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It has 240,000 miles on it. One dealer offered $200 and this dealer said I'd be better off selling it myself. Not exactly what I wanted to hear but at least he's honest. There are some cosmetic issues but it still runs and gets me from point A to point B. Should I just drive the thing into the ground and THEN look for another car? Or keep it as a backup when I get something else? Seems like a hassle to sell via craigslist probably won't get more than $500 for it.
Put it up for sale near a local college/university for $900 and you never know. Either that or donate it to one of the foundations if you can use the tax deduction.
It has 240,000 miles on it. One dealer offered $200 and this dealer said I'd be better off selling it myself. Not exactly what I wanted to hear but at least he's honest. There are some cosmetic issues but it still runs and gets me from point A to point B. Should I just drive the thing into the ground and THEN look for another car? Or keep it as a backup when I get something else? Seems like a hassle to sell via craigslist probably won't get more than $500 for it.
It depends, do you want to live with it as your daily driver or get something new(er)? Only you can answer that bit.
But lets assume you want a newer car. No, you won't get much more for it selling privately unless it has some collector value as a potential rebuild. Assuming not, a backup car would be redundant if you buy a new one. You'd still have to insure it to sit in the garage/driveway.
Financially speaking, most will advise you to drive it until it drops, or the next repair will cost more than the entire value of the car. From a pure financial sense, that is solid advice. But we all know the siren song of something new.
Now if you were looking for a hobby, you could part out the old car and net far more than the wholesale offer, but that assumes you can store it somewhere, remove parts that are worth resale, and then advertise the parts on specialty forums.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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I have a little beater that I drive only to the park & ride, to take the bus to work, now with 172,000 miles. I paid $950 for it 4 years ago. I would be lucky to get $200 on a trade-in, but people on Craigslist and Ebay are asking as much as $2,300 for the same car/mileage. The key is that they are asking that much, but probably won't get it. When the value gets that low, it's often best to donate it to charity and take the tax deduction. They will pick it up, fast and easy.
If you donate it to the salvation army, and then write it off on your taxes for what kelly blue book says its worth, you will be way ahead here. without breaking any laws either.
Advertise it for $999. Sooner or later, somebody will offer you $500 for it.
Take it.
The buyer thinks he got a great deal, a 900 dollar car for 500, and you have $500 in your pocket.
You are both happy.
then go get a newer vehicle with low miles.
NOTE: Before you think about donating it, best check with the IRS and see what you can deduct! You might not get what some are saying! Find out for sure before making a mistake on your tax return!
put it up for sale near a local college/university for $900 and you never know. Either that or donate it to one of the foundations if you can use the tax deduction.
No, it always true you'd be better off selling it yourself. That's how dealers make money. They buy low and sell high. If you want to take the time and effort to sell your own car, you should be rewarded with more money - if you don't and just want the cash right away and dump it on a dealer, than you get less.
Granted in this case his car isn't worth much, but it is still worth something more retail wise.
If you donate it to the salvation army, and then write it off on your taxes for what kelly blue book says its worth, you will be way ahead here. without breaking any laws either.
They actually changed that law a couple years back. I think you can only deduct the amount they end up selling the car for now.
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