Should I sell my financed 2017 Honda Pilot

[JohnShaft1000]

Hi,

First time poster.. I am a father of 3 kids that up until last December was driving a 2004 Subaru Outback with 180,000 miles. It had a few issues like needing a new CV joint and needing to re-charge the A/C once per year but overall was a solid car.

In December in a moment of weakness, I convinced myself I needed a new car that could seat 7-8 and wound up financing a 2017 Honda Pilot. Now seeing the $700 month payments and poor gas mileage I am starting to regret the purchase despite it being a great roomy car.

I owe about $35,000 on the loan and the car has 15k miles. I actually still own the Subaru.

Should I sell the Pilot and try to keep the Subaru going or alternatively sell both cars and look for a low mileage used car?

[YoungGranny]

Not sure what model you have but a quick glance shows you could get $30k-$35k ish when you sell it. Again, lots of factors in there so it could be a bit higher or lower depending. I would say sell the car - go back to the Subaru. I know a lot of Subaru fans that keep them running well over 200k but if you're nervous about breaking down with kids in the car then sell them both and buy a low mileage used car.

Also, 15k miles since December is a lot of miles. This would be the MMM forum if I didn't recommend you find ways to reduce driving if possible - combining trips, looking at other modes of transport etc. Just friendly advice, not trying to be rude :)

[MoneyRx]

I would sell both and get a used Honda Fit with low miles. This will seat 3 kids in the back and still have trunk space. It would be much more reliable than your 180k miles subaru and you can get one with low miles for $7-15k depending on year and options.

[nereo]

Should you sell the pilot?  Yes.  Absolutely.  I can't believe this is even a question posted here.

Should you sell the Subaru? I wouldn't. At 180k the depreciation curve is basically flat.  An outback with 180,000 should be plenty reliable.

[EarthSurfer]

Hi,

First time poster.. I am a father of 3 kids that up until last December was driving a 2004 Subaru Outback with 180,000 miles. It had a few issues like needing a new CV joint and needing to re-charge the A/C once per year but overall was a solid car.

You can do a lot of repairs for a $700 payment or two a year. That would even cover a car rental while the Subaru is in the shop.

... Now seeing the $700 month payments and poor gas mileage I am starting to regret the purchase despite it being a great roomy car.

I owe about $35,000 on the loan and the car has 15k miles. I actually still own the Subaru.

How many working days is the Pilot costing you? Would you rather spend those days working or with your 3 kids and your wife? Remember, your actions tell what you really prefer.

BTW, How do you like the insurance payment for the Pilot? (Please tell me you don't have full coverage on the Subaru!!!)

Should I sell the Pilot and try to keep the Subaru going or alternatively sell both cars and look for a low mileage used car?

Hell YES, sell the Pilot.

Sell the Subaru? This is probably a wash here. If you live in a snow belt, the Subaru is definitely a keeper. Definitely a keeper if you have owned it most of the 180,000 miles,  and you have kept the maintenance up to date.

edit 9/28/17: Revised thoughts on keeping the Subaru.

[ShoulderThingThatGoesUp]

Yes you should. I fit three kids in the back of my Ford C-Max Energi, and I've spent $33 on gas this whole calendar year. I imagine the Subaru gets bad MPG, so consider getting something more efficient depending on how much you drive.

[JohnShaft1000]

Thanks for all the replies!

While I would love to get a small car like a Fit or a C-Max I don't think they will be large enough for my family. My 12 year old is already getting close to 6 feet tall and my other 2 kids are not far behind. That an all the stuff the have to lug around for school, etc will be a tight fit. Any recommendations for a compact / medium size SUV that is relatively fuel efficient and cost effective?

Also, what is the best way to sell my Pilot? Privately on autotrader or craigslist?

[lavagirl]

If you can afford it, Keep the Pilot.  It meets your needs and will hold onto its value pretty well.  When you really don't need the space, sell it.

[boarder42]

yes sell it.

if you're even asking this question you know the answer.

the responses of keep it arent for this forum.

[nereo]

Thanks for all the replies!

While I would love to get a small car like a Fit or a C-Max I don't think they will be large enough for my family. My 12 year old is already getting close to 6 feet tall and my other 2 kids are not far behind. That an all the stuff the have to lug around for school, etc will be a tight fit. Any recommendations for a compact / medium size SUV that is relatively fuel efficient and cost effective?

Also, what is the best way to sell my Pilot? Privately on autotrader or craigslist?

FWIW I'm 6'5" and I fit just fine in both a Fit and C-Max (which my parents own).

I highly recommend selling your Pilot on Craigslist if you are in a major market area; you'll get the best price through them.  Just be aware that whichever platform you use you'll get calls from dealers and brokers who want to 're-run' the add for you at their cost.  Tell them to 'ef off (politely).

[lbmustache]

Thanks for all the replies!

While I would love to get a small car like a Fit or a C-Max I don't think they will be large enough for my family. My 12 year old is already getting close to 6 feet tall and my other 2 kids are not far behind. That an all the stuff the have to lug around for school, etc will be a tight fit. Any recommendations for a compact / medium size SUV that is relatively fuel efficient and cost effective?

Also, what is the best way to sell my Pilot? Privately on autotrader or craigslist?

You can "downgrade" to a Rav4, CR-V, or any other similar vehicle. Hopefully you are not underwater on the Pilot - hard to say, but if you are, then you gotta suck it up and keep the Subaru IMO. If you can break even, and can sell the Subaru, and other finances are OK - I don't see the issue in getting one of the aforementioned vehicles (USED!!!! Not shiny new financed).

[begood]

I second the recommendation of "downsizing" to a CR-V. They have acres of backseat room - plenty of legroom for your tall 12-year-old and even if you need two booster seats, or a booster and a rear-facing, you can make it work.

The only CR-V I don't recommend is the 2015, which apparently had a vibration issue. The 2017s got new styling, but if you're underwater on your Pilot, look for a 2013 or 2014.

[honeybbq]

Whoa, $700/month! Yikes!

I'd downgrade to a CRV (but, I'm a CRV owner so I'm biased).

The good/bad news is that Hondas hold their value pretty well. If you could unload both your vehicles (carmax? etc?) and get a CRV I think you'd end up better financially.

[EarthSurfer]

If you can afford it, Keep the Pilot.  It meets your needs and will hold onto its value pretty well.  When you really don't need the space, sell it.

I have to call BULLSHIT on this idea. This is one of the phrases we use to justify an expensive vehicle while denying the full cost of the vehicle.

The Honda Pilot is a depreciating asset still in the steeper portion of it's depreciation in absolute dollars. The vehicle will depreciate $10,000 by 2019, if not more. (If gas prices go up again, it will drop like a stone in value.)

One must carry full coverage insurance, and may have to pay higher license plate fees.

Overall, its a crazy expensive choice to hold onto the Pilot.

[boarder42]

If you can afford it, Keep the Pilot.  It meets your needs and will hold onto its value pretty well.  When you really don't need the space, sell it.

I have to call BULLSHIT on this idea. This is one of the phrases we use to justify an expensive vehicle while denying the full cost of the vehicle.

The Honda Pilot is a depreciating asset still in the steeper portion of it's depreciation in absolute dollars. The vehicle will depreciate $10,000 by 2019, if not more. (If gas prices go up again, it will drop like a stone in value.)

One must carry full coverage insurance, and may have to pay higher license plate fees.

Overall, its a crazy expensive choice to hold onto the Pilot.

You're forgetting what could be a big one in many states property taxes.

[nickinak]

Depending on how often you haul the 7-8 people, you could sell the Honda, keep the Subaru, and rent a passenger van for the occasional need to haul the larger group.  While they cost a bit more to rent than a regular rental car, they cost far less than $35,000 to rent.  They even cost far less to buy than $35,000 so if the real purpose of getting the Honda was as a large group people hauler, why not just by a van? Used passenger vans are not very expensive because they are utility focused rather than comfort and cool factor.

[Davids]

I would agree on downgrading to a CRV as a few others have said (I am biased too as I own a 2008 CRV). 3 kids can fit in the back easily. Maybe go towards a 2012 - 2014 used model and just get the LX, no need for fancy additional features.