Keep or sell my Honda Civic

Comments

• kyfdx Moderator Posts: 236,695

  October 2018

  gorillabay said:

  Hello, I am new to this forum. I have a 2007 Honda Civic Hybrid with 175K miles. It has 2 broken engine mounts and I unfortunately found this out just three months after making a lot of fixes (radiator, transmission mount, thermostat, and a couple of hoses). I am debating whether to sell it (and if so, privately or by trade-in) or fix it.
  
  It will cost somewhere between $700-900 to fix the mounts (I haven’t totally shopped around, but this based on 3 estimates).
  
  I am looking at a certified pre-owned Camry but my quandary is much less about that and much more about what to do with the Honda.
  
  I know that driving with the broken engine mounts could do damage to other parts of the car and that with each passing mile the car depreciates (esp. given the mounts).
  
  Current average KBB values: $2853 private, $990 trade-in. Edmunds: $1422, $669 respectively. This is quite a wide range.
  
  Had I not dropped 2 grand in repairs in June, this would be an easy decision. Unfortunately, I did and am massively regretting it.
  
  

  1) Sell it, as is
  2) Fix, then sell
  3) Fix and drive
  
  The car isn't really depreciating enough to matter. Your $2000 is sunk cost, so that isn't really relevant to the choice. You have what you have.
  
  If you are trading, you'll basically be giving it away. I suggest a private sale.

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• gorillabay Member Posts: 2

  October 2018

  Thanks for the reply. What about the difference in valuation between Edmunds and KBB? That makes quite a difference because I have a $1200 trade-in offer. If I can truly only get around $1400 I would just trade it in because the difference is so small it's not worth the hassle, but if I can get closer to the KBB I would definitely try selling privately.

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• kyfdx Moderator Posts: 236,695

  October 2018

  gorillabay said:

  Thanks for the reply. What about the difference in valuation between Edmunds and KBB? That makes quite a difference because I have a $1200 trade-in offer. If I can truly only get around $1400 I would just trade it in because the difference is so small it's not worth the hassle, but if I can get closer to the KBB I would definitely try selling privately.

  I would guess the answer is somewhere between those two numbers.
  
  In any case, with 175K miles, you'll likely receive $1000 more from a private sale, if not more, than trading it in.

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