Sell to salvage yard or repair and sell for more?

springandmott

I need some advice on what to do with my 1999 Lexus GS300 sedan, which I have been looking to either sell or trade in before recent events.

As I was driving to a city 200 miles away over the weekend, my car pretty much died at the midpoint. I had it towed to the nearest Lexus dealership 30 miles away. It turns out that the fuel pump and air filter need replacement. With labor, etc, it will cost me a total of $700. In April, I paid another $700-ish on an oil change and sensor repair. $1400 total in the past 2 months.

I'm stuck on whether to shell out another $700 for the fuel pump and THEN try to sell it via Craigslist for at least $1400 to cover the recent service/repair charges. The question is...can I get that much for it?

The Lexus mechanic told me that the car is in otherwise very good condition. There is a slight dent on the left rear from where I had a fender bender in a parking lot several months ago. The mileage is quite low for its age (142,500 miles). It still drives very smoothly.

I researched several options, one being selling it to a salvage yard. They offered me $445. This would certainly be the most hassle-free option, but would it be utterly stupid to sell it for just $445?

Mr_Shiftright

Sounds like you are actually talking about losing $355 if you junk it, versus fixing it all up, spending another $700, advertising it, selling it, and breaking even. That's a lot of work for $355. If the car were worth a lot more, it might be worth it. But I think you're right, given the mileage and body ding, maybe $1500--$2000.

Kind of a coin flip. My only reservation about fixing it is if you get sucked into spending more money.

springandmott

Mr_Shiftright - The $455 would be WITHOUT replacing the fuel pump. They are willing to tow it to the salvage yard for that price.

stever

I wonder if you could donate it. That may save you a towing fee. And it's remotely possible you could even get a tax deduction for it. No idea if the charities accept non-running cars.