At what point should you trade in your car if its paid off?

Question

I have a 2002 Civic Si that just turned 100k miles. It's in great shape and I'm the original owner. It has a book value of about $6000-7000 right now, but I'm wondering how much longer I should hold on to it before the value drops out due to age/mileage. I know that due to gas prices these cars are in more demand now than ever - and I would like to get something a little larger for myself. Any suggestions, thoughts?

Answer 1

You need be careful when going to sell your ride to a dealer.  If you are not sure of the value then you can get really ripped off.



Dont be suprised if a dealership makes a terrible offer. It's really easy to get a estimate online to check how much your car is worth.  I have recommended http://tradein.123thebest.info - Good luck.

Answer 2

trade it in if you want to buy a new car... but that kind of car could most likely be sold by private sale for more than the dealership would give you

Answer 3

A Honda or Toyota under 150k sells easily.  Any other car, I'd say sell it now.  But you could afford to keep your car longer without it dropping in value too much.  I would keep it, possibly get another car in addition to it if I felt the sell in value was not worth what you could get out of this car (like if you wanted something bigger, but kept this as a more fuel efficient commuter).  

Answer 4

I really think you should keep this car for now specially after you just paid it in full. 100k miles is not that bad for this type of vehicle. The way that gas prices are now a days you are sitting on a gold mine. The vehicle has gone thru the worse years of depresiation already. Unless is a must that you must get a bigger car due to family or business needs I would definitely keep it. Car payments are a pain in the neck and you can easy put that money towars better investment. Plus you can still run this car another 100k miles since u are the original owner.

Answer 5

Usually, the 100K is the milestone that sends people scattering.  The same does not hold so much for the Honda.

Really, the big value depreciation is realized in the first few years.  After that, the yearly decrease isn't huge; especially if you have maintenance records.  

Given the age of the car, I don't think the value will experience another precipitous drop.  It will probably be a steady, but predictable decline. Just determine how much you want as a down payment for a new car and then sell accordingly.

Answer 6

It really depends on what your needs are.  What do you expect out of your life in the next five to ten years?  Are you at an age where babies may be in your future, you want to think about whether or not the SI is easy to move a baby seat in and out of.  If you already have a family, do you plan to expand it?  If so, maybe the SI is going to be too small for you.  If you are at an age where you are getting to have knee problems or will need to be driving around an elderly relative, you might think about what cars are easiest for YOU to get in and out of!

Having said all that from a practical standpoint, the truth is that if you can afford a new car and just plain old want something a little bigger or different, that is a good enough reason!

The SI is a pretty terrific car, and you can get a lot more life out of it if you choose, but if it isn't the car for you in terms of long range plans, now would be a good time to sell it.  I know here in Massachusetts a friend just traded in her 1998 Honda Civic and the dealers were practically tripping over themselves to give her all kinds of deals and incentives to get her car for resale.  She has a baby on the way, so she picked out a CRV and was really shocked at the great price she got.