Is my used 2020 Honda minivan really worth 49k?

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
Post Reply
Topic Author
doss
Posts: 485
Joined: Tue Nov 01, 2011 9:52 am

Is my used 2020 Honda minivan really worth 49k?

Post by doss »

I purchased a brand new 2020 Honda Odyssey minivan in August 2020 for $35k. I just happened to check out what used vans are going for and Kelly Blue Book is stating that my van is now worth almost 49k (I have 10k miles on it). Is that right? If so, should I be selling it NOW and getting a brand new model? Can't be right...
“ The long-term 9%-10% nominal return of the stock market INCLUDES the crashes.” — calvin+hobbs
Gnirk
Posts: 1454
Joined: Sun Sep 09, 2012 3:11 am
Location: Western Washington

Re: Is my used 2020 Honda minivan really worth 49k?

Post by Gnirk »

It’s probably right. We have a 2018 Highlander limited with 20,000 miles and I used a website to determine its value: $39,500 and got an immediate cash offer from Carvana. We purchased it for $42k including tax and license.

My daughter’s car was totaled…2016 Subaru Impreza with a little over 40,000 miles and value was $1,800 less than what she paid for it in Jan 2016! And that’s what the insurance co. gave her.

The dealer told her he could sell her a new car for less than the same used one on his lot. Crazy!!!
Here in Palm Springs a dealer is adding a $7,500. “Market adjustment” to his new cars. :?
Topic Author
doss
Posts: 485
Joined: Tue Nov 01, 2011 9:52 am

Re: Is my used 2020 Honda minivan really worth 49k?

Post by doss »

Just tried out carvana..they offered $39k right now. Seems lower than the 49k it's supposedly worth...but more than what I paid new! :sharebeer
“ The long-term 9%-10% nominal return of the stock market INCLUDES the crashes.” — calvin+hobbs
onourway
Posts: 3197
Joined: Thu Dec 08, 2016 3:39 pm

Re: Is my used 2020 Honda minivan really worth 49k?

Post by onourway »

I would have your next vehicle picked out and a deal made before selling. The reason prices on used vehicles are so high is because new vehicles are all but unavailable. So unless you can sell now and wait this out (which may take years - and no telling if prices will ever come down or just stay permanently inflated) you won't actually profit from it.
aqan
Posts: 582
Joined: Fri Nov 06, 2015 7:07 am

Re: Is my used 2020 Honda minivan really worth 49k?

Post by aqan »

doss wrote: Mon Jan 10, 2022 5:30 am Just tried out carvana..they offered $39k right now. Seems lower than the 49k it's supposedly worth...but more than what I paid new! :sharebeer
How much is the new one going for?
denovo
Posts: 4781
Joined: Sun Oct 13, 2013 1:04 pm

Re: Is my used 2020 Honda minivan really worth 49k?

Post by denovo »

onourway wrote: Mon Jan 10, 2022 6:21 am I would have your next vehicle picked out and a deal made before selling. The reason prices on used vehicles are so high is because new vehicles are all but unavailable. So unless you can sell now and wait this out (which may take years - and no telling if prices will ever come down or just stay permanently inflated) you won't actually profit from it.
+1
"Don't trust everything you read on the Internet"- Abraham Lincoln
User avatar
8foot7
Posts: 2992
Joined: Mon Jan 05, 2015 7:29 pm

Re: Is my used 2020 Honda minivan really worth 49k?

Post by 8foot7 »

This is the California housing problem in vehicles. You can leave your van and cash out, but can you afford to come back into a new van?
User avatar
Watty
Posts: 24165
Joined: Wed Oct 10, 2007 3:55 pm

Re: Is my used 2020 Honda minivan really worth 49k?

Post by Watty »

Check Carmax too. When I did this last spring they had a better price than Carvana.

I had a three year Corolla and they were offering me more than I had paid for it, excluding tax and license. The new car market was not so bad then so I ended up replacing it with a new larger car that I wanted and I was still able to get it for a couple of thousand less than MSRP. I likely could not have gotten that same price for the new car a month later.
leo383
Posts: 531
Joined: Thu Nov 29, 2007 9:36 pm
Location: Durham, NC

Re: Is my used 2020 Honda minivan really worth 49k?

Post by leo383 »

8foot7 wrote: Mon Jan 10, 2022 7:13 am This is the California housing problem in vehicles. You can leave your van and cash out, but can you afford to come back into a new van?
+1

Unless I absolutely had to get a new or used car right now, I'd avoid the car market right now. Things are really messed up.

Give it a year or two if at all possible.
squirm
Posts: 4030
Joined: Sat Mar 19, 2011 11:53 am

Re: Is my used 2020 Honda minivan really worth 49k?

Post by squirm »

Our old tired Honda Accord with almost 200k is worth $13K, I'm tempted to sell it, looks like lots of suckers out there now.

I say go for it, this is like shooting fish in a barrel.
alfaspider
Posts: 3930
Joined: Wed Sep 09, 2015 4:44 pm

Re: Is my used 2020 Honda minivan really worth 49k?

Post by alfaspider »

doss wrote: Mon Jan 10, 2022 5:00 am I purchased a brand new 2020 Honda Odyssey minivan in August 2020 for $35k. I just happened to check out what used vans are going for and Kelly Blue Book is stating that my van is now worth almost 49k (I have 10k miles on it). Is that right? If so, should I be selling it NOW and getting a brand new model? Can't be right...
You may be looking at retail value. Trade-in value is typically quite a bit less. However, you can often maximize trade-in by using services like Carvana or Vroom instead of a dealer trade.

This actually may not be a terrible time to swap a late-model used car for a new one. Used car prices are up quite a bit more than new ones. The key, however, is availability. I wouldn't part with your old van unless you have confirmation on pricing and availability for a new one.
bearcub
Posts: 1096
Joined: Sat Mar 08, 2008 7:54 am
Location: Twilight Zone

Re: Is my used 2020 Honda minivan really worth 49k?

Post by bearcub »

Dealerships are into greed today. Unethical. Many not all. I am holding on to my car as long as I can. When time comes to buy, I will remember the dealerships that adjusted the price way above MSRP. Will not be visiting them.
CletusCaddy
Posts: 303
Joined: Sun Sep 12, 2021 4:23 am

Re: Is my used 2020 Honda minivan really worth 49k?

Post by CletusCaddy »

leo383 wrote: Mon Jan 10, 2022 9:10 am
8foot7 wrote: Mon Jan 10, 2022 7:13 am This is the California housing problem in vehicles. You can leave your van and cash out, but can you afford to come back into a new van?
+1

Unless I absolutely had to get a new or used car right now, I'd avoid the car market right now. Things are really messed up.

Give it a year or two if at all possible.
This is actually the perfect time to buy a new car. Depreciation is on pause so everyone is driving free cars until the situation goes back to normal.
alfaspider
Posts: 3930
Joined: Wed Sep 09, 2015 4:44 pm

Re: Is my used 2020 Honda minivan really worth 49k?

Post by alfaspider »

bearcub wrote: Mon Jan 10, 2022 10:32 am Dealerships are into greed today. Unethical. Many not all. I am holding on to my car as long as I can. When time comes to buy, I will remember the dealerships that adjusted the price way above MSRP. Will not be visiting them.
I don't know about "unethical." One problem dealerships face right now is not having enough cars to sell. Whereas before a dealer might sell 100 cars a month at $1,000 profit per car, now they are selling 20 cars a month at $5,000 profit per car. They are not not necessarily making out like bandits in the end. If you don't want to play that game, you can always sit tight. If you really need a car, there's still the private party market, but you are going to pay similarly inflated prices there.
squirm
Posts: 4030
Joined: Sat Mar 19, 2011 11:53 am

Re: Is my used 2020 Honda minivan really worth 49k?

Post by squirm »

Everyone says wait a year or two. It's not like in a year or two it will magically be solved if everyone is waiting a year or two.
User avatar
lthenderson
Posts: 6452
Joined: Tue Feb 21, 2012 12:43 pm
Location: Iowa

Re: Is my used 2020 Honda minivan really worth 49k?

Post by lthenderson »

bearcub wrote: Mon Jan 10, 2022 10:32 am Dealerships are into greed today. Unethical. Many not all. I am holding on to my car as long as I can. When time comes to buy, I will remember the dealerships that adjusted the price way above MSRP. Will not be visiting them.
If you visited a dealership that never had any cars because they sold them for way less than what the fair market value dictates and thus have nothing in inventory, would you visit them again?
Dusn
Posts: 89
Joined: Thu Feb 15, 2018 9:59 am

Re: Is my used 2020 Honda minivan really worth 49k?

Post by Dusn »

squirm wrote: Mon Jan 10, 2022 10:40 am Everyone says wait a year or two. It's not like in a year or two it will magically be solved if everyone is waiting a year or two.
Some claim that there are millions of new cars that have been built and that they’re just waiting for a new chip. If that’s true then as soon as they fix the chip shortage, there should be a massive influx of new cars.

I’m having trouble figuring out what claims for the rising car prices are true, however.
squirm
Posts: 4030
Joined: Sat Mar 19, 2011 11:53 am

Re: Is my used 2020 Honda minivan really worth 49k?

Post by squirm »

Dusn wrote: Mon Jan 10, 2022 11:32 am
squirm wrote: Mon Jan 10, 2022 10:40 am Everyone says wait a year or two. It's not like in a year or two it will magically be solved if everyone is waiting a year or two.
Some claim that there are millions of new cars that have been built and that they’re just waiting for a new chip. If that’s true then as soon as they fix the chip shortage, there should be a massive influx of new cars.

I’m having trouble figuring out what claims for the rising car prices are true, however.
If i owned a car maker, i would do everything in my power to raise prices now. All my competitors are doing it, there's enough public acceptance that it's due to xyz or abc. I've been waiting years for this, it's finally time.
dboeger1
Posts: 892
Joined: Fri Jan 13, 2017 7:32 pm

Re: Is my used 2020 Honda minivan really worth 49k?

Post by dboeger1 »

squirm wrote: Mon Jan 10, 2022 12:00 pm
Dusn wrote: Mon Jan 10, 2022 11:32 am
squirm wrote: Mon Jan 10, 2022 10:40 am Everyone says wait a year or two. It's not like in a year or two it will magically be solved if everyone is waiting a year or two.
Some claim that there are millions of new cars that have been built and that they’re just waiting for a new chip. If that’s true then as soon as they fix the chip shortage, there should be a massive influx of new cars.

I’m having trouble figuring out what claims for the rising car prices are true, however.
If i owned a car maker, i would do everything in my power to raise prices now. All my competitors are doing it, there's enough public acceptance that it's due to xyz or abc. I've been waiting years for this, it's finally time.
My understanding is that they essentially have. They used to follow the "always-on-sale" model with rebates and other incentives, so it was common to pay well below MSRP. From what I've heard, they basically stopped offering all of those deals. While they may not have increased MSRP of every model, they're probably still selling them for more than what they would have before.
squirm
Posts: 4030
Joined: Sat Mar 19, 2011 11:53 am

Re: Is my used 2020 Honda minivan really worth 49k?

Post by squirm »

dboeger1 wrote: Mon Jan 10, 2022 12:09 pm
squirm wrote: Mon Jan 10, 2022 12:00 pm
Dusn wrote: Mon Jan 10, 2022 11:32 am
squirm wrote: Mon Jan 10, 2022 10:40 am Everyone says wait a year or two. It's not like in a year or two it will magically be solved if everyone is waiting a year or two.
Some claim that there are millions of new cars that have been built and that they’re just waiting for a new chip. If that’s true then as soon as they fix the chip shortage, there should be a massive influx of new cars.

I’m having trouble figuring out what claims for the rising car prices are true, however.
If i owned a car maker, i would do everything in my power to raise prices now. All my competitors are doing it, there's enough public acceptance that it's due to xyz or abc. I've been waiting years for this, it's finally time.
My understanding is that they essentially have. They used to follow the "always-on-sale" model with rebates and other incentives, so it was common to pay well below MSRP. From what I've heard, they basically stopped offering all of those deals. While they may not have increased MSRP of every model, they're probably still selling them for more than what they would have before.
Indeed. Household net worth at all time highs, you won't be getting much customer pushback either.
bearcub
Posts: 1096
Joined: Sat Mar 08, 2008 7:54 am
Location: Twilight Zone

Re: Is my used 2020 Honda minivan really worth 49k?

Post by bearcub »

In 2021 dealerships made more money than ever. Some are charging way more than 5000.00 over MSRP. Dallas Toyota is charging 56 thousand for a new 35 thousand Camry. See YAA website. Your advocate Alliance. They dive deep into chip shortages + dealerships. Ex dealers. Hey if you don"t mind paying high go for it. It does ruin it for the not so wealthy guy. Best wishes.
Topic Author
doss
Posts: 485
Joined: Tue Nov 01, 2011 9:52 am

Re: Is my used 2020 Honda minivan really worth 49k?

Post by doss »

Watty wrote: Mon Jan 10, 2022 9:00 am Check Carmax too. When I did this last spring they had a better price than Carvana.

I had a three year Corolla and they were offering me more than I had paid for it, excluding tax and license. The new car market was not so bad then so I ended up replacing it with a new larger car that I wanted and I was still able to get it for a couple of thousand less than MSRP. I likely could not have gotten that same price for the new car a month later.
Good tip! I just tried that and I got over 3k more.
“ The long-term 9%-10% nominal return of the stock market INCLUDES the crashes.” — calvin+hobbs
Bigt3142
Posts: 121
Joined: Thu Jul 11, 2019 9:09 am

Re: Is my used 2020 Honda minivan really worth 49k?

Post by Bigt3142 »

If you can find a new one without the "market adjustment" on it or are willing to wait for one to come in, you could possibly pay less for it than you can get for your used van. I'm currently looking at trucks, and used trucks are more than new one's right now. But you do have to wait for the new truck to come in. I would not sell the van and wait out the market. That market timing did not work out will for me.
ddurrett896
Posts: 1618
Joined: Wed Nov 05, 2014 3:23 pm

Re: Is my used 2020 Honda minivan really worth 49k?

Post by ddurrett896 »

More than likely.

I have two friends that have went thru 3 new trucks each over the last year, trading in each one for >$5,000 more than they paid.
lws
Posts: 383
Joined: Tue Apr 25, 2017 6:12 pm

Re: Is my used 2020 Honda minivan really worth 49k?

Post by lws »

The sellers are in the driver's seat now.
They are charging what the market will bear.
adamthesmythe
Posts: 4602
Joined: Mon Sep 22, 2014 4:47 pm

Re: Is my used 2020 Honda minivan really worth 49k?

Post by adamthesmythe »

bearcub wrote: Mon Jan 10, 2022 10:32 am Dealerships are into greed today. Unethical. Many not all. I am holding on to my car as long as I can. When time comes to buy, I will remember the dealerships that adjusted the price way above MSRP. Will not be visiting them.
Hmmm...which dealership will I buy my next car at

Dealership A. Now selling an in-stock car for MSRP + 5K

Dealership B. Selling at MSRP but no cars in stock.

Personally I'm not buying any cars now and when the time comes I will make a decision based on the selling price at that time.
Bigt3142
Posts: 121
Joined: Thu Jul 11, 2019 9:09 am

Re: Is my used 2020 Honda minivan really worth 49k?

Post by Bigt3142 »

lws wrote: Mon Jan 10, 2022 1:02 pm The sellers are in the driver's seat now.
They are charging what the market will bear.
I don't necessarily think Dealerships are making a killing right now. They are paying a lot more for trade-ins and more from Wholesalers. As someone else said, they also have very low inventory so they are selling less volume. The new dealers that are adding "Market Adjustments" are making more. Some Ford dealerships especially are marking up new vehicles. In my area I've seen $10k on all vehicles on their lot. I've also seen new stories of Ford dealers marking up the new Ford Lightning $30,000.
stoptothink
Posts: 10740
Joined: Fri Dec 31, 2010 9:53 am

Re: Is my used 2020 Honda minivan really worth 49k?

Post by stoptothink »

Bigt3142 wrote: Tue Jan 11, 2022 1:29 pm
lws wrote: Mon Jan 10, 2022 1:02 pm The sellers are in the driver's seat now.
They are charging what the market will bear.
I don't necessarily think Dealerships are making a killing right now. They are paying a lot more for trade-ins and more from Wholesalers. As someone else said, they also have very low inventory so they are selling less volume. The new dealers that are adding "Market Adjustments" are making more. Some Ford dealerships especially are marking up new vehicles. In my area I've seen $10k on all vehicles on their lot. I've also seen new stories of Ford dealers marking up the new Ford Lightning $30,000.
Long thread on the Ford Maverick forum about ADMs, visual proof of countless dealers tacking on $15k+ to trucks with <$30k MSRP. As someone who has been waiting 7 months for theirs and still doesn't have a build date, I am crossing my fingers my dealer will stick to their word and charge only MSRP on customer ordered vehicles. The new Ford Lightning doesn't exist yet, but I'm sure we'll see similar (if not worse) issues.
smitcat
Posts: 8638
Joined: Mon Nov 07, 2016 10:51 am

Re: Is my used 2020 Honda minivan really worth 49k?

Post by smitcat »

stoptothink wrote: Tue Jan 11, 2022 1:42 pm
Bigt3142 wrote: Tue Jan 11, 2022 1:29 pm
lws wrote: Mon Jan 10, 2022 1:02 pm The sellers are in the driver's seat now.
They are charging what the market will bear.
I don't necessarily think Dealerships are making a killing right now. They are paying a lot more for trade-ins and more from Wholesalers. As someone else said, they also have very low inventory so they are selling less volume. The new dealers that are adding "Market Adjustments" are making more. Some Ford dealerships especially are marking up new vehicles. In my area I've seen $10k on all vehicles on their lot. I've also seen new stories of Ford dealers marking up the new Ford Lightning $30,000.
Long thread on the Ford Maverick forum about ADMs, visual proof of countless dealers tacking on $15k+ to trucks with <$30k MSRP. As someone who has been waiting 7 months for theirs and still doesn't have a build date, I am crossing my fingers my dealer will stick to their word and charge only MSRP on customer ordered vehicles. The new Ford Lightning doesn't exist yet, but I'm sure we'll see similar (if not worse) issues.
If there is a signed contract for purchase with a deposit the dealer is bound by the sales agreement. On the other hand if it is a list with no deposit and does not have a specific sales agreement then anything goes.
We just went through this a couple of months ago for a second time within the past two years.
guitarguy
Posts: 1932
Joined: Mon Dec 20, 2010 4:10 pm

Re: Is my used 2020 Honda minivan really worth 49k?

Post by guitarguy »

aqan wrote: Mon Jan 10, 2022 6:24 am
doss wrote: Mon Jan 10, 2022 5:30 am Just tried out carvana..they offered $39k right now. Seems lower than the 49k it's supposedly worth...but more than what I paid new! :sharebeer
How much is the new one going for?
We just put $500 down to “reserve” an EX-L. Should have it in March. Paid $500 over MSRP - just over $40k - including the metallic paint color which we didn’t really want but it’s the mode that was next available so whatever. $42,850 all-in with taxes and fees).

I know we’re overpaying a bit and certainly not getting any sort of deal…but with a family that just grew by one and our current car not really cutting it…it’s a pill we can swallow.
stoptothink
Posts: 10740
Joined: Fri Dec 31, 2010 9:53 am

Re: Is my used 2020 Honda minivan really worth 49k?

Post by stoptothink »

smitcat wrote: Tue Jan 11, 2022 3:36 pm
stoptothink wrote: Tue Jan 11, 2022 1:42 pm
Bigt3142 wrote: Tue Jan 11, 2022 1:29 pm
lws wrote: Mon Jan 10, 2022 1:02 pm The sellers are in the driver's seat now.
They are charging what the market will bear.
I don't necessarily think Dealerships are making a killing right now. They are paying a lot more for trade-ins and more from Wholesalers. As someone else said, they also have very low inventory so they are selling less volume. The new dealers that are adding "Market Adjustments" are making more. Some Ford dealerships especially are marking up new vehicles. In my area I've seen $10k on all vehicles on their lot. I've also seen new stories of Ford dealers marking up the new Ford Lightning $30,000.
Long thread on the Ford Maverick forum about ADMs, visual proof of countless dealers tacking on $15k+ to trucks with <$30k MSRP. As someone who has been waiting 7 months for theirs and still doesn't have a build date, I am crossing my fingers my dealer will stick to their word and charge only MSRP on customer ordered vehicles. The new Ford Lightning doesn't exist yet, but I'm sure we'll see similar (if not worse) issues.
If there is a signed contract for purchase with a deposit the dealer is bound by the sales agreement. On the other hand if it is a list with no deposit and does not have a specific sales agreement then anything goes.
We just went through this a couple of months ago for a second time within the past two years.
You get a DORA (which you sign) when you order the truck and put down a deposit. Very few dealerships that I have heard of were willing to sign a sales agreement and guarantee a price before delivery. The few exceptions were the handful of large volume dealers (like Chapman Ford in PA) who were taking mass pre-orders based upon marketing a sub-invoice price. With the amount of orders they were taking based upon a specific advertised price, it could really hurt their reputation to go back on their word. Unfortunately, none of those dealers are within 1k miles of me and things like drop-shipping my truck were not really viable options in our case. Most of the dealerships seem to be sticking to their word and charging the build sheet price, but there are several out there who are doing the bait-and-switch and there doesn't seem to be anything the customer can do other than not buy the truck, leave poor reviews, try to contact media, etc. Also seems to be tons of dealers who said they'll accept x-pricing and then not accepting it when the truck is delivered. To date, all Ford seems to be saying is "sorry". There are pages and pages of this topic being discussed on those forums; there is no guarantee.

FWIW, there are 3 other members of that forum who ordered from the same small dealership I did. I should be first on the list because we have similar builds and I ordered earliest, but nobody has gotten a build date yet. We've DM'd back-and-forth, we're all in the same boat regarding the wait and uncertainty of final price.
smitcat
Posts: 8638
Joined: Mon Nov 07, 2016 10:51 am

Re: Is my used 2020 Honda minivan really worth 49k?

Post by smitcat »

stoptothink wrote: Tue Jan 11, 2022 4:01 pm
smitcat wrote: Tue Jan 11, 2022 3:36 pm
stoptothink wrote: Tue Jan 11, 2022 1:42 pm
Bigt3142 wrote: Tue Jan 11, 2022 1:29 pm
lws wrote: Mon Jan 10, 2022 1:02 pm The sellers are in the driver's seat now.
They are charging what the market will bear.
I don't necessarily think Dealerships are making a killing right now. They are paying a lot more for trade-ins and more from Wholesalers. As someone else said, they also have very low inventory so they are selling less volume. The new dealers that are adding "Market Adjustments" are making more. Some Ford dealerships especially are marking up new vehicles. In my area I've seen $10k on all vehicles on their lot. I've also seen new stories of Ford dealers marking up the new Ford Lightning $30,000.
Long thread on the Ford Maverick forum about ADMs, visual proof of countless dealers tacking on $15k+ to trucks with <$30k MSRP. As someone who has been waiting 7 months for theirs and still doesn't have a build date, I am crossing my fingers my dealer will stick to their word and charge only MSRP on customer ordered vehicles. The new Ford Lightning doesn't exist yet, but I'm sure we'll see similar (if not worse) issues.
If there is a signed contract for purchase with a deposit the dealer is bound by the sales agreement. On the other hand if it is a list with no deposit and does not have a specific sales agreement then anything goes.
We just went through this a couple of months ago for a second time within the past two years.
You get a DORA (which you sign) when you order the truck and put down a deposit. Very few dealerships that I have heard of were willing to sign a sales agreement and guarantee a price before delivery. The few exceptions were the handful of large volume dealers (like Chapman Ford in PA) who were taking mass pre-orders based upon marketing a sub-invoice price. With the amount of orders they were taking based upon a specific advertised price, it could really hurt their reputation to go back on their word. Unfortunately, none of those dealers are within 1k miles of me and things like drop-shipping my truck were not really viable options in our case. Most of the dealerships seem to be sticking to their word and charging the build sheet price, but there are several out there who are doing the bait-and-switch and there doesn't seem to be anything the customer can do other than not buy the truck, leave poor reviews, try to contact media, etc. Also seems to be tons of dealers who said they'll accept x-pricing and then not accepting it when the truck is delivered. To date, all Ford seems to be saying is "sorry". There are pages and pages of this topic being discussed on those forums; there is no guarantee.

FWIW, there are 3 other members of that forum who ordered from the same small dealership I did. I should be first on the list because we have similar builds and I ordered earliest, but nobody has gotten a build date yet. We've DM'd back-and-forth, we're all in the same boat regarding the wait and uncertainty of final price.
Same thing is happening with Chevy and others - the manufacturer of the car/truck is not able to hold the end dealer responsible for their prices per law.
We used a courtesy delivery and had a sales agreement with each vehicle ahead of time and that was what held our deal at MSRP. The fact that other dealers did take lists and deposits without a sales agreement and then added either required additional 'packages" and/or ADM's has not deterred their less than stellar actions so far (again this is chevy).
As far as dealers changing thier initial deal when the cars/trucks became available It has actually gotten worse as time has gone by.
Topic Author
doss
Posts: 485
Joined: Tue Nov 01, 2011 9:52 am

Re: Is my used 2020 Honda minivan really worth 49k?

Post by doss »

guitarguy wrote: Tue Jan 11, 2022 3:38 pm
aqan wrote: Mon Jan 10, 2022 6:24 am
doss wrote: Mon Jan 10, 2022 5:30 am Just tried out carvana..they offered $39k right now. Seems lower than the 49k it's supposedly worth...but more than what I paid new! :sharebeer
How much is the new one going for?
We just put $500 down to “reserve” an EX-L. Should have it in March. Paid $500 over MSRP - just over $40k - including the metallic paint color which we didn’t really want but it’s the mode that was next available so whatever. $42,850 all-in with taxes and fees).

I know we’re overpaying a bit and certainly not getting any sort of deal…but with a family that just grew by one and our current car not really cutting it…it’s a pill we can swallow.
Thank you for that info. Don't feel bad about paying a little over MSRP...$500 is not much and that is pretty good for deal during these times! If you want to save more....don't buy the extended warranty from the dealer...buy it from another online Honda dealer and you can save hundreds/thousands. Don't have to buy the warranty now...can wait until about three years to do so. Do a search for "HondaCare quote" in Google and should see a link to access.
“ The long-term 9%-10% nominal return of the stock market INCLUDES the crashes.” — calvin+hobbs
saver007
Posts: 198
Joined: Fri Nov 07, 2014 9:18 pm

Re: Is my used 2020 Honda minivan really worth 49k?

Post by saver007 »

What's the price on AutoNation? When I sold my used car, they had the best rate.
guitarguy
Posts: 1932
Joined: Mon Dec 20, 2010 4:10 pm

Re: Is my used 2020 Honda minivan really worth 49k?

Post by guitarguy »

doss wrote: Wed Jan 12, 2022 5:59 am
guitarguy wrote: Tue Jan 11, 2022 3:38 pm
aqan wrote: Mon Jan 10, 2022 6:24 am
doss wrote: Mon Jan 10, 2022 5:30 am Just tried out carvana..they offered $39k right now. Seems lower than the 49k it's supposedly worth...but more than what I paid new! :sharebeer
How much is the new one going for?
We just put $500 down to “reserve” an EX-L. Should have it in March. Paid $500 over MSRP - just over $40k - including the metallic paint color which we didn’t really want but it’s the mode that was next available so whatever. $42,850 all-in with taxes and fees).

I know we’re overpaying a bit and certainly not getting any sort of deal…but with a family that just grew by one and our current car not really cutting it…it’s a pill we can swallow.
Thank you for that info. Don't feel bad about paying a little over MSRP...$500 is not much and that is pretty good for deal during these times! If you want to save more....don't buy the extended warranty from the dealer...buy it from another online Honda dealer and you can save hundreds/thousands. Don't have to buy the warranty now...can wait until about three years to do so. Do a search for "HondaCare quote" in Google and should see a link to access.
No problem. We don’t feel too bad about paying what we are. Right now it would be impossible to go anywhere with our whole family (incl dogs) in 1 vehicle, or even make a large Costco run with the kids in tow. So a bigger vehicle was in the cards. We have been extremely lucky so far in terms of the housing market status when we bought in 2009. The car market this time…not so much…but it is what it is. And the housing is the bigger win! :wink:

We are lucky to have a few mechanics in the family so we actually don’t mess with extended warranties at all.
valleyrock
Posts: 340
Joined: Sun Aug 12, 2018 7:12 am

Re: Is my used 2020 Honda minivan really worth 49k?

Post by valleyrock »

For valuing used cars, only use the NADA price at NADAGuides.com. It's the industry standard, used by dealers and bank loan officers. KBB is perhaps useful for comparison or for leverage when it is advantageous to use it, but it doesn't really give actual values like the NADA does.

And be prepared for the price of car ownership to rocket upward beyond the initial purchase price. All those chips, sensors, microprocessors, etc. will lead to very high repair and accompanying insurance costs. Systems for controlling fuel emissions seem important, but sensors in the bumper to allow a car to parallel park by itself, damn if a fender bender isn't going to cost out the wazoo. The days of independent body shops may be numbered, as well. Maybe some of the entry level electric cars will be the way to go if they just keep the chips to a minimum; or the idea of buying access to a car that is shared with neighbors might be much more cost effective, or wait until there are drones that will come to your house, pick you up with a harness and then take you to the game and set you down in your seat. Meet George Jetson.
Valuethinker
Posts: 43654
Joined: Fri May 11, 2007 11:07 am

Re: Is my used 2020 Honda minivan really worth 49k?

Post by Valuethinker »

squirm wrote: Mon Jan 10, 2022 10:09 am Our old tired Honda Accord with almost 200k is worth $13K, I'm tempted to sell it, looks like lots of suckers out there now.

I say go for it, this is like shooting fish in a barrel.
What will you drive, then?
squirm
Posts: 4030
Joined: Sat Mar 19, 2011 11:53 am

Re: Is my used 2020 Honda minivan really worth 49k?

Post by squirm »

Valuethinker wrote: Wed Jan 12, 2022 1:03 pm
squirm wrote: Mon Jan 10, 2022 10:09 am Our old tired Honda Accord with almost 200k is worth $13K, I'm tempted to sell it, looks like lots of suckers out there now.

I say go for it, this is like shooting fish in a barrel.
What will you drive, then?
Our other newer Honda. The Accord is just our beater car.
angelescrest
Posts: 1452
Joined: Tue May 27, 2008 10:48 am
Location: MCOL, no state income tax

Re: Is my used 2020 Honda minivan really worth 49k?

Post by angelescrest »

squirm wrote: Mon Jan 10, 2022 10:09 am Our old tired Honda Accord with almost 200k is worth $13K, I'm tempted to sell it, looks like lots of suckers out there now.

I say go for it, this is like shooting fish in a barrel.
What year? I have a Camry I’m trying to sell for 35% of that, and still waiting to close the deal. Less than 200k miles, too. All this talk about easy money in used cars; I have yet to see it.
finite_difference
Posts: 2911
Joined: Thu Jul 09, 2015 7:00 pm

Re: Is my used 2020 Honda minivan really worth 49k?

Post by finite_difference »

bearcub wrote: Mon Jan 10, 2022 10:32 am Dealerships are into greed today. Unethical. Many not all. I am holding on to my car as long as I can. When time comes to buy, I will remember the dealerships that adjusted the price way above MSRP. Will not be visiting them.
That’s the free market at work.

However, the free market is also at work in that there are car manufacturers out there that sell their cars online with zero negotiation needed. Everyone gets the same price.
The most precious gift we can offer anyone is our attention. - Thich Nhat Hanh
Valuethinker
Posts: 43654
Joined: Fri May 11, 2007 11:07 am

Re: Is my used 2020 Honda minivan really worth 49k?

Post by Valuethinker »

angelescrest wrote: Wed Jan 12, 2022 11:04 pm
squirm wrote: Mon Jan 10, 2022 10:09 am Our old tired Honda Accord with almost 200k is worth $13K, I'm tempted to sell it, looks like lots of suckers out there now.

I say go for it, this is like shooting fish in a barrel.
What year? I have a Camry I’m trying to sell for 35% of that, and still waiting to close the deal. Less than 200k miles, too. All this talk about easy money in used cars; I have yet to see it.
Normally when talking about used car "market" in terms of broad averages, I think one is talking about cars 1,2,3 years old. That's where the vast majority of used cars sold are - at least by value. In more normal times, typically fleet cars being sold. Or perhaps if 4-5 years coming off lease?
wfrobinette
Posts: 1735
Joined: Fri Feb 20, 2015 3:14 pm

Re: Is my used 2020 Honda minivan really worth 49k?

Post by wfrobinette »

doss wrote: Mon Jan 10, 2022 5:00 am I purchased a brand new 2020 Honda Odyssey minivan in August 2020 for $35k. I just happened to check out what used vans are going for and Kelly Blue Book is stating that my van is now worth almost 49k (I have 10k miles on it). Is that right? If so, should I be selling it NOW and getting a brand new model? Can't be right...
I found KBB estimates to be about 8% high. I shopped mine at Carvana, Carmax and the Dealer and they were all right around the same price 8% lower. Infact the same exact model with nearly the same miles is listed on Carvana for 2k less than what they say a trade in is worth.
Trism
Posts: 850
Joined: Mon Jul 18, 2016 6:34 pm

Re: Is my used 2020 Honda minivan really worth 49k?

Post by Trism »

doss wrote: Mon Jan 10, 2022 5:00 am I purchased a brand new 2020 Honda Odyssey minivan in August 2020 for $35k. I just happened to check out what used vans are going for and Kelly Blue Book is stating that my van is now worth almost 49k (I have 10k miles on it). Is that right? If so, should I be selling it NOW and getting a brand new model? Can't be right...
KBB's "value" has never been worth very much. No one has ever tried to convince me that I'm getting a great deal because it's priced at KBB.

It's always "$1,793 UNDER KBB. ACT N-O-W BEFORE IT'S TOO LATE."

If you want to know what KBB really thinks your car is worth as trade-in, get one of their Instant Cash Offers for it.

https://www.kbb.com/instant-cash-offer/

If you wanted to sell private party, you can get a good idea of what a dealer would charge by looking on CarGurus at a broad sample of closely-similar vehicles (year, trim, miles) within a reasonable geographic proximity. You'd set the PP price somewhat below that.
Post Reply