depreciation of a car? - Chicagoland Sportbikes
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post #1 of 35 (permalink) Old 04-01-2008, 08:37 PM Thread Starter
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depreciation of a car?

Hey guys, I currently have a 2000 honda accord w/170k otherwise near-perfect condition. Kbb sets its value somewhere between the $5,515 and $6,095 range.

How much value do you think the car will lose in 6 months? a year?

TIA

- Steve
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post #2 of 35 (permalink) Old 04-01-2008, 08:38 PM Thread Starter
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almost forgot, this is assuming It's not driven at all during that time frame

- Steve
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post #3 of 35 (permalink) Old 04-01-2008, 08:40 PM
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why don't you see what the bluebook value of the 1999 model is assuming they have all the same options and condition might tell yeah how much depreciation you will get with your car.
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post #4 of 35 (permalink) Old 04-01-2008, 08:42 PM
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with 170k will a few more mile really make a difference?

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post #5 of 35 (permalink) Old 04-01-2008, 08:42 PM Thread Starter
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Originally Posted by Crazy Train View Post
why don't you see what the bluebook value of the 1999 model is assuming they have all the same options and condition might tell yeah how much depreciation you will get with your car.
i s'pose...they changed the accord around in 98, correct?

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with 170k will a few more mile really make a difference?
I would've put close to 20k on it within a year, assuming I keep it/can drive

- Steve
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post #6 of 35 (permalink) Old 04-01-2008, 08:48 PM Thread Starter
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shite, here's 99 and 00 in order perfect, good, fair cond. (mine being almost perfect, kind of middle)

2000(170k mi)= 6,095; 5,515; 4,755
1999(170k mi)= 5,400; 4,865; 4,180
1999(190k mi)= 5,225; 4,690; 4,005

Lot of money to lose(for me at least lol)..sucks that the economy is goin in the shitter and it'll be harder to sell

- Steve
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post #7 of 35 (permalink) Old 04-01-2008, 08:53 PM
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I'm confused. Why are you trying to figure this out?

Those prices also seem high for an accord with 170k on the clock.

Go on ebay and look at the prices for similar cars with less miles. Also look on KBB and read the definitions of perfect, good, and fair

Eric

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post #8 of 35 (permalink) Old 04-01-2008, 08:55 PM
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Quote:
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\

Lot of money to lose(for me at least lol)..sucks that the economy is goin in the shitter and it'll be harder to sell

The economy doesn't really effect high mileage used car sales.

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post #9 of 35 (permalink) Old 04-01-2008, 09:01 PM
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It's got 170k on it...Only a long time previous Honda owner would ever pay anywhere near KBB money, and I don't think the range they gave is an accurate representation of what you would get for that car. KBB is notorious for giving high numbers on cars like yours. It's 8, maybe 9 years old, depending on the production date.

As I've told 100's of customers in the past, it will never be worth more than it is today. Holding onto it for another year will not be to your benefit. Sure that extra time will help to bring the average miles per year down, but it'll still be a 9 year old car with 170k on it.

Your exact question is almost impossible to answer because no one can know the value of your car a year from now, until a year from now.

My question would be, why would you even want to hang onto it for a year and not drive it?

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post #10 of 35 (permalink) Old 04-01-2008, 09:24 PM Thread Starter
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Originally Posted by Maynard View Post
I'm confused. Why are you trying to figure this out?

Those prices also seem high for an accord with 170k on the clock.

Go on ebay and look at the prices for similar cars with less miles. Also look on KBB and read the definitions of perfect, good, and fair
thats what similar ones are going for. this one is 'fancy' too lol. fully loaded pretty much, almost everything on it in near perfect condition. Engine is clean and strong, doesnt leak at all. Only cosmetic issues are a few small nicks from rocks on the hood, and a scratch on the bumper from a snowbank, well icebank i suppose lol.

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post #11 of 35 (permalink) Old 04-01-2008, 09:26 PM Thread Starter
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Originally Posted by JayHRC51 View Post
Your exact question is almost impossible to answer because no one can know the value of your car a year from now, until a year from now.

My question would be, why would you even want to hang onto it for a year and not drive it?
Because I am going to have to try and convince my mom to just let me sell it....got in trouble with tickets and such and if i was strapped way too tight before for cash, imagine the stress this MFer is putting on me now.

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post #12 of 35 (permalink) Old 04-01-2008, 09:27 PM Thread Starter
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Originally Posted by Dr. D View Post
The economy doesn't really effect high mileage used car sales.
oh, I guess i should have thought about that, but good either way then

- Steve
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post #13 of 35 (permalink) Old 04-01-2008, 09:31 PM Thread Starter
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Posted because I was writing down all the reasons I could think to NOT keep this car. It's just a pain in my ass and stresses the hell out of me.

sorry it is probably long and redundant in a lot of spots, not too happy while i figured everything out..


Quote:
Cost analysis: $5500 2000 Honda Accord
Costs per month: 253.81(car payment), 230(insurance) = 483.81/month, not including gas!
Cost per day*: $8.50-car, $7.66-insurance.
Total Cost per day*-$ 16.12
Average Commute to work – 1.5 miles 1 way
Average Commute to School – 9 miles
Miles driven-
Monday: (to/from work 4 times=6 miles)**= 6 miles
Tuesday: (to/from work 4 times=6 miles)**+(to/from school =18 miles)=~25 miles
Wednesday: No driving needed
Thursday: (to/from work 4 times=6 miles)**+(to/from school =18 miles)=~25 miles
Friday: (to/from work 4 times=6 miles)**+(to/from school =18 miles)=~25 miles
Saturday: (75 miles every other week for work=37.5 miles)**
Total Miles driven Per Week(avg)= 118.5 miles
Miles Driven Requiring My Car = 54
AVG daily miles total= 17
AVG required miles= 7.7
Average Gas Mileage=24.5mi/gal
Gas cost per mile = (3.50$/gal)/(24.5mi/gal)= .143 $/mile
Total Cost per mile = [(Ttl cost per day)/(daily miles) + (gas cost per mile)(daily miles)]
Paying now— (16.12/17 + .143)= ($.94824 + .143)=$1.09/mile
DRIVING ONLY NEEDED MILES= (16.12/7.7 + .143)= $2.24/MILE!
In other words…it’s a rip off.
*=assuming 30 days/month
**=miles that I could either A) walk, or B) get a ride
Now to see why having full coverage is an F’in joke! For me at least..
Current car w/full coverage = $2760/year!
Based on this alone, I could pay for my car in approximately 2 years, by just paying for insurance! Not only that, my rates will NOT drop until I am 25, which is 5 2/3 years.

Over the period of 5.667 years, I will pay ($2760/yr)(17/3 years)=a total of $15,640
****The current full coverage price would be $150 per year more if I cannot pay the 1380 every 6 months in full!!!!!!!
In which case, my total insurance payments could range from $15,640 to $17,340 before getting a lower rate.
As an Fyi, if my car is worth $5,515 (kbb.com), I could still save money by having 0 insurance and totaling it 3 times, buying another one each time, within a span of 5 yrs 8 months…which is = once every 1 year 10 months. Most people can last longer than that with a car.
Needless to say, Having insurance, My rates will ONLY go higher if I actually make use of it, and I would be hard pressed to actually total 3 vehicles within less than an avg of 2 yrs each.

My last car (97 saturn sl2) cost me an average of $800ISH per year, or ~$4,500 in 5.6 yrs
- I would save anywhere between $11,140 to $12,840 by 25, or $1,960 a year….WAIT!! whats that?? My Saturn only cost me $1600?? I COULD BUY A ‘NEW BEATER’ EVERY YEAR AND STILL SAVE MONEY!

##**##**---disclaimer-Sure, During a few of those years I may be in college without driving, but this is to just show the MAGNITUDE of how ridiculously expensive it is for me to drive this car.

An added thing..sure, it is a Honda and may be ‘super reliable’ and last forever, but with full coverage (which I HAVE to have on it), it’s costing me a fortune. Hell, I’m pretty much working to pay for my car (my job makes ~700ish a month right now) So maybe I can buy a pack of cigarettes a few times a month…and there goes my spending money!
and apparently Anything done on word looks like crap in a quote lol

- Steve
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post #14 of 35 (permalink) Old 04-01-2008, 10:00 PM
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Yeah, I would get liability on the car if I were you. The only problem you will have then, will be theft . If someone stills it you are screwed, and Hondas are always at the top of the theft list , but as long as you can watch it like a hawk all the time and keep it in a safe place, you could avoid theft . Doing those things is the only reason my bike is still with me today .

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post #15 of 35 (permalink) Old 04-01-2008, 10:04 PM Thread Starter
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Yeah, I would get liability on the car if I were you. The only problem you will have then, will be theft . If someone stills it you are screwed, and Hondas are always at the top of the theft list , but as long as you can watch it like a hawk all the time and keep it in a safe place, you could avoid theft . Doing those things is the only reason my bike is still with me today .

Dont see many thefts out here, and i'm usually locked up in my garage.

Wrote that up during class (forgot my books ) to try and help my parents realize how retarded it is to keep that car..Got a few tickets while already on supervision for others...so I wont be able to drive for at least three months i think it is, no point wasting the money esp. if i dont really need the car. Always got the bike

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post #16 of 35 (permalink) Old 04-01-2008, 10:05 PM
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Whoa dude! You pay $230/month on insurance for a '99 Honda Accord? How many tickets you got?

As for the car, if it is mechanically sound and doesn't cost you anything more than gas and oil changes to maintain, then I would just keep the car and drive it into the ground. If the cost of owning the car is too great (car payments/insurance), then just get rid of it right now and save your pennies for a different car down the road.

Quite frankly, you would be lucky to find someone who will give you $3500 for the car. 170K is a lot of miles, and it doesn't matter if its a Honda or not. If it were me, and I had $5500 to spend on a car, I wouldn't be looking at a '99 Accord with 170K on the clock.

I don't mean to put your car down, I'm sure its just fine and gets from point A to point B without issues, but there are a lot of other options out there for that amount of money.

Best of luck to ya.

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post #17 of 35 (permalink) Old 04-01-2008, 10:16 PM Thread Starter
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Whoa dude! You pay $230/month on insurance for a '99 Honda Accord? How many tickets you got?
..you dont want to know..

I have terrible luck


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Originally Posted by VTEC_EATER View Post
Quite frankly, you would be lucky to find someone who will give you $3500 for the car. 170K is a lot of miles, and it doesn't matter if its a Honda or not. If it were me, and I had $5500 to spend on a car, I wouldn't be looking at a '99 Accord with 170K on the clock.

I don't mean to put your car down, I'm sure its just fine and gets from point A to point B without issues, but there are a lot of other options out there for that amount of money.

Best of luck to ya.
ugh, I figured i would lose some, guess the only way to find out is to see what people will offer on craigslist

too bad i can't haggle really good(let the stepdad talk about the price...mistake lol), and we were on a < 1 week time restraint to get a new car...and the fact that i bought it from a dealer...dammit..

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post #18 of 35 (permalink) Old 04-01-2008, 10:22 PM Thread Starter
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hmm, maybe i'll be lucky? This one has a lot less miles, but it's just the basic model...

http://cgi.ebay.com/ebaymotors/2000-...em260224452053

- Steve
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post #19 of 35 (permalink) Old 04-01-2008, 10:28 PM
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thats what similar ones are going for. this one is 'fancy' too lol. fully loaded pretty much, almost everything on it in near perfect condition. Engine is clean and strong, doesnt leak at all. Only cosmetic issues are a few small nicks from rocks on the hood, and a scratch on the bumper from a snowbank, well icebank i suppose lol.
I'll give you $2500 for it.
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post #20 of 35 (permalink) Old 04-01-2008, 10:35 PM Thread Starter
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I'll give you $2500 for it.
so generous of ya



here ya go, http://chicago.craigslist.org/chc/car/626781390.html have fun, of course i wouldnt want you to test its airbags

- Steve

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post #21 of 35 (permalink) Old 04-01-2008, 10:39 PM
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so generous of ya



Sorry man, you're the one that said you were gonna start taking offers. You better get ready to hear lower than that if you're going to advertise it on CL.

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post #22 of 35 (permalink) Old 04-01-2008, 10:51 PM
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Sorry man, you're the one that said you were gonna start taking offers. You better get ready to hear lower than that if you're going to advertise it on CL.

Truth be told Steve, he's not way off on the price. While it is a Honda and it'll still be a fine car with 200k miles on it, it won't be worth all that much as the cost of maintaining it grows exponentially after about 100k(American cars)-150k(Japanese foreign), less people will be inclined to spend the money on it up front. After you've reached this number of miles if it's in great shape, keep it and drive it into the ground.

You can buy something nice after college.

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post #23 of 35 (permalink) Old 04-01-2008, 10:59 PM Thread Starter
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well shit did we get reamed buying that thing

either way, I obviously wont sell it at a loss of over 50% what i paid for it, even if it is only worth that much.

no offense, I personally dont believe what people are just 'telling' me. Where else would I find a good place to find current prices on one of these? All I can think of is to look on ebay for auctions that are ending.


God damn now i'm pissed ...

- Steve

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post #24 of 35 (permalink) Old 04-01-2008, 11:03 PM
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Autotrader.com

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post #25 of 35 (permalink) Old 04-01-2008, 11:18 PM Thread Starter
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hm, autotrader seems to be all dealers, high price tags

http://www.autotrader.com/fyc/search...pe=mileageDESC

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post #26 of 35 (permalink) Old 04-01-2008, 11:19 PM Thread Starter
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maybe i should wait till 2010 and sell it in mexico

- Steve
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post #27 of 35 (permalink) Old 04-01-2008, 11:21 PM
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Those freaking Honda's hold their value! That may have to be my next choice in a car.

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post #28 of 35 (permalink) Old 04-02-2008, 01:36 AM Thread Starter
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i dunno, you guys must be on crack or something lol

http://www.autotrader.com/fyc/search...pe=mileageDESC

cheapest 2000 accord on cars.com is listed 4,500, cloth interior, no sunroof or cd player even, has 27k miles on mine too...4 grand on autotrader.com for a dx completely basic with an extra 25k miles.


pretty sure that being a honda, even with high mileage, it would not depreciate by a factor of 10 (ex sedan w/leather msrp was 22.3k and invoice was 19k

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post #29 of 35 (permalink) Old 04-02-2008, 08:21 AM
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Posts: 11,408
Location: Bartlett
Sportbike: 955i Speed Triple, 100AE Road King, AP1 Honda S2000
Years Riding: 1/3rd of my life.
How you found us: Cave Johnson
           
Those are dealerships that can arrange financing and will negotiate on the price, a car with 200k miles is NEVER priced as marked.

Steve, you didn't get ripped off, you should look at the intrinsic value of the vehicle. Is it a nice car that's cheap to run and easy to look at? Did you pay a reasonable amount of money for it? Most importantly, do you enjoy owning it? If the answer to these questions is yes, then No, you didn't get ripped off.

You might be able to pull $4k for it, who knows. It is a Honda and they're strange when it comes to resale. If you really want to dump it, spend a solid 10 hours cleaning the interior, waxing/wetsanding the exterior, change the oil and most importantly, buy a set of gauges with 10k miles on them. Boom, $7k in your pocket, time for a Gixxer!

Brian
NESBA #22
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post #30 of 35 (permalink) Old 04-02-2008, 08:45 AM
vroom vroom
 
Join Date: Feb 2004
Location: Peoria, IL
Posts: 2,246
Location: Peoria, IL
Sportbike: '05 Z750S
Years Riding: 10 yrs
How you found us: Katanaplanet
           
Steve, look up the blue book private party value (NOT retail) and you might be able to get within a few hundred of it, assuming things like the timing belt have been properly maintained. I got damn near blue book - required maintenance(timing belt, trans fluid change, ~800) on the 98 Accord that I recently sold for my brother. I sold it on craigslist. I suspect that the prices you listed were retail, given that it's only 2 yrs newer and has so many miles.

-Mike

Last edited by pitbull76; 04-02-2008 at 08:59 AM.
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