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Just wanted some thoughts on trading in my 04 CRV, for an 08 CRV.
Current CRV has 92000 miles on it, so I figure it's time to decide to keep car for the long haul or trade him in for a newer model.
As I live by myself, don't really have anyone to truly discuss pros/cons with. My parents fully believe in trading a car in after 75000 miles, so I'm not sure if they are the best folks to listen to;)
Local dealer is offering good deal on new one.
I bought my 05 CRV because my bikes fit in it. Do bikes fit in the newer model CRV's? I love the design of my 05 and am not sure that the redesigned model meets my needs as well. I read that the redesign was to attract young mothers with babies and soccer moms. I recently had to drive a rental Ford Explorer which obviously is designed for soccer moms, I intensely disliked it, my CRV fit my needs much better.
One consideration though is that the later models have side curtain airbags and other safety features that the 04 does not have. That might be a reason for upgrading to a newer model. I waited for the 05 for better safety features.
Does trading for a newer model mean car payments? I chose to to take a loan for my car. I aggressively paid my monthly payments and expect to have it paid off early next year, 2 years early. I can't wait to rid myself of those payments.
Also, around 75,000 - 100,000 cars do have some repair issues and you will have to decide if they outweigh the cost of a new car.
When my Toyota reached the higher mileage range I started making monthly payments to myself. Each month I invested what a car payment would cost me. If something suddenly happened to the car I had back up cash for repairs or a new car. When it came time for a new car my investments were earning at a better rate than the car payment interest so I took a loan and my investments are still intact.
I hope this helps, it's a tough call, for me there's nothing about the 08 that gets me excited about giving up my 05.
Hondas go forever if you take care of them. We had a civic that went 300,000 miles.
I think if you were having trouble with your CRV, you might want to get rid of it. But if it's still doing its thing and you still like it, keep it.
Karen
Your car is only four years old?
I agree with Tuckervill
Thanks for the quick responses!
The issue for me is that I drive my vehicles hard and at massive distances. For instance in October I'm driving to Alabama (from Texas) then the week after that I'm going to south Texas (8 hours south) for a charity ride. A lot of my friends agree that me being in a newer car is probably a better fit for me.
As for the bike fitting....I might just take the bike with me and see if they'll let me pop him in for measurements :) I think it should work, cause the seats fold the same as the 04's and it might be better as the door is lower to the ground.
My other thought is to see the prices of the 07 Elements or CR-V's, same body styling, cheaper pricing, yet no mileage:D
On the flip side, I haven't had an 'old' car since high school. Once I got into college, my parents cosigned a Corolla, then I got the CRV fresh out of college.....it'd be interesting to see what kind of maitenance issues would really come up. Plus, I've never not had a car payment.....
One of the things I hated about the Explorer was having to close the back door. I'm short, could barely reach the handle, the door was heavy and if my hands were full I had to put everything down then close the door. Hopefully, the CRV is easier to manage.
I read the redesign gives up some cargo space but not sure if it's height or width.
Also, I was also told that the type of driving you do is better for an engine than start and stop driving. A low mileage car driven in the city will have more problems than one driven long distances.
Another rule of thumb is not to buy in a new model year. Find out what issues the 07's had and see if they've been resolved.
BtW, a good deal on an 08? I couldn't get a good deal on an 05 in Oct. of 05. They are very popular here.
To quote the salesman, who called at 7 pm after I walked out of the dealershipQuote:
Originally Posted by Kathi
"It's the end of the month and we need to make our sales, name your trade-in value and payments, and we will make it happen"
I just haven't decided if that is really going to be the case....
We agreed on a price, the salesman appeared serious, I thought the deal was for real. He had to approve it with his manager, promised to call as soon as the price was approved. When I requested it in writing, I never heard from him again.
Do you have regular maintenance? Oil changes, tune ups and stuff like that? As long as you're not having any problems why not keep it?Quote:
Originally Posted by TexanCzexican
It's quite liberating. Plus think of the money you would have to donate to everybody's charity rides :DQuote:
Originally Posted by TexanCzexican
Wow, trading in a 4 year old car with so little mileage!?! (the drives you are making are really no big deal to a western car - long distances burn out the carbon deposits and aren't as hard on the car as you might think!) No wonder the dealership is so eager to make a trade!
I had a Honda that was going strong until a tree fell on it when it was 10 years old.
Would you consider keeping it?
I'm with the keep it crowd.....so long as you've kept up on maintenance. Lots of highway miles is far better than some city miles. If you compare repair/maintenance costs to a new(er) car payment on a well-kept honda keeping the older vehicle seems logical for at least another 100,000 miles. Set up a higher interest account and make a car payment to yourself. You'll get the interest on top of it and cash for the next one. It's surprising how quickly that adds up.
If you really just want something new then you're on the tail-end of the last-year's clearances. For trade-in on your own vehicle check out kbb.com to get a good idea on its value. Also check out what similar vehicles are selling for, it may be worth selling it yourself.
My every day car is a 96 pickup. I just had it winterized. I fully expect to get many more miles out of it. I love my little truck.
Maybe it's just me, but I love a new car smell!
Hondas are jst getting broken in at 90k!!!
I drove a '98 CRV with about 128,000 miles on it. There are some slightly more expensive maintenence things you need to do (timing belt, water pump, brake rotor replacement, flush the radiator, etc) around the 120K mark, but the cost of those is less than a couple of car payments on a new one.
If you DO go with a new one, check the Element out- when they re-designed the CRV, they made it nicer inside and somewhat more expensive, thus the creation of the Element to replace the previous CRV that was more "young, active person" friendly.
I drive an '07 Fit now (the CRV is still running like a champ, but it went to Minneapolis in the divorce :p). It's an awesome car as well, but I'm about to drop ~$500 on a roof rack because I don't want to get the inside dirty with my bike (although two bikes will stack in the back with the seats down, no problem)
I agree that you should keep it. Assuming you've kept up on regular maintenance, that car likely has a lot of life left to it. I haven't had a car payment for over a year now and it's awesome. Admittedly, I'm driving an '01sedan that has--get this--only 32,000 miles on it. While it's not the perfect car for my bike, I couldn't justify taking on debt just so my bike had the perfect ride. I have better uses for that money. Like a new bike!
If you do decide to buy a newer car, I would serioiusly consider selling your car by private sale. You could likely get more for it.
If you're making a car payment, you're paying interest. Just the interest put away every month could make a nice repair fund.
I had paid off my Beetle about 5 months before it got hit. I now have a payment on the Element. The Element is now 11 months old, and I already have 34,000 miles on it, mostly because I took two 5,000 mile trips this year. I hate having the payment, and I will pay it off long before the terms. I expect this car to go much much longer than the financing (although for me that's not so many years as miles).
I can't think of a better vehicle for bikes! The CRVs we looked at when we were shopping for the E didn't have near the cargo space, and there was carpet to get greasy. I love the E. I would have liked a Fit but my hubby doesn't FIT in a Fit. lol.
The only other thing is, once you drive it off the lot, you're driving a used car anyway. Go with the one you know.
Karen
I agree with the keep it crowd. If you are not having major issues at 90k, I don't see the wheels falling off any time soon. I have several friends that are certified mechanics and they said there is no reason cars these days should have major failure at 100k, 150k or 200k if maintained properly. My brother has 180k on his truck, finally had to rebuild the engine at 175k. My father in law has 230k on his truck and has only had to repair the AC! I believe the 75k thinking (my parents have it) comes from the older cars of the 70's and 80's that just didn't last that long.
I absolutely love new cars and get itchy after having one over two years but I am trying to break myself of that. If your reasoning is the miles, I just don't think you should worry. Car payments suck, I was looking forward to not have one on our truck but that is my sob story.
Keep It! Just plan accordingly for the expense of ongoing repairs (which will be lower than average for a Honda) and I guarantee it will be cheaper than the depreciation on a new car.
I'd challenge you to put the equivalent of a new car payment into savings every month...pay your maintenance and repairs from that pool...and then see what you have in four years!
I have a '97 Lexus with 136,000 miles on it. Silver has a '98 Toyota with 135,000 miles on it (and a cracked windshield). Silverdaughter has a '95 Jeep with 95,000 miles on it. My '69 Benz has at least 216,000 miles on it (the odometer didn't work for 20 years...).
As you can tell, I don't believe in new cars!:D
I agree with the keep and save the equivalent of a car payment crowd. But, if you go for a new car, explore financing through a bank loan and negotiate on the cash value of the car, not your payment. Figure out what interest rate they are offering you... Some rates for reference: http://www.bankrate.com/brm/rate/auto_home.asp
That's us too- We love older cars and dh does a fine job keeping them up-with my help in some areas :) Honda and Toyotas go 4 ever and right now my 20 yr old Saab 900 and 1994 Volvo 940 do the job fine. The 940 has almost 200,000 on it and I drive it appx 300 road miles a week. I bought an 81 tercel back in the summer and now sil will be driving it- working on masters. Car runs great. dh replaced the fuel pump & carbeurator. Needs new tires. ready to go on the road. I've had 3 other Toyotas(corollas & camry) and my parents have Hondas- no complaints on either. Just pay them off and drive them. JennQuote:
Originally Posted by Mr. Silver
I wouldn't mind having a Jeep for fun though
:rolleyes:
We have a three car garage, but absent the Mercedes which is kept elsewhere, I think our bikes in the garage are more valuable than the cars:D
What PLL said is true, too. Always take your own financing into the dealership. Make the deal as a cash sale, so they don't muddy the water with the financing. After you've made your best deal, THEN give them a chance to present their financing, all the time having your own financing in your back pocket.
Credit unions are good, and I have always had good luck with Capital One Auto Finance.
Karen
+1Quote:
Originally Posted by Tuckervill
(but keep your car)
I may be prejudiced against car sales people, but... they can play so many games with the financing terms: not disclosing the cash price of the car, interest rate, number of months... If you go the new, financed, car route, don't be afraid of playing with your spreadsheets. If you PM you email address, I'd be happy to send you an Excel spreadsheet and/or explain the formulas. (As for myself, I've only bought new once and paid for it in full when I bought it, but when I was shopping, I had my laptop at hand!)
You could just send your CRV to me. ;) We're looking for a good gas mileage car to replace the V-10 Dodge pickup. I wouldn't mind looking at an E but dh will have none of it. Unless you're just rolling in the dough and need a place to spend it keep the one you've got. 90,000 is nothing for mileage, especially if it's road miles. Just think of the bike and gear you could buy with those monthly payments!:D
the interest rate on the used car loan will be higher than a new car rate.
However, the cost of depreciation on the new car will far outweight that of a 2-4 year old car. I still think that the cost of ownership will be cheaper with the dependable used car...even at a higher interest rate.
I agree with Mr. Silver. :)
I had a first year CR-V with close to 200,000 miles on it when I bought my next SUV. The only thing that died was a couple of light bulbs and a fan for the a/c. I did the annual maintenance stuff and I know that kept it in tip top shape.
The reason I traded? I fell in love with the Element. I could haul larger paintings in it that I couldn't load into the CR-V. :)
If you are going to purchase another Honda, I would consider a gently used 07 model (the 08's should be out now) with an extended warranty. And it definitely pays to shop toward the end of the month when dealers are trying to meet their quota.
Good luck and let us know what you decide. If you get an Element, pics are a must. :p
hmmm...one of the detractors. I had a civic wagon from the last year they made it. I had it for 5 years and only put about 9000 miles on it. I traded it in for 500 less than I paid for it!!!
I now have a Forester that I hope to keep until the end becasue I love it so.
Older CRVs are popular; the dealers want them.
Point being that --knock wood -- I have never had to deal with break downs or expensive repairs.
Plus, I'm all for the newer safety specs.
DH has an 06 Element (they've been around since 03 I think) and it's a pretty super box. We can fit the 2 bikes in the back. If you want a rack you need to get a hitch.
elk
Wow! 5.5 cents per mile plus gas? That's a heck of a deal!Quote:
Originally Posted by elk
I was shocked myself....but hey, I didn't argue! Maybe it was because they were out of production?
Keep it! Keep it!
My bias: :rolleyes: I have an '05 CR-V with barely 37,000 miles on it (bought it used nearly 2 years ago with 18K on it). I LOVE IT!