The 2014 Honda Odyssey has served its owner well over the years, but now she’s feeling fed up with the minivan. Despite the many scratches and dings, however, she plans to continue driving it for as long as possible, for a couple of reasons. Firstly, borrowing money right now is not an attractive prospect, given the high interest rates, and secondly, the car has significant resale value
The high cost of borrowing right now is making the car owner think twice about taking out a loan for a new vehicle. With interest rates on the rise, the owner is unwilling to take on any new debt until rates come down. Additionally, the car has depreciated significantly in value, and the owner wants to get the most out of the vehicle before making a new purchase. The cost to upgrade to a vehicle that can accommodate her family would be substantial, so she feels it makes sense to hold onto the minivan for as long as possible.
The 2014 Odyssey may be showing its age, with multiple scratches and dings and a malfunctioning sliding door, but the owner is committed to driving it for as long as possible. Not only does the high cost of borrowing make it unappealing to take out a loan for a new car, but the owner also wants to maximize the value of her current vehicle before making a new purchase. The car’s resale value is significantly less than what she initially paid, and the expense of upgrading to a new vehicle is a major factor in her decision to hold onto her minivan.