Honda Adds $1,000 Loyalty Bonus for Odyssey Owners

By

Senior Pricing Analyst

As CarsDirect’s resident pricing analyst, Alex offers must-know analysis of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured in publications such as Car and Driver, Motor Trend, Automobile Magazine and Autoblog.

Follow On: Twitter | Website

, Senior Pricing Analyst - April 12, 2016

There's big news this month for shoppers currently driving an aging Odyssey minivan. That's because Honda is offering a new $1,000 loyalty bonus that owners can use toward a brand-new Honda.

However, the offer isn't being advertised on the automaker's website. With combined savings of up to $1,500 available plus finance offers, we think it's worth knowing about. Here's a look at what the discount entails, who's eligible, and our take on whether or not it's a good deal.

Deal overview

Starting April 1, owners of any 2006 or newer Odyssey are eligible for a $1,000 loyalty bonus that can be used toward the lease or finance of almost any new Honda. The offer must be used as down payment assistance or cap cost reduction on finance and lease contracts through Honda Financial.

Notable exclusions are the redesigned 2016 Civic and upcoming 2017 Ridgeline, as well as zero due at signing lease specials. Honda is not requiring owners to trade-in their current vehicle to take advantage of the discount. The promotion is set to expire July 5, 2016.

Is it a good deal?

Honda rarely offers cashback discounts, so this is pretty great when you consider it can be stacked with current offers. We suspect the program is meant to bolster loyalty in advance of a reported redesign of the 2017 Odyssey sometime this fall.

If you're looking to lease a 2016 Odyssey, the best deal is currently on the SE model— at $279 for 36 months with $2,699 due at signing (12,000 mi/yr), it's actually cheaper to lease than an EX despite a $2,000 higher MSRP. Applying the loyalty bonus makes this a stellar deal.

If you're open to financing, the 2016 Odyssey has a 0.9% APR offer for 60 months, in addition to the $1,000 loyalty bonus. Don't forget— since the offer can be stacked with Honda's military and graduate programs, eligible shoppers can potentially take $1,500 in addition to low APR.

If you're looking to swap out your minivan, the Honda Pilot is a great alternative and features the latest technology. Since Honda isn't offering any APR or lease deals, this is a rare opportunity to score a $1,000 discount on the hot-selling crossover.

Learn about buying tips for Honda shoppers>>

For an easy way to find the best deals, visit the CarsDirect Deals Page for the latest deal-related news and analyses. Browse expert buying advice updated monthly on nearly 300 models for insider insights you'll only find at CarsDirect. Be sure to sign up for email alerts to have the latest deals delivered straight to your inbox.

Offers listed here are based on a resident in Southern California and may be subject to change. Most lease offers are for well-qualified buyers based on available credit and exclude tax, license, title, registration, document fees and insurance. Not all buyers may qualify. Please check with your CarsDirect Trusted Dealer to confirm details and eligibility.

, Senior Pricing Analyst

As CarsDirect’s resident pricing analyst, Alex offers must-know analysis of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured in publications such as Car and Driver, Motor Trend, Automobile Magazine and Autoblog.

Follow On: Twitter | Website