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Should I buy my leased car that was in an accident?

ohgoodnessohgoodness Member Posts: 1
edited August 2014 in Honda

I'm currently driving a leased 2012 Honda Odyssey Touring Elite. About four months after I got it someone rear ended my car while it was parked in a parking lot. It pushed my car about 20 feet into a pole and also did damage in the front of the car. The cost of repair was about $8-10K mostly because of the technology in the rear of the car that needed to be replaced. I've driven it since and have had no problems. It has about 27K miles and I have 5 months left on the lease. I can buy it for $25k. I've looked online and this car typically sells for around $30K used. If it hadn't been wrecked I would certainly buy it because I don't want to get into another lease on a van. I need a van for the time being because I currently have to drive 4-5 kids to school. I only have 2 of my own. I've heard that it might be a bad idea to buy this car because of the accident. As soon as this carpooling need is over I don't want to have a van. What do you think? Should I buy it or maybe switch to an SUV with 3 rows?

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    kyfdxkyfdx Moderator Posts: 243,487

    @ohgoodness said:
    I'm currently driving a leased 2012 Honda Odyssey Touring Elite. About four months after I got it someone rear ended my car while it was parked in a parking lot. It pushed my car about 20 feet into a pole and also did damage in the front of the car. The cost of repair was about $8-10K mostly because of the technology in the rear of the car that needed to be replaced. I've driven it since and have had no problems. It has about 27K miles and I have 5 months left on the lease. I can buy it for $25k. I've looked online and this car typically sells for around $30K used. If it hadn't been wrecked I would certainly buy it because I don't want to get into another lease on a van. I need a van for the time being because I currently have to drive 4-5 kids to school. I only have 2 of my own. I've heard that it might be a bad idea to buy this car because of the accident. As soon as this carpooling need is over I don't want to have a van. What do you think? Should I buy it or maybe switch to an SUV with 3 rows?

    I wouldn't buy it. If you weren't already leasing this car, you probably wouldn't consider it. That's one of the benefits of a lease. You can walk away from that lease with no loss from the accident.

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