (i m a single parent by the way and drive the car a lot)
Thank you for writing in. If you are sure that you are going to purchase another Honda Odyessey, then you are going to want to search around for the right one. You are ahead of the game by knowing what you can reasonably afford for a monthly payment. Typically, a minivan that is a few years older and has a low number of miles is going to hold the highest value and be the smartest choice. However, finding a model with the right accessories, like the DVD player and sunroof, and with low mileage may be more difficult. Expand your search area, and do not be afraid to search in other towns that are close to you.
All brand new vehicles depreciate in value, or drop in value, very quickly after they are purchased. This is why buying a certified pre-owned is a more financially responsible option, because you are not having to pay for that depreciation. Considering you are trying to stick to a budget, you may want to go ahead and buy used.
Use the online tools available to calculate your payments for each used model you are looking at. Eventually, you will find a model that meets your personal and financial needs. It may take time, but doing your research and looking at more options is the best way to make the right choice. Good luck!
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