Is it wise to sell my car now?

Question

I have a 2005 Civic Coupe DX with about 25000 miles on it. I still owe about $12000 on the 7 year old payment plan. Should I sell my civic and pay off the loan? I have seen some used cars under $2500. I am a student. I use the car to commute to and fro from work and school. I drive about 210 to 250 miles per week, if I go to school/work everyday. Is selling my car a wise decision? Since it is a coupe with no power windows, do you think I should trade now? Or keep the car for another ten years etc?

Answer 1

High-mileage used cars are in high demand now so you could get top dollar. check kbb.com for its value.

Answer 2

Civics have a great record for reliable cars. You've already paid the upfront interest, so I would keep the car and drive it til it dies. A $2500 car is just that, eventally in a year or two it will need some repairs. Why not keep the car you know works, as it will save you money in the long run as long as you keep up the maintance on it.

If you have the money to pay it off, or make a little extra payment on it I would to help pay it down quicker.

Answer 3

with what you owe and the miles you probably can get out of the car without taking a hit.  civics are really selling with todays gas prices  (won't last much longer if prices keep dropping)

personally though, if you can afford it, keep it.  it gets good gas mileage, it's reliable and will take care of you until you're out of school.

Answer 4

If the Blue Book Value or what you can sell it for covers your outstanding loan balance plus enough to put down on a used car, then yes.  Don't trade it in though, sell it yourself and get more for it.

If you sell it yourself, purchase a ForSaleInator to help you sell it faster.  

Answer 5

Two choices:

1. Keep the car and dont worry about things breaking, bad gas mileage, etc...

2. sell the car, sell it for a lot less than what you paid, buy an older, cheaper car, worry about it breaking down and no warranty to fix it...

I'd suck it up and keep it for another 10 years or until you get out of school, get a job and can afford to vehicle swap.

Any time you change vehicles, yo unever make money... always lose money...

Answer 6

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