Author Topic: sell financed honda??  (Read 3269 times)

bye-bye Ms. FancyPants

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sell financed honda??
« on: May 30, 2014, 10:44:44 AM »
I have a Honda CR-V that we refinanced to pay off our wedding (*insert face punch*).  In attempt to mend our old unmustachian ways, we are looking to sell and buy something smarter.  The problem is - I'm getting cold feet and the husband's feet are drraaagggiing.

Current: 2008 Honda CR-V gets about 23 mpg.  We are probably about $2000 upside down. 

Found: I have found a 2009 Nissan Versa with fewer miles for about 1/2 the price of what we owe on the Honda.  Fulley reports an avg of 28 mpg.  According to Consumer Report the reliability of these cars are 11% below avg. 

Should we just eat ramen noodles until the Honda is paid off since it was bought new and it’s a Honda for heavens sake?? 

The correct answer is *forehead flick* and sell the Honda right??  .... I guess I just need to figure out a way to work out & see the numbers in black and white. 

Jamesqf

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Re: sell financed honda??
« Reply #1 on: May 30, 2014, 11:05:14 AM »
1) Sell the Honda.  I mean, 23 mpg?  As much as I like Hondas, that's pathetic.

2) Buy something cheaper, more fuel efficient, and with better reliability than the Nissan.

CarDude

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Re: sell financed honda??
« Reply #2 on: May 30, 2014, 11:18:31 AM »
In my opinion, it really depends on...

1.) What you mean by "smarter", and

2.) How much you owe on the CR-V.


Paul der Krake

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Re: sell financed honda??
« Reply #3 on: May 30, 2014, 11:19:20 AM »
If you really want to buy smart, going from a 23 mpg car to 28 isn't exactly jumping in the deep end... for a car this new you should be aiming at 35-40.

homeymomma

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Re: sell financed honda??
« Reply #4 on: May 30, 2014, 11:26:34 AM »
The only sucky part here is you'll have to eat the 2,000 that you're upside down by. Could you clean that sucker up really well and list it for what you currently owe? If you sell privately instead of to a dealer you'll have a much better chance of getting a higher price. And you may appeal to someone looking to pay a little more for a well maintained, single-owner, clean car.

Definitely look at cars with higher mpg than 28, that is pretty pathetic for a compact car. However the price is really the determining factor if you don't drive much. You'd have to drive a LOT of miles to make up for spending more money on a more fuel efficient car.

catccc

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Re: sell financed honda??
« Reply #5 on: May 30, 2014, 11:46:29 AM »
The only sucky part here is you'll have to eat the 2,000 that you're upside down by.

It's the same amount no matter how you look at it, but what if that $2K that you are underwater was just on a credit card?  You'd probably just rush to pay it off.  You aren't losing it on selling the car, you already lost it on the wedding.  I hope this logic makes it sting a little less to get rid of the car, which I think is what you should do.

And please do buy something better than the Nissan you are eyeing.

bye-bye Ms. FancyPants

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Re: sell financed honda??
« Reply #6 on: May 30, 2014, 02:36:54 PM »
The only sucky part here is you'll have to eat the 2,000 that you're upside down by.

It's the same amount no matter how you look at it, but what if that $2K that you are underwater was just on a credit card?  You'd probably just rush to pay it off.  You aren't losing it on selling the car, you already lost it on the wedding.  I hope this logic makes it sting a little less to get rid of the car, which I think is what you should do.

And please do buy something better than the Nissan you are eyeing.

That does make sense.  Thanks for pointing that out catccc. 

In my opinion, it really depends on...

1.) What you mean by "smarter", and

2.) How much you owe on the CR-V.



Losing $2000 on the upside down car is worst case scenario.  I owe about $13,000 on it.  I will definitely shine it up prior to the posting. 

The Nissan Versa asking price is $7400 – I would like to find something decent in about the $6-$7000 range that doesn’t have 100k miles on it.  This car has 70k.  Decent used cars are pricier then I anticipated! 

By "smart" I mean - its going to take us quite a while to pay off 13,000 but we could cut the time in half by only needing $6000.00, plus better mpg. 

Sounds like from the advice I should be patient and keep looking. … Thanks for the feedback!   

Jamesqf

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Re: sell financed honda??
« Reply #7 on: May 30, 2014, 02:43:48 PM »
The Nissan Versa asking price is $7400 – I would like to find something decent in about the $6-$7000 range that doesn’t have 100k miles on it.  This car has 70k.  Decent used cars are pricier then I anticipated! 

Hondas and Toyotas aren't even properly broken in until they pass 100K miles. 

However the price is really the determining factor if you don't drive much. You'd have to drive a LOT of miles to make up for spending more money on a more fuel efficient car.

Sure, but if I understand the situation, the OP is in a position where she can easily spend LESS money on a more fuel efficient car :-)

Recon

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Re: sell financed honda??
« Reply #8 on: May 30, 2014, 04:14:09 PM »
100K isn't nearly the death sentence it used to be - far from it.  Currently driving an '06 Civic that I bought with 143K miles for $6750.  Averaging right around 40MPG, plus front/side/side curtain airbags.   I expect to drive the car well past 200K.