Should I sell my 2006 Civic EX?

[ohmide]

In August I'll be taking a 1 year job in China so I won't be using my car at all. It currently has 4000 miles on it and is in brand new shape. I live very close to work so I just biked in all of the time, thus the low miles. I paid around $21 out the door and am fairly confident that I could get around $19-20 because of the low depreciation. I'll probably end up coming back to the US after my year stint but there is a small chance that I'll stay for a second year.

If/when I came back I would probably just see about getting a used Toyota, Fit, or maybe the new Smart Fortwo.

The only factors that are against this plan are:

1) Calculated out, this is the highest HP to MPG ratio 140hp/28mpg(My own city average), so any of the other econoboxes would be me losing HP to get the same MPG.

2) It's just a lot of trouble posting the car, taking peeps on test drives, and all of the paperwork.

3) I kinda stupidly purchased the Hondacare warranty that covers me for 7 years as opposed to the regular 3 years. I also purchased the 5 year tire coverage which I have already used once...so for car "trouble" this car is covered for a long while. This helps out because when I returned to the states I would be going to grad school for 2-3 years and would not have a stable, "real" income.

The main factors for the plan are:

1) I would have 20K in a stashed CD making 5.5% so more money making rather than having a depreciating item

2) The car I would buy to replace this would be give/take around 15K, so that's 4-5K more in my pocket.

 

[MrChad]

How much will it cost you in insurance and car payments to keep?

 

[ohmide]

I would be taking off the comprehensive because it would not be driven so it would go down to $60 per 6 months making it $120 per year for a garaged car.

 

[MrChad]

Originally posted by: ohmide
I would be taking off the comprehensive because it would not be driven so it would go down to $60 per 6 months making it $120 per year for a garaged car.

No car payment?

 

[Arkaign]

Sell it, that way it's done with and you can have peace of mind until you go shopping again. As you noted, your depreciation on the vehicle will be about as small as possible, Civics are in high demand, and they hold their value extremely well.

 

[ohmide]

Originally posted by: MrChad

Originally posted by: ohmide
I would be taking off the comprehensive because it would not be driven so it would go down to $60 per 6 months making it $120 per year for a garaged car.

No car payment?

None. I paided it all off.

 

[Capt Caveman]

Sell it. Have fun!!!

 

[R Nilla]

Sell it. It's already paid off so you can probably recoup most of what you paid for it and not take a depreciation hit from it just sitting in the garage. One of the dealerships in my area is trying to sell a 2006 Civic EX with 20k-30k miles for the MSRP of a 2007.

I'm sure having an extra ~$20k while living in China won't hurt either.

 

[Dudewithoutapet]

Sell it, you can always get another one, or get a new car. Also, a year from now something new might catch your eye and you will be able to put money towards that if you want. Otherwise, make that 5.5%. Like R Nilla said, more moeny for China too.

 

[ohmide]

Cool beans, thanks for that feedback guys. Sell it is

 

[spigot]

Just FYI in case you didn't already know, Honda Care is transferrable for a fee..I think it's $50 or so. Worth mentioning to a potential buyer.

 

[randomlinh]

sell it, get the used car when you come back.. or just get another new car if you want. I have the new car thing out of my system now. So that won't ever happen again, I get too depressed thinking about how much it costs to count new paint chips every time I wash my car

 

[ohmide]

Here's a related question; how much should I sell it for? KBB exact? Whoever buys it will be getting a bonus becasue of the transferable Honda Care.

 

[NutBucket]

As much as you can. As you said, you've got the warranty and everything so KBB should be your LOWEST starting point. Always start high; hell you've got a great product to sell in excellent condition.

 

[A5]

I'd start with the edmunds TMV price for your area, maybe a little higher.

http://www.edmunds.com/tmv/used/index.html

 

[Alex]

i say sell it and the extended warranties will help you ask for a little more.

you might end up staying for 2 years and either way you sell your car at an almost negligible loss which is awesome plus when you get back you'll have the extra money from the investment to get a new car which will have new warranties

do it!