Opinions: Should I sell my car?

Question

I have a '99 honda civic with 145k miles on it. I bought it almost a year ago with 139k miles on it. I paid $2000 of it and my dad paid for $3500, and originally I was going to get a loan from a credit union to start building credit (bank wouldn't give me a loan, too many miles) but procrastinated and decided to just write my dad a check for 3500 when I had that much money saved.
Now I'm starting to wonder how much longer I should keep the car. I still have to save another $1000 before I pay my dad back in full. If I sold my car now, I think I could get at least $4500, maybe $5000. It's in really good condition, but it has a lot of miles on it. I could pay my dad back and buy a cheaper car with less miles on it, like a Hyundai Accent or something. I don't know how long to keep my car, I don't want to have it until it's worthless. Should I sell it soon? Should I just keep it till it dies, and then get a new or pre-owned toyota/honda? Thanks for any suggestions.

Kelley Blue Book gives me a value of $5,640 if it's considered in good condition, and $4,885 if it's in fair condition.

Answer 1

I always look at the car I have as a way of escaping paying for another one. Another car will cost you if you want a dependable one, so you're not going to escape the monthly payments, even if you sell the car and by another with the proceeds. All of the money you will spend on the next car will be represented by what you recouped on the first, all of which is the result of your paying on that car. If your present car is working well, it seems to me that your only reason for getting rid of it would be that you're getting tired of it. Any Japanese car, taken care of, will run 250,000 miles without many problems. It will take maintenance, but all cars need that. Ask yourself if you'd rather lose money on a purchase or lose it on devaluation. At least with the devaluing car, you will have an idea of what you're driving since you will have been taking care of it.

Answer 2

I have a lot of experience in this area. The cheapest car is the one you already own, almost always. If you trade it in and buy something else you will lose the difference between wholesale price and retail price, because you sell at wholesale and buy at retail.

Civics will last much longer than yours. My friend has an older ('95?) Civic that is still going strong. Make sure the timing belt has been changed when it was supposed to be. If it breaks or slips while you are driving, your car will be worthless due to severe engine damage. Except for that they are pretty much bulletproof. Also, change your oil about every 3000-4000 miles. this will extend the life of your car.

Answer 3

It is a difficult decision and one that I recently made. I depend on my vehicle for commuting to work, which is about 70 miles round trip. I trusted my vehicle, it was a 2000 Subaru Outback Wagon, and it only had 114,000 miles on it, which isn't really a lot for a Subaru. But, like you, I wanted to get ride of it while it was still worth something. I got a really good deal on a new, 2006 Legacy Sedan that I just couldn't pass up. I like the car a lot, but I miss my wagon. Still, I'm glad I did what I did. I sold the car outright, which got more for me than had I traded it in. However, you have to be able to buy the new car without the money from the old car to do that.

Downside: I now have a car payment again. :-(

Answer 4

Keep it. Honda is a car that can put 250,000 miles on it without blinking. Buy a couple of new things for it to make it look better, take it in regularly for tune-ups/oil and just take care of it. The money you'll save over the years of keeping it is much more important....besides, you'll be able to save money during this time period to purchase the car you really want in three years. Oh, and remember, these new cars getting 70/80 miles to the gallon are coming out end of 07 and 08....so wait. good luck.

Answer 5

The Honda is very good car and you probably have another 150, 000 good miles left on it if you take care of it they will run forever! If you sell it and buy a cheaper car that is what you'll have a cheaper car and it will not last as long as the one you have. What you have to ask yourself are you happy with this car and do you trust it enough to drive it anywhere you might what to go?

Answer 6

i own a repair shop,and i have deal ed with some high mileage cars before,you might get lucky and yours last a lot longer ,but if you do decide to sell it,id get a Toyota as a next car they hold up better and hold a higher re-sale value also,and there good little cars to own i don't get a lot of them here in my shop to repair because the don't give that much trouble if you decide to keep yours ,its not going to be long before its going to need some maintenance done on it,so id be care full of what decision i made on anything right now,if its still going good you might just want to keep it and drive it a while longer,but let me tell you this,when Honda,s tear up their expensive to repair ,and parts are real high for them,so this is just something to think about right now,,good luck i hope this help,s.

Answer 7

Normally, I would say no.

Do you really think you could get 4-5 thousand?

If you could, go ahead.

If not...NO. People who know money say to drive the car til its a piece of junk.

Next thing you know, youll be in line for 4 to 5 years of car payments which will at least be 250-300 dollars and your insurance will go up.

Trade it when it starts giving you real problems.

Answer 8

keep it, if you can afford to...and if you know there is nothing major wrong with it. You know exactly what the car is in need of, and if it is minimal, you would be better off taking care of the car until you feel it's time to replace it. If you get another used car, you won't be sure of getting someone else's underlying problems

Answer 9

sell it before it costs you money to keep it running. Go for a new car if you can or a used one with warranty,and buy the one that gives you the best deal because either one will last!

Answer 10

it could be better to pay it off now so as which you have the call in hand. A automobile that budget people do not decide to attend around for 2 weeks to anticipate the call. I truthfully have bought autos the two techniques and paying it off first is a lots better thank you to pass.