3 weeks ago I purchased a new 2007 Civic si coupe. It's a great car but after I bought it I realized I screwed up. I knew a S2000 was the car a really wanted but for a number of reasons I didn't get it, I guess I was trying to be too practical.
So, bottom line is I want to get out of the si & into either a 2006 OR 2007 S2000.
My Si only has 600 miles on it. Do you think it would be better to cut my loses now or wait a year.
This is not the type of mistake I normally make but there was a lot of circumstances behind it. Now I feel sick about it.
Any advice would be appreciated.

 

just wait, you have buyers remorse

 

Your definitely going to lose money either way. If you sell or trade the Si now you will lose more than if you pay on it for a while and then sell or trade depending on your interest rate and amount you put down.
I would just keep the Si and drive it for a couple years.

If you must have a S then do what you must, but whenever you buy new and then sell before 2-3 years your going to lose money.

 

I agree to what is mentioned above. Selling a very 'new' car will make you loose a lot of money. Maybe you can find someone who really wants the Si and make a good deal? Trading it in is not an option imo, you better try to sell it yourself of indeed keep it for a while and sell it then. After all, it's a great car too, don't think the S is that magical thing you really have to have in order to be happy...

 

Keep the Si, it's a nice car. I hope that you got the Navi and all the goodies. In fact, why don't you do something unique like chop the top and make it a convertible. Then you'll have a C2000. ha ha ha.

I was actually thinking about doing that to my 94 Civic EX Coupe back in the day.

 

I think waiting would be a bad idea. If you know for sure that you want an S2000, I say do it as soon as possible. The car only loses value as time goes on... so the longer you wait, the more money you're going to lose for trade in.

Andre

 

[QUOTE=8kGoodENuff,Jun 25 2007, 08:16 AM] I think waiting would be a bad idea.

 

I still don't see it but maybe I'm missing something. I can see what you mean that the initial drop in value is huge (like as soon as you drive off the lot) and then the value of depreciation decreases... I can see that. What I don't see is that if he knows 100% that he wants that S2000 now, why wait for a lower trade-in value when he can trade in now I get more of his money back. The only reason I can see waiting a few years is for the simple fact that you're using the car while it depreciates in value and then after getting it's money worth out of driving it, then sell it... that I can see.

But as far as capital is concerned, it seems that you would get more now than in a few years.

Please comment... trying to get this right... lol.

Andre

 

If you look at hypothetical numbers, this is in no way shape or form accurate, its just to give you an idea of how it could work to his advantage to sell in 3 years:

If he sold today:

1. Bought car for $25,000; Sells car for $20,000 - He now owes $5,000 for the car to finish it off. Buys S2000 for $30,000, borrows an additional $5,000 to pay off Civic. Takes 5-year car loan for $35,000.

2. Bought car for $25,000; Sells car in 3 years for $12,500 - Over the course of the 3 years pays $12,500 on the loan, owes $12,500. Breaks "even" on the sale of the car, can buy MY2011 S2000 for ~$30,000 and take a loan for just the $30,000. Of course, with inflation the car loan might end up being $35,000 anyway. But $35,000 in 3 years would be worth 'less' than it would be today.

I don't know, six of one, half a dozen of the other. Its really up to you. You'd definitely be better off selling the Civic privately though otherwise that $20k resale for the Civic might be more like $15k.

 

Tough call. The Civic Si is a really nice car. However, I see the problem that the OP is having because after 2008, S2000s will no longer be made.

Throw the car up on autotrader.com. Don't trade it in to a dealer because you will get screwed bad.