Sell now or later?


mcleanap
09-15-2013, 06:51 PM
Of course, no one can tell you when the best time is to sell your vehicle, but I am hoping to get a few opinions on our situation.

We bought a 2007 Honda Pilot back in May 2010. We're currently paying off that loan and have about $9500 left with 20 payments left. Judging by autotrader.ca I am guessing we could get at least 11K or 12K from a sale, either trade in or private. A friend traded their 2006 Honda Pilot in last month for 10K.

We love the Pilot...gives us lots of room for the 2 kids and dog, but we have had some issues with it this past year. The A\C needed repair to the tune of $500, and soon after the radiator sprung a leak, and needed to replace that.

In addition to that, we do travel back and forth to visit family about 10 times a year, and that's about 1000 km each trip....so the fuel costs add up.

So, we're at that stage of deciding if we should sell/trade in, and get another more fuel efficient vehicle. Our dog is getting up there in age, and although she only rides with us on family road trips, I would hate to buy a vehicle for this need when she won't be around much longer anyway. A wagon is an option I guess.

My biggest question is when to sell though. Should we sell now, and get a few grand from it, then get something more fuel efficient, or drive it until the loan is paid off in 20 months. I guess at that time, I would probably get less for it, but more net value to use on another vehicle.

Any opinions?

Sorry for the long post.

fredjacksonsan
09-23-2013, 12:37 AM
...

We love the Pilot...gives us lots of room for the 2 kids and dog, but we have had some issues with it this past year. The A\C needed repair to the tune of $500, and soon after the radiator sprung a leak, and needed to replace that.

In addition to that, we do travel back and forth to visit family about 10 times a year, and that's about 1000 km each trip....so the fuel costs add up.

...


Well....my first though:

You love it and it fits you well.

How about a couple different viewpoints:

Practical standpoint: keep the Pilot while you have the dog, then trade later.

Financial standpoint: Pay off the loan first and as quickly as possible, then you have more room to maneuver for the next vehicle.

Fuel economy standpoint: If this is your primary concern, then the Pilot isn't the best vehicle (Subaru wagon maybe?)


As far as the maintenance costs, if you trade right away you are just wasting the $$ you just put into repairing the things that got fixed. If the rest of the vehicle is sound, then you've just taken care of something that goes bad every 7 years, and are good to go for awhile. But if you have concerns that it's going to let you down, then for peace of mind (and finances allowing) a new vehicle might be the best option.

It's always a thorny question, isn't it? You are concerned about fuel costs, so obviously the money end of it is important. That points to having it paid off before you make a move.

Sorry for the long windedness, I'm not on here much lately so am getting in my posts while I can. :lol2:

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