Price guides are just a "guide". My standard slogan is: "a price guide puts you in the right decade".
So if it says $5500 trade-in, it could be $4999 or $5999. There's no one right answer.
Also, the price guide cannot anticipate:
1. actual condition of the car as the dealer sees it. The consumer may choose "Good" or "Exceptional" in the Price Guide, but that doesn't make it so.
2. the dealer's inventory. If you have a car he has 6 of and hasn't sold, what do you think is gonna happen here?
Last of all, the buyer is in control of the price they pay. If no dealer will give you $5000 trade-in, and no private party will give you that either, then you know what?-- the car isn't worth $5000. "The public has spoken".
You seem so fascinated by my 1999 Accord V6 EX Coupe in San Marino Red. Do you want to know what I ended up doing with it? I decided not to sell it at all. It is in fantastic condition, rides great, and has never had any problems. (I did have to buy a car battery for $100, but the intense heat in South Florida will wear down all car batteries, not just mine. I also installed a custom sound system with an amplifier that uses more juice.)
Why should I give up a great running car to replace it with a new or used one that probably will have some glitches in it anyway? Most new cars have 2-3 bugs if you are lucky, and time and aggravation complaining about rattles or this or that. Of course, buying a used car is even more of a dice roll.
No, I still love my car, and frankly, the value of the car seems to go up and up every month, especially with the used car shortage that dealers are reporting recently. I will probably sell the car in about one year or so, when it needs some major maintenance, timing belt and water pump, etc. If you are interested in buying it from me, send me an email and I will put you on the waiting list.
Quick question? If one is wanting to trade out of a gm car lease.... I'm about 17 mths in. 3yr lease. When is the best possible time to get out with a decent outcome. I really want out! I have tried to get out back in may, but was about 6,500 in the negative. Not too bad. Surely I have got to be getting some better. I want a Honda or vw product. Could trying again, scope it out again help.
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MODERATOR /ADMINISTRATOR Find me at kirstie_h@edmunds.com - or send a private message by clicking on my name. 2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h) Review your vehicle
I was reading in the paper this morning that many of the Mom & Pop car lots are taking a beating because many of the marginal vehicles they would normally see are no longer available. I'm also hearing about a general shortage of used cars.
Just how short is the supply of used cars?
I was at a dealer the other day and he had an older (1999) low milage Buick that had an asking price more than TWICE Edmunds TMV. Many of this dealers' other cars were way up there too.
What would cause a dealer to expect to have a chance at that kind of home run? Is it the empty new car inventory or is the C4C program causing a real shortage of used stock?
If I doubled my prices my customers would string me up.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
The honest answer is that the longer you can wait, the better for you financially.
If you can't sleep at night because you don't like the car, bite the bullet and trade the car in now. You will certainly lose money on the deal, but you will be happier with the new wheels.
We have a local lot that's just like that all the time. Always has nice looking stuff but invariable it's listed for way more than it's worth. I know asking price is only a suggestion but what those prices do to me is make me think that I won't be able to negotiate down to reality.
2015 Mazda 6 Grand Touring, 2014 Mazda 3 Sport Hatchback, 1999 Mazda Miata 2004 Toyota Camry LE, 1999.
The buyer determines the market value of used cars, not the dealers or the price guides.
If the dealer is pricing above what people will pay, he will go out of business or he will lower his prices. He might be anticipating a "shortage" of used car, but really the concept of a shortage of used cars in America is ludicrous, if you look at the number of cars currently on the road and the number of licensed drivers in America.
There *may* however, be a local shortage of a certain type of car--some "hot" item that people in a certain area need more than other types of cars, or a car that has just the right level of equipment people want. Some used cars are in fact a bit "special". In Boulder Colorado maybe it's a low mileage Subaru with ski racks. In a college town on the South, maybe it's a clean Honda automatic 4 door for under $5000.
I have to admit this guy has been in business a good 20 years or more so someone's buying though I ahve seen some cars that sit on his lot in excess of a year.
2015 Mazda 6 Grand Touring, 2014 Mazda 3 Sport Hatchback, 1999 Mazda Miata 2004 Toyota Camry LE, 1999.
A dealer's perspective is different than yours. He may be content to sit on a car for a long time, if he has the room for it. Then again, sometimes dealers make mistakes, and they are in a used car too deep to sell it at average "book".
Last of all, you go in there with cash in hand and the price will come down 9 times out of 10.
My view is "if the price is too high, and the seller won't bargain, then the car is not really for sale"
As a rule , how much will a dealer go down on a used car? It has been my experience that the dealer will lower his price only about $500 to $1000 max on a used car.
New cars, the dealer will usually go down to invoice minus rebates. Even lower if he has a hefty dealer fee.
That would only be a WAG on my part and also depends on the initial price of the used car. For my own personal calculations, I figure 10-15% would be about right for cars under $20K, and more discount for cars priced higher. The problem with coming up with a guess is that the dealer can price the car wherever he wants. He could discount it 50% and still make money if he prices it high enough. He might also be motivated quite differently on a "hot" item and on some slug he's had for 6 months.
Best method is to make a bona fide "I'm ready to sign" offer. If he lets you walk out the door, or doesn't call you in a short period of time, then your offer was too low.
Remember, you cannot negotiate if you aren't ready to walk yourself.
As a rule , how much will a dealer go down on a used car?
Depends on the negotiation skills of the buyer. As a general rule I would say 15% for the average joe. On a $10k car there is quite a spread between dealer retail and trade-in (dealer paying less than trade-in) I paid about $1,500 less than asking price on a 5 year old Buick Regal.
It depends upon the car and the dealer. There is no general rule. We have cars on our lot that are prices with little or no room to move. Others may have $1k-$2k. Some dealers may price theirs with more room to move. The best thing is top educate yourself on the market and make an offer.
Sometimes we have stuff priced with only a 100-200 dollars markup. If it is a Volvo and we can price it 500 dollars less then where our competition on the other side of the river had a similar model priced at we will do it even if that means only a 100 dollars of markup.
Using the 1999 Buick I mentioned, autotrader has 168 of them within 500 miles. Average asking price about $4600. My dealer wants $8K. Must be a lot of nursing homes in the area. :confuse:
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
If you are really selling used cars with only a $100 or $200 markup, something tells me you might be in the wrong business. I have worked in car sales, and there was no such thing as making less than $1000, and that was only if someone goofed up and bought a used Sebring or Mitsubishi.
Yes yes we all know you worked in car sales for some undetermined amount of time and so you know all.
We are the seventh largest CPO Volvo dealer in the country and the largest pre-owned car dealer in our area. The only dealer that sells more used cars then us is the Carmax an hourish away.
car business (altho I play a car dealer on TV...:):)..)...but I was always under the impression that dealers make more on used cars than new cars because we can research what they pay for new cars, but we really don't know what they paid for a used car...
Local example...Atlanta Jaguar dealer selling 3 year old XJ8s for high-20s to low 30s...that car was probably over $55-60K new out the door...and if he is asking low 30s, he must have paid no more than mid-20s for the trade-in...somebody must have taken a bad hit if they bought over $50K and trade-in at half 2 years later...do those folks just write a $20K check to make up the negative equity???
Same would apply to used Caddy...local dealer had 2008 STS, asking $29K...if car was over $50K new, buyer took a severe loss when trading in just one year...
I read that whole thread on the guy with the Dodge Stealth. You guys really need to get out more, it wasn't that funny. The guy did have a legitimate point that it is a niche hobby car and there is always a buyer for those, whether it is a kid or a middle aged guy with some extra cash.
My sons work with a kid who just bought a Mitsu 3000. I don't know what year it is, let's say mid 90s. It has about 100K on it. It's a nice, clean car. The kid paid around $4500. Who's to tell the kid he's wrong to pay that much?
I would tell him that IF he asked me, but if he didn't, then you're right, it's none of our business. I'd also have told him that the car is one big bag of trouble (had he asked).
No sense asking advice if one complains when one doesn't get the answer one wants, right?
I really had no idea they were troublesome cars. I doubt if he got the twin turbo, as his father was involved in the deal and the car is in the father's name. He would have to be a real jerk to put his 18 y.o. son into one of those.
Yeah, the guys posts were pretty ridiculous. Especially the part about putting thousands more into the car if he had to. You guys did rip him pretty good, LOL.
The car did look clean though.
BTW-My son saw this kid get on the Mitsu and said it was sooo quick off the line up to 30 mph or so. I didn't have the heart to tell him it's about as quick as his mother's '04 Sienna. Must be the color (red).
Oh yeah they look very fast but most modern family sedans are faster.
A V6 Camry or Accord is probably quicker then the base 3000GT as it has a more powerful V6 and is lighter.
The twin turbo models only made 320 hp, and the earlier ones only made 300 i think, which was great at the time but is kind of sad now considering a curb weight of around 4,200 lbs.
I've been car shopping recently for an AWD car. I found a lightly used 2009 Sub. Impreza in the exact color I was looking for. It seemed like an ok ride when I took it out, just a couple minor annoyances (slight rattle coming from somewhere inside and the engine seems to hum more with a bass-type feel). I've driven an Accord for 7 years. Anyway, the sticker price was near the Edmunds price, but it has chips all over the hood. Way more than normal. So I asked the salesman to put together an offer. His response was for me to make an offer. I said I'd pay the full asking price if they threw in an automatic starter. Manager said no, but he'd do it at internal cost, saving me $230. Whatever. So I pointed out the chips and the salesman mentioned having the hood repainted. Manager said no way, he wouldn't eat the cost. So they touched up the chips with touch-up paint and waxed the car. It does look better, but those chips will probably rust. I'm uncomfortable with that. How do I approach the salesman so that things come out in my favor?
Here's a question I have for the board. Why do people trade in a perfectly working car in order to get a newer model, that is basically the same? I mean if a person has a car and needs an SUV, I understand that. But what is the point of trading in an old Toyota for a newer one, when the older one works fine? Ditto someone getting rid of an older Mercedes for a new Mercedes?
Is it all about trying to impress the neighbors? Just trying to understand . .
Did you already buy this car? Because if you did, I would say you are SOL. What could the salesman do for you now if he already did the best he could. If you feel uncomfortable, why don't you set aside $500-1000 in the bank and then have the hood refinished if it needs it someday?
I guess you could get estimates now, but you may never need the work.
I guess there are as many reasons as there are people. I am getting anew car even though my old car is fine because I want to pass the old one along to my son. We are becoming a three car household.
Besides, even if an older car runs fine today, there is no guarantee that it will run fine tomorrow. Even the best made cars start to need repairs after 7-8 years.
Maybe some people just like to live a little and have something new.
I am not a car dealer, but I did stay at a Hoilday Inn last night.
Because an old Mercedes can turn into a money-sucking black hole, most likely.
If you buy a modern car today, with its....what?.....75+ microprocessors on board, miles of wiring + multiplexed circuitry, you're probably smart to bail out just after warranty and no later than 99,000 miles.
Why? First off, one engine repair can total a ten year old car, and secondly, if you sell it while it's still clean and running well at under 99,000, you will recoup as much as you'll ever get in resale value----while still having used up the best part of the car for yourself.
How deep are those chips? Are they all the way through the paint or just threw the clear and top couple of layers?
Does the car even have a steel hood? Some Subarus have aluminum or sheet mold compound hoods so no rust.
I wouldn't get the hood repainted no matter what. Once you get it repainted you are back into the, "this car has been in an accident discussion," Have it touched up and if it looks ok at 20 or so feet leave it. If you aren't happy with it find another car.
BTW-My son saw this kid get on the Mitsu and said it was sooo quick off the line up to 30 mph or so. I didn't have the heart to tell him it's about as quick as his mother's '04 Sienna. Must be the color (red).
Absolutely! Red cars go faster. I managed to get a speeding ticket in our Windstall all those years ago. It was red.
My Celica is red but I'm more careful these days.
2015 Mazda 6 Grand Touring, 2014 Mazda 3 Sport Hatchback, 1999 Mazda Miata 2004 Toyota Camry LE, 1999.
If you are worried that your reliable Mercedes is going to suddenly become problem-ridden, wouldn't it make more sense (and save oodles of money) to go out and buy an extended warranty on the car? I guess that would be too logical.
My experience with most Mercedes owners is that they care about prestige more than anything else, especially if they are business owners or managers. it is part of the cost of being a leader, I guess.
The case of someone trading in an old reliable Camry or Accord for a newer model, is more perplexing to me.
(It is also comical to see the moneyed set falling all over themselves to purchase an ancient "classic" car at an auction, that they would have looked down their noses on just a few years prior. Pssst, don't tell anyone, but all of those classic cars $50,000 and up have been RE-PAINTED. That will be our little secret.)
"If you are worried that your reliable Mercedes is going to suddenly become problem-ridden, wouldn't it make more sense (and save oodles of money) to go out and buy an extended warranty on the car? I guess that would be too logical. "
Who would you buy this extended warranty from? After the manufacture warranty expires, questionable companies are about your only choice. Plus, if it is a Mercedes with high probability of large repair bills, those companies will be charging top dollar.
Hint: Owning Mercedes is going to cost some money, one way or another. If you trade ever couple of years to stay under warranty, you will pay in depreciation. If you keep it longer and have some high $$ repairs, you will pay in a different way.
Most folks who buy high end luxury vehicles don't have negative equity. Usually they pay in cash or lease them for a short time like 1 to 2 years..
To them driving the newest, best and most expensive is just part of their lifestyle, and the cost of depreciation is just another expense to them, but not a big deal.
A friend in the biz has offered to let me watch them kill the engine on a Windstall. Unfortunately he's a few hours away so I'll have to pass. My experience has been that a Windstall's engine will generally kill itself long before it hits 100K.
Don't suppose you're killing one next week. I'll be in the area.... I'll have my wife and the younger kids which probably kills the idea. "OK, girls, now watch this puppy seize."....
2015 Mazda 6 Grand Touring, 2014 Mazda 3 Sport Hatchback, 1999 Mazda Miata 2004 Toyota Camry LE, 1999.
you're probably smart to bail out just after warranty and no later than 99,000 miles.
A lot of people (my wife) think to sell their car when it approaches 100,000 miles, depending on its age, this may be a good idea. I sure wouldn't be looking to sell a 3 year old car just because the warranty is up.
My 1999 Buick Regal has been in service a little over 10 years. It has roughly 94,000 miles on the odometer. I'm guessing it is probably worth around $3,200 private party (which I believe is around its taxable value) ... also around what a rebuilt engine would cost. If I sell today I put that money in the bank, buy a new car, and that money evaporates the second I drive that new car out of the dealerships lot. If the car lasts only 6 months more I am way ahead of the game. Under the circumstances I'm thinking it could go 5 or 6 more years with no major repairs needed (knock on wood). So, in the vast majority of cases, you'll be financially better off to hold onto that old car until hit with a big repair bill.
Well with an old Buick you might as well keep it if it's running well because it's not worth anything---so yeah, in that case bailing out at 100K is already to have missed the bus on resale value. Good point.
jipster, assuming you would finance the new car, try what I'm doing. Start making new car payments to yourself now. Let the money build in a savings or investment account. Then use it to increase the down payment on your next car. If you do truly get 5-6 more years from your Buick, you'd have enough saved to buy the next car with cash.
Comments
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
So if it says $5500 trade-in, it could be $4999 or $5999. There's no one right answer.
Also, the price guide cannot anticipate:
1. actual condition of the car as the dealer sees it. The consumer may choose "Good" or "Exceptional" in the Price Guide, but that doesn't make it so.
2. the dealer's inventory. If you have a car he has 6 of and hasn't sold, what do you think is gonna happen here?
Last of all, the buyer is in control of the price they pay. If no dealer will give you $5000 trade-in, and no private party will give you that either, then you know what?-- the car isn't worth $5000. "The public has spoken".
You seem so fascinated by my 1999 Accord V6 EX Coupe in San Marino Red. Do you want to know what I ended up doing with it? I decided not to sell it at all. It is in fantastic condition, rides great, and has never had any problems. (I did have to buy a car battery for $100, but the intense heat in South Florida will wear down all car batteries, not just mine. I also installed a custom sound system with an amplifier that uses more juice.)
Why should I give up a great running car to replace it with a new or used one that probably will have some glitches in it anyway? Most new cars have 2-3 bugs if you are lucky, and time and aggravation complaining about rattles or this or that. Of course, buying a used car is even more of a dice roll.
No, I still love my car, and frankly, the value of the car seems to go up and up every month, especially with the used car shortage that dealers are reporting recently. I will probably sell the car in about one year or so, when it needs some major maintenance, timing belt and water pump, etc. If you are interested in buying it from me, send me an email and I will put you on the waiting list.
I can wait, but how long. Thanks for all advice!
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Just how short is the supply of used cars?
I was at a dealer the other day and he had an older (1999) low milage Buick that had an asking price more than TWICE Edmunds TMV. Many of this dealers' other cars were way up there too.
What would cause a dealer to expect to have a chance at that kind of home run? Is it the empty new car inventory or is the C4C program causing a real shortage of used stock?
If I doubled my prices my customers would string me up.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
If you can't sleep at night because you don't like the car, bite the bullet and trade the car in now. You will certainly lose money on the deal, but you will be happier with the new wheels.
If the dealer is pricing above what people will pay, he will go out of business or he will lower his prices. He might be anticipating a "shortage" of used car, but really the concept of a shortage of used cars in America is ludicrous, if you look at the number of cars currently on the road and the number of licensed drivers in America.
There *may* however, be a local shortage of a certain type of car--some "hot" item that people in a certain area need more than other types of cars, or a car that has just the right level of equipment people want. Some used cars are in fact a bit "special". In Boulder Colorado maybe it's a low mileage Subaru with ski racks. In a college town on the South, maybe it's a clean Honda automatic 4 door for under $5000.
Last of all, you go in there with cash in hand and the price will come down 9 times out of 10.
My view is "if the price is too high, and the seller won't bargain, then the car is not really for sale"
In other words, he's just trolling for a sucker.
New cars, the dealer will usually go down to invoice minus rebates. Even lower if he has a hefty dealer fee.
Best method is to make a bona fide "I'm ready to sign" offer. If he lets you walk out the door, or doesn't call you in a short period of time, then your offer was too low.
Remember, you cannot negotiate if you aren't ready to walk yourself.
Depends on the negotiation skills of the buyer. As a general rule I would say 15% for the average joe. On a $10k car there is quite a spread between dealer retail and trade-in (dealer paying less than trade-in) I paid about $1,500 less than asking price on a 5 year old Buick Regal.
Using the 1999 Buick I mentioned, autotrader has 168 of them within 500 miles. Average asking price about $4600. My dealer wants $8K. Must be a lot of nursing homes in the area. :confuse:
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
My last two used cars: asking--$9K bought for--$7K
asking--$8K bought for--$6850
My case may not be typical because dealers around here shoot for the moon.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
Is the paint original?
There isn't one. If you really want out it will cost you.
That one was funny. Understood, and I'm moving on.
We are the seventh largest CPO Volvo dealer in the country and the largest pre-owned car dealer in our area. The only dealer that sells more used cars then us is the Carmax an hourish away.
You're being double teamed by the Rover Guys, Land and Range.
2013 Mustang GT, 2001 GMC Yukon Denali
Local example...Atlanta Jaguar dealer selling 3 year old XJ8s for high-20s to low 30s...that car was probably over $55-60K new out the door...and if he is asking low 30s, he must have paid no more than mid-20s for the trade-in...somebody must have taken a bad hit if they bought over $50K and trade-in at half 2 years later...do those folks just write a $20K check to make up the negative equity???
Same would apply to used Caddy...local dealer had 2008 STS, asking $29K...if car was over $50K new, buyer took a severe loss when trading in just one year...
My sons work with a kid who just bought a Mitsu 3000. I don't know what year it is, let's say mid 90s. It has about 100K on it. It's a nice, clean car. The kid paid around $4500. Who's to tell the kid he's wrong to pay that much?
No sense asking advice if one complains when one doesn't get the answer one wants, right?
A little too much for a base FWD model and a good deal for an AWD turbo model.
But he paid almost that much for a regular FWD model with 170,000 something miles. Then said he would be ok dumping thousands more into it.
Those Stealths and 3000GTs are odd balls and can be very difficult/expensive to work on.
I actually always liked them but they are very heavy and actually underpowered compared to the other Japanese super cars of the day.
Yeah, the guys posts were pretty ridiculous. Especially the part about putting thousands more into the car if he had to. You guys did rip him pretty good, LOL.
The car did look clean though.
BTW-My son saw this kid get on the Mitsu and said it was sooo quick off the line up to 30 mph or so. I didn't have the heart to tell him it's about as quick as his mother's '04 Sienna. Must be the color (red).
A V6 Camry or Accord is probably quicker then the base 3000GT as it has a more powerful V6 and is lighter.
The twin turbo models only made 320 hp, and the earlier ones only made 300 i think, which was great at the time but is kind of sad now considering a curb weight of around 4,200 lbs.
Is it all about trying to impress the neighbors? Just trying to understand . .
I guess you could get estimates now, but you may never need the work.
Besides, even if an older car runs fine today, there is no guarantee that it will run fine tomorrow. Even the best made cars start to need repairs after 7-8 years.
Maybe some people just like to live a little and have something new.
I am not a car dealer, but I did stay at a Hoilday Inn last night.
If you buy a modern car today, with its....what?.....75+ microprocessors on board, miles of wiring + multiplexed circuitry, you're probably smart to bail out just after warranty and no later than 99,000 miles.
Why? First off, one engine repair can total a ten year old car, and secondly, if you sell it while it's still clean and running well at under 99,000, you will recoup as much as you'll ever get in resale value----while still having used up the best part of the car for yourself.
Yes it is. I was jealous of the guy with the Mercedes across the street so I'm putting pin stripes on my pick-up.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
Tell them the repairs are a deal breaker and walk out. I've been in the same situation and I regret not doing that.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
Does the car even have a steel hood? Some Subarus have aluminum or sheet mold compound hoods so no rust.
I wouldn't get the hood repainted no matter what. Once you get it repainted you are back into the, "this car has been in an accident discussion," Have it touched up and if it looks ok at 20 or so feet leave it. If you aren't happy with it find another car.
Absolutely! Red cars go faster. I managed to get a speeding ticket in our Windstall all those years ago. It was red.
My Celica is red but I'm more careful these days.
My experience with most Mercedes owners is that they care about prestige more than anything else, especially if they are business owners or managers. it is part of the cost of being a leader, I guess.
The case of someone trading in an old reliable Camry or Accord for a newer model, is more perplexing to me.
(It is also comical to see the moneyed set falling all over themselves to purchase an ancient "classic" car at an auction, that they would have looked down their noses on just a few years prior. Pssst, don't tell anyone, but all of those classic cars $50,000 and up have been RE-PAINTED. That will be our little secret.)
Who would you buy this extended warranty from? After the manufacture warranty expires, questionable companies are about your only choice. Plus, if it is a Mercedes with high probability of large repair bills, those companies will be charging top dollar.
Hint: Owning Mercedes is going to cost some money, one way or another. If you trade ever couple of years to stay under warranty, you will pay in depreciation. If you keep it longer and have some high $$ repairs, you will pay in a different way.
To them driving the newest, best and most expensive is just part of their lifestyle, and the cost of depreciation is just another expense to them, but not a big deal.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
Don't suppose you're killing one next week. I'll be in the area.... I'll have my wife and the younger kids which probably kills the idea. "OK, girls, now watch this puppy seize."....
A lot of people (my wife) think to sell their car when it approaches 100,000 miles, depending on its age, this may be a good idea. I sure wouldn't be looking to sell a 3 year old car just because the warranty is up.
My 1999 Buick Regal has been in service a little over 10 years. It has roughly 94,000 miles on the odometer. I'm guessing it is probably worth around $3,200 private party (which I believe is around its taxable value) ... also around what a rebuilt engine would cost. If I sell today I put that money in the bank, buy a new car, and that money evaporates the second I drive that new car out of the dealerships lot. If the car lasts only 6 months more I am way ahead of the game. Under the circumstances I'm thinking it could go 5 or 6 more years with no major repairs needed (knock on wood). So, in the vast majority of cases, you'll be financially better off to hold onto that old car until hit with a big repair bill.