Odyssey - Tradein value

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Jul 14th, 2021 10:53 am

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Jul 12th, 2021 9:38 pm

jmichou [OP]: Sr. Member; Sep 26, 2007; 688 posts; 123 upvotes; Toronto

Jul 12th, 2021 9:38 pm

Odyssey - Tradein value

Hi there,
How do I know it's a reasonable deal when it comes to trade in?

I have an Odyssey 2018 EX with 97,000km mileage and the Honda dealership is offering approx $24,800 tax included to trade with a new Odyssey 2022.
Current car condition is very good. No major scratches or accidents and car is already paid off.
Warranty until 130,000km

I am not interested in getting a new car unless it's a very good deal and sounds like I can only negotiate on the trade in value instead on the price of the new car.

Any advice is well appreciated.
Thank you.

24 replies

Jul 12th, 2021 9:50 pm

AlicW93740: Sr. Member; Sep 25, 2018; 954 posts; 1950 upvotes

Jul 12th, 2021 9:50 pm

Negotiate on new car out the door price first, dont mention trade in until you are happy with the price. Then, bring up trade in, and be ready to act like you will leave if they can't meet your expectations (sometimes they just won't, you would have to actually walk). This tactic makes them have the fear of losing the deal (since you already got the new car price settled, it's pretty much a done deal) mental effect, so it will be easier to negotiate a better trade in value. If you bring up trade in at first, they'll try to mash everything together and give you a final price, which will be harder to negotiate cause you don't have much leverage. There's a thread with very comprehensive car buying negotiation strategies, you should look for it.

To estimate trade in value, use websites like Kelly blue book, Canadian black book, and vmr Canada.

Before you speak: THINK
T = is it True?
H = is it Helpful?
I = is it Inspiring?
N = is it Necessary?
K = is it Kind?

+7

Jul 12th, 2021 10:34 pm

engineered: Deal Expert; Feb 11, 2007; 20280 posts; 24033 upvotes; GTA

Jul 12th, 2021 10:34 pm

AlicW93740 wrote: ↑ Negotiate on new car out the door price first, dont mention trade in until you are happy with the price. Then, bring up trade in, and be ready to act like you will leave if they can't meet your expectations (sometimes they just won't, you would have to actually walk). This tactic makes them have the fear of losing the deal (since you already got the new car price settled, it's pretty much a done deal) mental effect, so it will be easier to negotiate a better trade in value. If you bring up trade in at first, they'll try to mash everything together and give you a final price, which will be harder to negotiate cause you don't have much leverage. There's a thread with very comprehensive car buying negotiation strategies, you should look for it.

To estimate trade in value, use websites like Kelly blue book, Canadian black book, and vmr Canada.

+1, good post.

But OP, best deal is to keep driving the reliable van you have. At least wait until the 2nd year of the next gen Odyssey as it hasn't changed much. Also take note of delivery times if doing a factory order.

If the women don't find you handsome, they should at least find you handy.

+3

Jul 13th, 2021 1:48 am

MP3_SKY: Deal Guru; Jul 12, 2003; 12371 posts; 4887 upvotes; Toronto

Jul 13th, 2021 1:48 am

Good post by AlicW93740.

However, not all salesperson have a say on the Trade in Value. It is done by another appraisal department, but you can put a pressure to salesman by saying the Trade in value is poor and hopefully the salesman will take away some of his commission to off set the difference on the trade in.

Why OP want to change the Van so early, it is a 2018 and you have warranty left for another 33000km, which I bet you paid extra for the extended warranty. It is such as waste that you bought the Ext. Warranty and trade it out before that.

Retired Forum Moderator February 2009 - June 2015

+1

Jul 13th, 2021 6:48 am

Swerny: Deal Expert; Oct 5, 2008; 17336 posts; 12910 upvotes; Toronto

Jul 13th, 2021 6:48 am

If you paid for warranty until 130K, why wouldn't you drive it until then?

I'm at similar mileage with my RDX....even without the extended warranty, I'm likely going to hang onto it another year

+2

Jul 13th, 2021 7:48 am

QTheNukes: Deal Addict; Nov 28, 2007; 1746 posts; 943 upvotes

Jul 13th, 2021 7:48 am

Charity.ca will tell you what it is worth and what they can sell it for....if outside the GTA change your postal code to a Toronto area one to get a number

Cool Beans

+1

Jul 13th, 2021 9:41 am

Tommy74: Deal Fanatic; Jun 26, 2009; 5293 posts; 5085 upvotes; GTA

Jul 13th, 2021 9:41 am

So it's only $21500 before tax. You can do better privately, clean the van, take some super nice photos, list it for 26-27K and see what happens. There are similar cars on Kijij for almost 30K. Used car prices are sky high right now.

+1

Jul 13th, 2021 9:47 am

yao416: Deal Expert; Mar 22, 2007; 28964 posts; 9892 upvotes; Hamilton

Jul 13th, 2021 9:47 am

Drive it to ground!

hated on but respected.

Jul 13th, 2021 9:52 am

BHA1: Sr. Member; Aug 8, 2005; 692 posts; 352 upvotes; Toronto

Jul 13th, 2021 9:52 am

Tommy74 wrote: ↑ So it's only $21500 before tax. You can do better privately, clean the van, take some super nice photos, list it for 26-27K and see what happens. There are similar cars on Kijij for almost 30K. Used car prices are sky high right now.

Depending on what he meant by “$24,800 tax included” this may or may not be a better idea.

By trading in and getting $24,800, he also saves $3200 in HST on the purchase price of the new car. So by trading in he is lowering the “total out the door price” of his new car by $28,000. If that’s actually the case, I wouldn’t be advertising it /dealing with flakes / risk of test drives / etc for what will end up being less than the $28k he’s getting from the dealership!

+1

Jul 13th, 2021 9:53 am

BHA1: Sr. Member; Aug 8, 2005; 692 posts; 352 upvotes; Toronto

Jul 13th, 2021 9:53 am

Swerny wrote: ↑ If you paid for warranty until 130K, why wouldn't you drive it until then?

I'm at similar mileage with my RDX....even without the extended warranty, I'm likely going to hang onto it another year

OP, remember that you are getting exactly $0 from the dealership for your remaining warranty. So keeping the car for another year and a half (sounds like you would drive to approx 130k by then based on your past usage) will only cost you the depreciation for that period, and the van will be fully covered by warranty.

You won’t have a ‘penalty’ by selling it out of warranty, because you weren’t getting any value for that warranty in the first place.

+1

Jul 13th, 2021 10:21 am

Tommy74: Deal Fanatic; Jun 26, 2009; 5293 posts; 5085 upvotes; GTA

Jul 13th, 2021 10:21 am

yao416 wrote: ↑ Drive it to ground!

That's what I would do. Take the price OP paid in 2018, minus trade in value and price of 2021 and the loss amount will be huge. Will it drive any different - no, more room - no, maybe it's missing some more or less useful bells and whistles, but still the same ride. Car has warranty left, if it's well maintained other than timing belt replacement, it should last couple more years. But hey, I know people who bought/traded cars because 2 years old car needed new front pads and new tires

. $1500? oh, that's too much money to put in, I will rather spend $55K and get brand new vehicle.

+1

Jul 13th, 2021 10:28 am

EP32k2: Deal Expert; Jan 15, 2006; 20513 posts; 21821 upvotes; Richmond Hill

Jul 13th, 2021 10:28 am

So confused. Why is OP looking at trading in when he's not interested in getting a new car?

+1

Jul 13th, 2021 11:00 am

bargain man: Deal Addict; Jun 1, 2008; 3159 posts; 998 upvotes; Cambridge, ON/Guelph…

Jul 13th, 2021 11:00 am

EP32k2 wrote: ↑ So confused. Why is OP looking at trading in when he's not interested in getting a new car?

Dealer probably called or sent something in the mail saying that they "need" his trade in. It's a pretty common sales tactic.

+3

Jul 13th, 2021 11:05 am

aleks: Deal Addict; Jan 8, 2007; 3251 posts; 1867 upvotes; AB

Jul 13th, 2021 11:05 am

Trade in for cash haha

Jul 13th, 2021 11:35 am

submarine: Deal Addict; Jul 21, 2009; 1565 posts; 1206 upvotes; Toronto

Jul 13th, 2021 11:35 am

jmichou wrote: ↑ Hi there,
How do I know it's a reasonable deal when it comes to trade in?

I have an Odyssey 2018 EX with 97,000km mileage and the Honda dealership is offering approx $24,800 tax included to trade with a new Odyssey 2022.
Current car condition is very good. No major scratches or accidents and car is already paid off.
Warranty until 130,000km

I am not interested in getting a new car unless it's a very good deal and sounds like I can only negotiate on the trade in value instead on the price of the new car.

Any advice is well appreciated.
Thank you.

There are never "deals" when trading in your car especially in your case when you are not interested in a new car. Even if the car is priced well you are out taxes and salesman commissions...

+2

Jul 13th, 2021 12:09 pm

gr8dlr: Deal Expert; Sep 1, 2005; 19435 posts; 14403 upvotes; Markham

Jul 13th, 2021 12:09 pm

QTheNukes wrote: ↑ Charity.ca will tell you what it is worth and what they can sell it for....if outside the GTA change your postal code to a Toronto area one to get a number

What is Charity.ca??

We're all bozos on the bus until we find a way to express ourselves...

Failure is always an option...just not the preferred one!

Jul 13th, 2021 12:14 pm

EP32k2: Deal Expert; Jan 15, 2006; 20513 posts; 21821 upvotes; Richmond Hill

Jul 13th, 2021 12:14 pm

gr8dlr wrote: ↑ What is Charity.ca??

Pretty sure that’s a typo.

Carity.ca

+3

Jul 13th, 2021 8:37 pm

iGarage: Sr. Member; Jun 21, 2006; 859 posts; 501 upvotes

Jul 13th, 2021 8:37 pm

any issues with your 2018 ex?

Jul 13th, 2021 8:47 pm

QTheNukes: Deal Addict; Nov 28, 2007; 1746 posts; 943 upvotes

Jul 13th, 2021 8:47 pm

They picked a tough name, everything automatically corrects to charity.....yes carity.ca

Cool Beans

Jul 13th, 2021 11:19 pm

jmichou [OP]: Sr. Member; Sep 26, 2007; 688 posts; 123 upvotes; Toronto

Jul 13th, 2021 11:19 pm

Thank you guys for your input. Definitely the sales person is desperate as she called me again today to come to the dealership to work out a deal.
Sometimes. this is drives me nuts when buying a car.
Why a sales person don't offer their best price after 1st or 2nd negotiation during negotiation instead of wasting time to go back and forth.

Anyway, I was too busy at work today and told her that I couldn't make it to the dealership today. Well, she was a little persistent asking me to come to the dealership the next day.
It really felt awkward and told her repeatedly that I am interested in changing my car..

I'll be driving the car to the ground like some of you guys mentioned.

Thank you again.

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