Which one should I sell?
2010 Honda Fit Sport- bought new in 2011 for $19,00- owe $14,000 (so essentially paid $5,000 to use it this year) -19,000 miles
- I have it on autotrader for $15,800 (the dealer offered me $12,000 which seemed too low)
2004 Honda Accord EX- bought used in 2007 - owe nothing - 138,000 miles
- I have it on autotrader for $7,800
I drive 30 miles to/from work daily and 5 hours across state 4x year. I like both cars, the accord has a bit better handling on long drives, the fit has a bit better mileage. I am afraid if I sold the new car, eventually I would need another lower mileage car and would lose money by driving a new car off the lot. I hate to sell the accord, as I own it without having to make payments, but cannot afford 2 cars now.
Which one should I sell?
I’d sell the Accord. I assume that this has the 4-cyl and auto transmission. Edmunds says it’s worth about $5600 if it’s in clean condition (minor wear). Note that there is a $1125 discount due to high mileage. And the high mileage is part of the reason I’d sell it. Edmunds also says the offer on the Fit from the dealer is close. They value it at $12,700 with auto transmission. Drop the price to $6000 on the Accord and you will get some replies. You can use the proceeds to pay off the Fit loan quicker. Let me know if my guess about transmission and engine are wrong.
You may be a bit upside down on the Fit and book values does not necessarily translate into what a vehicle will actually bring in the real world. If the Fit could be sold for what’s owed then my vote is for unloading it.
However, a look at completed Fit auctions on eBay shows that none of them are bringing anywhere near 14 grand.
Some sellers are even delusional. A 100 grand? I would love to see the look on a bank loan officer’s face when they were approached with that one…
Apparently the edit function has disappeared again.
Does - do.
It makes more sense to sell the Accord. Your price is at least $1500-$2000 over fair market price which will drive away most potential buyers. The Fit will provide decent transportation for years to come while giving you great fuel economy.
Sell the Accord.
You get rid of a monthly payment if you sell the Fit. But, part of the savings will be spent on more repair bills on the older and higher mileage Accord.
If you sell the Fit you are going to take a much bigger hit financially. The Fit will lose much more value in the 1st year of ownership because that is when a new car depreciates the most. You can sell the Accord for close to what you paid for it several years ago.
I would sell the Accord and put the money in a savings account which you can use to augment the monthly payment on the Fit. When the Fit is paid off, plan to keep it and drive it for at least another 5 years.
I doubt that there is a penalty for paying off the Fit loan early. Check your loan agreement to make sure.
thanks all for your honest responses, I think I will concentrate on selling the accord (it is automatic - V-6) and bring the price down, I got a call today !! thanks again.
For that, Edmunds says $6635. Great car, BTW. It’s only exceeded by the 2005 (mine). ; )
I sold my accord today for 5,500. By the way , I was wrong about the engine - it was a 4 cycle. thanks again, I hated to see that car go- I loved it.
So- I am wondering if I am foolish for buying cars at the dealer.?
2004 Honda accord i bought used in 2007 with 55,000 miles on it for 17,000 - sold it in 2012 with 138,00 miles on it for 5,500
2010 honda fit I bought new in 2011 with zero miles on it for 21,000 and when I tried to sell it back to the dealer a year later (because I wanted to keep the accord) they only offered me 12,000 for it (has 19,000 miles on it now)
Do cars really lose value that fast? I have always had the oil changed at the lube place, tires maintained and the mainenance done on schedule at the dealer.
Are cars really that costly? Or could i have saved money somehow? It seems like the way I am doing it it costs 3,000 each year not counting gas for used cars and 9,000 per year for new cars? , insurance, repairs- is that right?
Depreication is always a killer and a car can lose 5 grand the minute you drive it around the block.
Selling a car back to the dealer usually means you will be offered a much lower price out of necessity. The dealer cannot afford to pay anywhere near average retail because:
They have to make a profit in there somewhere.
They have no idea how long that car may be sitting on the lot before someone else buys it and will be accumulating interest on the dealer’s floor plan as it sits.
Some cars are worse on depreciation than others and in the case of your Fit this means it was likely going on 2 model years old when you bought it because the 2012s would be coming out in 2011. It would be 3 model years old here lately and each hit takes a swipe no matter how clean or well kept the vehicle is.
thanks, I learned a lot. I feel like I kind of got gyped by the dealer. I have bought 6 cars there and done all my repairs there due to loyalty, and they were always good to me. This time- they sold me a 2010 car in 2011 right before the 2012’s came out, and charged be the same full “new” price but did not give me an owners manual or extra keys and each time I asked about it gave me the runaround about the fact that I bought a “used” car so would not have an owners manual or extra keys, and when I pointed out the price I paid for it, and that I am listed as the only owner , they seem surprised. I think my loyalty days are over for that dealer and honda’s in general. I still like honda’s don’t get me wrong, but I am going to look around with a little more brains now. thanks all for the help.
bought new in 2011 with zero miles on it for 21,000 and when I tried to sell it back to the dealer a year later (because I wanted to keep the accord) they only offered me 12,000 for it
Remember: the dealer is in business to make a profit.
This is why, for most people, it’s better financially to sell privately.