To sell or hold on for 2-3 years


#1

I have a two different questions related to selling my 2001 Honda Accord Ex, aprox. 88,000 miles. I am currently living in New York City for approximately the next 2 to 3 years, while my car is at my parents house in Maryland just hanging out. I would like to sell it, seeing as it is going to depreciate in value over the next three years and I am not using it. Is this smart?



The other question I have is that last winter I spun 180 and slid down a mountain pass damaging the area that holds my right rear light which still works and the area immediately below it, need to be repaired at some time. The estimate for this is $1800. If I sell my car should I fix this first to get a better price or should I try to sell it and cut the selling price to reflect the needed repairs? Thanks for any imput. Cameron


#2

There will be no-one to drive the vehicle periodically during your absence?

If not, I suggest selling it.

I’d say if the prospective buyer looks at the damage and gives you an offer reflecting how much he/she thinks they will have to spend, consider it.

If you’re satisfied with that, sell it.

Write those facts into the sales slip for your protection.


#3

Whats the plan after 2-3 yrs, looking for a clean used Accord?! I guess if you are not using it at all then with registration/insurance it does not make sense to keep it. You probably won’t get $1800 back in the repair. Someone might prefer to get the car for $1500 less and just drive it like that to the ground.


#4

I would vote to sell it as is.


#5

It really depends on what your car philosophy is.

It’s all about use value versus exchange value. When you get back, the exchange value (i.e. what you can sell it for) will be signifigantly reduced due to a crucial 2-3 years of depreciation. However, the use value will be unchanged-- your car will be just as good transportation as it was when you parked it.

If you’re just going to sell it anyways a few years down the line, I’d say do it now. If you’re the kind that keeps cars till they die, go ahead and park it. 2-3 years isn’t really that long for a car this new, so as long as you change the oil and fill up the tank it should be fine.

If you do sell it, I agree with the other posters that its unlikely you would recoup the repair cost in higher sale price and that you should just discount it.


#6

One other thing to mention! If the damage to the back quarter has exposed any bare metal, it might be a good idea to at least give the area a crude paint job so it doesn’t rust while its sitting.