Ratio of age to mileage...how to value? opinions please (2009, sedans)
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I don't drive much. In the last 5 years, I put 32000 miles on my Subaru Forester.
I'm in the market for a Honda Fit.
I can spend $9500 and get a 2009 Red Fit with black interior with 70,480 miles.
Or
I can spend $7400 and get a 2009 Red fit with gray interior with 105,585 mies.
Which is the better value for me?
(Btw, I prefer the gray interior, and they are very hard to find!)
Assuming the following:
No accidents, in nearly identical shape, well maintained, no real reconditioning costs or equal to both if they are, you can safely deduct 10-20 cents per mile in difference per car....in this case, 35,105 miles....sooo, let's assume the absolute best and give it a 10 cents per mile depreciation....or roughly $3,510.50.....so, the red is looking pretty good right now, right?
Well...that depends....other than mileage, here's what it has going against it:
Black interior. Real "deduct". short of VERY high end sedans and sport cars, black interiors are about the worst color you can get for resale. They suck. They are hot in the summer, gaudy upon first glance and dated from the start.....
Mileage. Yes, mileage. why? You don't drive much. Assuming you owned this one for 5 more years, and only put another 32,000, the one with 105,000 miles will be pushing 140,000 miles BUT, probably not depreciate that much further....age increases depreciation as well....to a point.....it's safer to say the car with more miles doesn't have all that much more to go before it kinda flattens out. Once a car gets to say, 150-200K miles BUT is in good running shape and the cosmetics are good, they stay roughly between 3,000-4,000 per car. You purchase at $9,500 and sell it in five years for best case, $4,000 you took a 5,500 hit......contrast that to the other one at 7,400, drive IT 5 years and get rid of it for say, 3,500 and you only lost another 4,000.....that $1,500 buys a lot of anticipated "preventative" maintenance...ahem....
Sooooooo, if you are like me and look at cars like an "appliance" and do not fall in love with them, and realize they are truly depreciating assets, in 5 more years, they are a coin flip in difference...the higher risk is going to be on the lower mileage unit. in 5 years, any broker will give you roughly the same for both....on craigslist it will move quicker because of the anticipated lower mileage 5 years from now but, that only helps it sell quicker. It does NOT mean someone will give you more for it...same for options...more options helps the sell, not usually the selling price to SOME extent......keep that in mind...people may love the bluetooth, they just aren't going to pay anymore for it.....
Me? I'd go with the higher mileage unit, use Edmunds.com to truly appraise it, always use average or good condition, NEVER excellent and depending on the motivation, go for a price between trade-in and private seller...that's usually a FAIR price, not necessarily a great one....besides, gray is exponentially more desirable than black....ugh.....horrible choice on interior colors......
They are both Honda's. Good! They are both Red. Good! They are a popular Honda model. Good! Black interior???? your next buyer is going to be a guy with tats, in school, and blathering on about gettin' his finances together or a woman that doesn't care past the color....and price.......period.....
Go with the higher mileage unit. Edmunds has what I described (not knowing the options) between
This is a 5 speed automatic, red, sport model, 105,500 miles, in good shape.....roughly translated: this car used is worth about $5,000-$6,000 to you....NOT $7,400....of course this varies tremendously in shape, options (sunroof? do they offer that?) , stereo, navigation, etc...but, don't get too wound around the axle on that, that's why I put the $1,000 variance....that's it....even if you are fawning all over it, it's not worth more than $6,500 TOPS to you....I'd push for $5,000....why? It's 7 years old turning 8 this month.....it's just not worth more no matter how much you like it.....make sure the hatch is in GREAT shape and no leaks or squeaks (indicative of a hit).
Thank you Caleb! You think like I do. I just can't do the math.
I just found another one that is light blue and newer..........
This is so freakin hard, and very time consuming. I've spent every extra moment in the last 7 days on this...test driven at least 15 cars. My brain hurts.....
My biggest gripe is that both my banks want me to purchase from 'approved' dealers. Bank of America won't even give me a loan if I don't, and USAA will only give me a 4.25% interest rate if I don't (only 3.5% if I do) because I'm not borrowing 'enough' money. Sheesh!
No accidents, in nearly identical shape, well maintained, no real reconditioning costs or equal to both if they are, you can safely deduct 10-20 cents per mile in difference per car....in this case, 35,105 miles....sooo, let's assume the absolute best and give it a 10 cents per mile depreciation....or roughly $3,510.50.....so, the red is looking pretty good right now, right?
Well...that depends....other than mileage, here's what it has going against it:
Black interior. Real "deduct". short of VERY high end sedans and sport cars, black interiors are about the worst color you can get for resale. They suck. They are hot in the summer, gaudy upon first glance and dated from the start.....
Mileage. Yes, mileage. why? You don't drive much. Assuming you owned this one for 5 more years, and only put another 32,000, the one with 105,000 miles will be pushing 140,000 miles BUT, probably not depreciate that much further....age increases depreciation as well....to a point.....it's safer to say the car with more miles doesn't have all that much more to go before it kinda flattens out. Once a car gets to say, 150-200K miles BUT is in good running shape and the cosmetics are good, they stay roughly between 3,000-4,000 per car. You purchase at $9,500 and sell it in five years for best case, $4,000 you took a 5,500 hit......contrast that to the other one at 7,400, drive IT 5 years and get rid of it for say, 3,500 and you only lost another 4,000.....that $1,500 buys a lot of anticipated "preventative" maintenance...ahem....
Sooooooo, if you are like me and look at cars like an "appliance" and do not fall in love with them, and realize they are truly depreciating assets, in 5 more years, they are a coin flip in difference...the higher risk is going to be on the lower mileage unit. in 5 years, any broker will give you roughly the same for both....on craigslist it will move quicker because of the anticipated lower mileage 5 years from now but, that only helps it sell quicker. It does NOT mean someone will give you more for it...same for options...more options helps the sell, not usually the selling price to SOME extent......keep that in mind...people may love the bluetooth, they just aren't going to pay anymore for it.....
Me? I'd go with the higher mileage unit, use Edmunds.com to truly appraise it, always use average or good condition, NEVER excellent and depending on the motivation, go for a price between trade-in and private seller...that's usually a FAIR price, not necessarily a great one....besides, gray is exponentially more desirable than black....ugh.....horrible choice on interior colors......
They are both Honda's. Good! They are both Red. Good! They are a popular Honda model. Good! Black interior???? your next buyer is going to be a guy with tats, in school, and blathering on about gettin' his finances together or a woman that doesn't care past the color....and price.......period.....
Go with the higher mileage unit. Edmunds has what I described (not knowing the options) between
This is a 5 speed automatic, red, sport model, 105,500 miles, in good shape.....roughly translated: this car used is worth about $5,000-$6,000 to you....NOT $7,400....of course this varies tremendously in shape, options (sunroof? do they offer that?) , stereo, navigation, etc...but, don't get too wound around the axle on that, that's why I put the $1,000 variance....that's it....even if you are fawning all over it, it's not worth more than $6,500 TOPS to you....I'd push for $5,000....why? It's 7 years old turning 8 this month.....it's just not worth more no matter how much you like it.....make sure the hatch is in GREAT shape and no leaks or squeaks (indicative of a hit).
Good luck....
What do you have against black interior. I love black interior. Best color for kids. Tan gets too dirty too fast. Black interior doesn't get much hotter. Most people I know are in this camp, which is why you don't get black until a higher trim level.
I can't imagine how either of the alternatives is better than what you have now. Paid for, more room, you don't drive enough for gas mileage to be a factor.
You must have your reasons, but it would take a lot for them to make sense to me.
What do you have against black interior. I love black interior. Best color for kids. Tan gets too dirty too fast. Black interior doesn't get much hotter. Most people I know are in this camp, which is why you don't get black until a higher trim level.
Black interiors suffer from deductions depending on car. High-end sedans, sport cars benefit. Average sedans, don't. Fact, not fiction. Black is a HORRIBLE color for kids minus fluid spills. Anything outside of colas CONTRAST the fabric, not complement it.
Leather fairs better IF you wipe it up immediately. Again, black at HIGH trim levels and HIGH cost models work......F-150 XL's, don't. Chevy jelly-bean sedans, don't. Black is ROASTING hot in the summer, in leather it scalds. Also, when you throw black interior with black plastics, black wheels its just downright depressing. It's dated. There's a reason more muted colors rule.
But, as always, to each, his own.
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