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Real-World Trade-In Values

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Comments

  • robr2robr2 BostonPosts: 7,611
    Wow, in Jersey they take it all!!

    Actually, all states are pretty similar IIRC. There's a list of items that are exempt and the home is one of them as long as it meets the individual state's rules. If the recipient has a qualified dependent or spouse living in the home or shows intent to return to the home, it's exempt.

    Once they cannot show the above, the value of the home may counted or used to repay Medicaid.
  • rampedramped Posts: 358
    Thanks to all for your input. It is appreciated.

    I was considering buying used to beat the depreciation, but qbrozen's advice makes sense. Anything that has depreciated enough to be a good deal will keep going south in a hurry.

    Just to clarify, the car is being purchased in my mother's name. She no longer drives, but we will take her where she needs to go in it. The goal is to preserve as much of her savings as possible from medicare, although we feel an obligation to and intend to pay for her expenses as long as we can.

    My deceased father would want his grandchildren to benefit a little from his fiscal discipline, so that is why we are buying the car. We may or may not keep it, depending on the situation. Mom unfortunately has an accelerating case of dementia and she will likely need assisted living care in the future.

    More on topic, she has a '98 Honda Accord EX, black, gray leather, V-6, just 77,000 miles, new tires, timing belt and struts, showroom inside and out (a few knicks) that we will sell when she gets the new car. We're guessing it should be worth 4 to 5K maybe in Central Fla.?
  • sandman_6472sandman_6472 Coral Springs, FLPosts: 2,579
    I feel your pain...been there, done that in South Florida. best bet would be to get another Accord, I hear the "Sport" version is an excellent vehicle and call it a day. The new Accord has been a real winner for Honda and should hold it's value nicely as well as be fun to drive when y'all take her places. Since y'all are already "Honda folk", why not stay in the family. I'm sure many will agree with me here!

    The Sandman

    2014 Hyundai Tuscon SE/2005 Mazda 3s/2008 Hyundai Accent GLS/2009 Nissan Versa SL hatch

  • tifightertifighter WAPosts: 1,351
    I'm sure many will agree with me here!

    Well I just bought a new Accord, so I'm biased. I test drove a Sport and an EXL and ended up with the latter; I didn't notice a big difference in terms of handling.

    To stay on topic, I got surprisingly good numbers on my trade in. Very pleased about that...used car values are at a high right now. Which is another good reason to think new vs used at the moment.
  • qbrozenqbrozen Posts: 16,916
    More on topic, she has a '98 Honda Accord EX, black, gray leather, V-6, just 77,000 miles, new tires, timing belt and struts, showroom inside and out

    Maybe you said this already, but why does she need a new car??

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '08 Town&Country

  • ohenryxohenryx Posts: 285
    msg 44038, qbrozen
    why does she need a new car?

    msg 44024, sebring95
    To partially shield my elderly mother's estate from future nursing home costs our lawyer suggested we buy a car that will hold resale value for several years. (In Florida, a home, one car and a small amount of cash are exempt from confiscation). It will be driven very little as mom no longer drives. It essentially will be stored.
  • robbiegrobbieg Posts: 323
    Looking at 2 used ones. Buying new scares me with kids who will instantly destroy the car.

    Pittsburgh, PA 15219

    2010 Honda Odyssey EX-L-RES
    Silver
    32,000 miles
    Dealer asking 24300

    2010 Honda Odyssey Touring
    Black
    32,000
    Dealer asking
    28200

    Would rather have a black car but 4000 for nav and the runflats is a lot. Which is the better buy?

    Also trading in:

    2007 Honda Odyssey
    EX
    Graphite
    91000
    Average at best shape with a few dings.
    Newish tires

    Can I get 8000 on trade?
  • Real world value to purchase @80k mi 2004 ls430 from a BMW dlr (one owner local trade in...obviously i would research car fax svc records etc to ensure and verify

    Have a 99 ls 400 mint w 84k miles... all records w major svc just done timing belt, idler pulley, new plugs 100k svc done etc - what's it worth? Not more than 10or so for sale w this mileage and Autotrader prices seem to realistically suggest between $10,900-11,900?
  • steine13steine13 Posts: 2,411
    Could be a nice one for the right buyer ... but WHERE is the car??

    I could easily see more than a factor of two in value between the rust belt vs. the pacific NW, for instance...

    Cheers -Mathias
  • I'm in nashville...both cars are local tn cars
  • qbrozenqbrozen Posts: 16,916
    I don't see that as an answer. If the goal is to shield as much as possible, keeping the perfectly reliable Honda would be the best route.

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '08 Town&Country

  • kyfdx@Edmundskyfdx@Edmunds Posts: 25,979
    Maybe, buy Grandma a mid-90s Porsche 911 for about $40K? They seem to be going up in value...

    Moderator - Prices Paid, Lease Questions, SUVs

  • sebring95sebring95 Posts: 3,225
    edited August 2013
    Keeping the current car only locks down $6k-$8k in today's dollars (i think their value estimate is low on the used Accord). You're right it's not going to depreciate much more than that so that's a winner on the resale front. But it's not maximizing the cash side of the equation. Buying a $30k car that in a few years is worth $20k still equals more cash outside the reach of medicaid.

    OP: Verify you can only keep one car. Medicaid typically allows two vehicles...one can be new and the other has to be over 7years old and not luxury/antique/custom. I would keep the current Accord and then buy a new model...whatever you decide that is.
  • sebring95sebring95 Posts: 3,225
    A Porsche is going to hit the "luxury" test for asset shielding so that won't work.
  • qbrozenqbrozen Posts: 16,916
    edited August 2013
    OH, its hiding money. OK, I wasn't following.

    In that case, hell, I'm with Shifty's idea. Get an APPRECIATING car! I don't know all the rules, but I'm sure something fits in there that isn't considered a luxury.

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '08 Town&Country

  • qbrozenqbrozen Posts: 16,916
    EXLs are right in that $20k range. And it is possible that particular one went through the NJ auction on 8/21 with 32,637 miles for $19,800. (?)

    Believe it or not, the Touring adds nothing. Still in the $20k range.

    So I'd be looking to spend more like $23k on either one, depending on the details, of course (paintwork, tires, brakes, etc).

    $8k is a stretch for yours. That's what they are hitting at the block. So a dealer would probably be looking to give you $6500-7k.

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '08 Town&Country

  • qbrozenqbrozen Posts: 16,916
    LS430: well, a couple in florida with ~79k miles hit $13,500 and $14k at auction. Figure $16k-16,500 retail purchase for either of those.

    Dealer would give about $5k for yours. $8k private party is all the money.

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '08 Town&Country

  • stickguystickguy Posts: 13,602
    IMO, too much for the used one vs. what you can get a new one for.

    So, I think the answer is, either train the kids or crate them.

    2013 Acura RDX (wife's), 2007 Volvo S40 (when daughter lets me see it), 2000 Acura TL (formerly son's, now mine again), and new Jetta SE (son's first new car on his own dime!)

  • qbrozenqbrozen Posts: 16,916
    hmmm... I dunno. Truecar lists a new 2013 EXL/Res at $31,700. So roundabout 28% or $9k off for 30k miles? Seems OK to me.

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '08 Town&Country

  • Looking to list a vehicle in the next 48 hours or so. What price should I consider fair?

    Location: Portland, Oregon
    Year/Make/Model: 1999 Toyota 4runner (Limited)
    Body Style: 4 door
    Engine: 3.4 liter, 6 cylinder, automatic
    Driveline: 4WD
    Mileage: 165,500
    Color: Grey/Silver exterior, tan interior.

    Major Options: Center Console, Power Antenna, Power Brakes, Rear Window Defroster, 16 Inch Alloy Wheels, 3.4L V6 DOHC 24V FI Engine, 4-Speed Automatic Transmission, 4-Wheel ABS, Driver and Passenger Front Airbags, Anti-Theft Alarm System, Leather Seating, Power Driver's Seat, Power Front Passenger Seat, Cruise Control, Power Steering, Tilt Steering Wheel, Air Conditioning, Automatic Climate Control, Intermittent Windshield Wipers, Power Windows, Rear Window Wiper, Power Door Locks, AM/FM/CD Audio System, Power Vertical Sliding Rear Window, Running Boards

    Condition:
    Interior: Professionally detailed. Leather on front bucket seats is showing wear. Overhead sunglasses holder is missing lid.
    Exterior: Professionally detailed no dents or scratches to body. Front bumper has bumps and bruises from grazes with parking garage protective pylons.
    Tires – 50%
    Brakes: New
    Maintenance: Breaks, Oil Change, Tire Rotation, New Radiator.

    Other: Third owner, clean carfax.
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