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Date: Sun, 6 Jul 2008 10:52:20 -0500
From: "Elle" <h...@s...net>
Newsgroups: misc.invest.financial-plan
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Subject: Re: Economics of retaining an older car, versus a buying a new car
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"Bhoot Nath" <d...@y...com> wrote
Re replacing a 1996 Civic, 180k miles, original and sole
owner:
> Now the civic paint is peeling, and a cheap repainting at
> Maaco is
> estimated at $800. The car will hit 180K miles in a few
> weeks, and is
> due for the major maintenance + the timing belt + water
> pump stuff
> that is done at every 90K miles. All of this is estimated
> to be about
> $1500.

Hi, original and only owner of a 91 Civic here, 204k miles.
Runs like a top, but except for alignments, I personally
maintain it with TLC. I recommend posting your query to
rec.autos.makers.honda and alt.autos.honda. I read and post
at these groups regularly. The regulars are very helpful and
have great experience. For now: The $1500 estimate above is
quite a bit on the high side high. Was this a Honda
dealership estimate? Have the shop that did this estimate
break it down for you by parts and labor. Then get an
estimate from a non-dealer import repair shop for the same
work.

> I estimate tires and brakes also, probably within a year,
> for
> another $700 or more. So, within a year, it will add up to
> $800+1500+700 = about $3000.
>
> The car is probbaly worth 3500

I have been shopping for an older Honda for a friend.
Everyone selling and with any smarts uses www.kbb.com. It is
your best online resource for pricing used cars.
www.edmunds.com prices cars much lower, for some reason.
Craigs List and newspaper ad prices are consistent with
KBB.Com

You know this car well and have a maintenance history on it.
What I am finding with used cars is that, unless one buys
from a dealership (paying more!), it is usual for used cars
for sale to have multiple owners, flawed titles, and no
maintenance history to turn over. E.g. odometer tampering,
accidents, filthy inside and out, etc. Gosh knows how they
have been maintained. If the choice is between getting a
lower mileage, newer used car and keeping this one, from
what I know of Hondas (read: religious belief in their
reliability) I think you are far better off keeping this
one.

A few other things you want to consider before making this
decision: Does the car handle well? Specifically, does the
suspension seem sound? If driven on salty roads etc. in
winter, what people generally see is that the suspension
needs rebuilding, especially replacing bushings and ball
joints. Now this could add up. If not driven on salty roads
and it drives well, I would not be concerned about this.

Economics wise, unless you simply like driving a newer
better looking car, I would rule out looking for a used car,
do the maintenance on this one, and figure it will last you
5-10 more years pretty easily.

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