Hello! New here and would definitely classify myself as Knucklehead when it comes to cars.
I have a 2014 Honda Accord EX , just over 71,000 miles. With all the wear, repair and tear, etc., KBB offered just over $8000 for the cash offer deal where I go into a dealership, and likely is never the case yadda yadda. I owe just over $9000 for the car.
What I would like to do, in an ideal world, is get rid of my Honda and get another car for equal or lesser value of what I owe ($9000) in it’s place. Still in my ideal imaginary world, I would drive this car, pay it off in a year and drive for maybe another year after it’s paid. What is the best way to do this? For my car - sell privately or trade-in? I know they will try to get me to trade-in for a more expensive car and I am not doing that. Should I buy privately? I worry about lemons. Is this a pipe dream?
why would you want to dispose the vehicle on which you know the history and where the mileage is barely into the teenage years?
you can easily get 200+ thousand miles out of it with proper care and maintenance…
getting a cheap used car is a good recipe to get into the never-ending repair bills business, so financially you will be no better than now, most likely worse
if you must sell it, private party sale will give you more cash, but at expense of hassle talking to many strange people and some scam risks attached. these can be controlled, but ask youself if you want it
buying from the private party as a sure recipe for disaster unless you are very mechanically savvy and/or pay $100+ inspection to your own trusted mechanic
You seem to be budget conscious based on not wanting to get a more expensive car. Yet you don’t explain why you want to get rid of your 6 year old Honda with very low mileage. Is there something wrong with it?
I don’t think you’re going to get anything better than what you already have for 9 grand. The only reason I’d trade one used car for another is if the old one was becoming unreliable and the new one still had a factory warranty on it. I doubt such a young Honda is that unreliable at this point, and you’re not going to find a new enough used car to still have a warranty for less than 5 figures.
So, before we can help you, explain why you want to dump your current car.
KBB does not buy vehicles and they are usually very optimistic as to prices. If you think you can sell this for 8000.00 and buy something dependable for 9000 plus the 1000 you still owe on the Honda you are going to be disappointed
You have a lien so selling for lees than you owe is a problem . I think you best plan is to look on line for a new vehicle ( they also have lower loan rates then used ) that you can afford and trade in this one.
The wise move would be to just keep this one and add as much to the payments as you can and trade or sell when the vehicle is free and clear.
I just noticed the part about paying off a 9000.00 loan in a year ( that is 750.00 a month ) . A new vehicle payment or lease would be a lot less than that.
You are all incredibly helpful - thank you! This is where the Knucklehead part comes in - I am sick of having a sedan and wanted a truck or something else. Everything you all have said is quite logical for the main goals and I greatly appreciate your insight!
I can understand wanting to have a truck instead of a car, if you have a true need for a truck. But that’s your call.
Overall, I’d say your best option would be to trade in the car for a new truck. But you need to let go of this dream of them paying you anywhere close to $9000 for your Honda. In all likelihood, they’ll give you less than you owe, and roll the Honda’s loan balance into your new loan payment. Obviously, this is a financial disadvantage for you, but it’s also your call. You’re not going to be able to do this kind of trade cheaply.
Unless you need a truck, I’d definitely wait. Truck prices are through the roof right now. Even old beat up used trucks are going for stupid money. And meanwhile, sedans are so unpopular that many companies are dropping most (and in Ford’s case, all) of them from the lineup. You’re gonna come out on the underside of the deal if you trade a sedan for a truck.
Edmunds says your car is worth $9800 if everything works, there are no blemishes inside or outside, and it doesn’t need they call that clean condition. That’s the trade-in value. A private party sale is $11,900. Unless there are issues that need attention, you should expect to pay off your loan and have a little something for your SUV. BTW, that buy it now price is a low ball trade-in value.
Buying a used vehicle, especially a truck or SUV, is going to cost a lot. Used vehicle prices are through the roof. Since you will get a loan, be aware that interest rates are higher on used vehicles than new ones, meaning your money won’t go as far. You are probably looking at a loan. Maybe you should consider a new vehicle, use the $9000+ as a down payment, and get something like a Honda CRV EX. My daughter did about a month ago and got a great price on the 2WD version (2020 model year). The loan would be a bit less than $20,000. If you have the income to make the payments, this is where you could get the most bang four your buck.
It’s not a sedan. I guess you could call it a coupe if we want to limit the categories, but the traditional category is pony car. None of that means a thing for the Mustang Mach-E.
OP has a 9k loan now. He has nothing to put down on a new truck. Sell accord and payoff loan. And have no extra cash.
A 2014 truck w/70k miles is $20k.
He is comparing apples/oranges.
The OP currently owns a known quantity, in terms of its mechanical condition and upkeep. A cheap used car can be–and frequently is–a classic Pig In a Poke that could easily turn into a repair nightmare. Why would someone choose to go from a known quantity to something that has an unknown history?
I agree with the other posts to keep on driving the Accord, at least until you have paid off the loan.
When I was growing up in the late 1940s through the 1950s, the auto manufacturers made each new year model look different than the previous model. Every three years or so the cars were radically restyled. Then Volkswagen came along with its Beetle. The styling didn’t change and that became VW’s selling point.
Today, it’s hard for me to tell the year to year differences in a particular make. I think.the auto manufacturers have encouraged the buying public to move from sedans and coupes to minivans, then to SUVs, and now to pickup.trucks. I am not style conscious. I bought a new Oldsmobile Cutlass Salon in 1978. People told me the car was ugly. I drove that car 33 years. It got me where I needed to go. I don’t care two hoots what a vehicle looks like. I didn’t earn a living to make the auto.industry happy.
I just had a blackstone oil analysis done on my wife’s Accord. It has the 2.4 liter engine.
Paraphrasing a bit but it basically said it was unbelievable how little metal was in the oil. Wearing very well for 180000 miles on the car. 5000 on the oil. A little gas in the oil but very little. Might want to keep a good thing.
I thought they were considering getting rid of an accord with 71000 miles. My point was the car should have a lot of life left.
Sorry if I missed something