CRV--Trade In?

[indysteel]

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.

[Tuckervill]

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

[Aggie_Ama]

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.

[Mr. Bloom]

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!

[pll]

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

[wannaduacentury]

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!

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. Jenn

I wouldn't mind having a Jeep for fun though

[Mr. Bloom]

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

[Tuckervill]

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

[Zen]

Credit unions are good

Karen

+1
(but keep your car)

[pll]

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!)

[ibcycling]

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!

[Mr. Bloom]

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.

[sundial]

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.

[elk]

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

[Mr. Bloom]

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!!!

Wow! 5.5 cents per mile plus gas? That's a heck of a deal!