Shocked at the value of our cars...
#1
Shocked at the value of our cars...
Yesterday I was able to go to the 2006 Sacramento International Auto Show. At the Honda area, they had a new Civic Hybrid. Let me just say for the record that I love the new model even more now. So on the way home I got to wondering just what I could get for my car if I were to sell it so I could get the new model.
I checked the Kelly Blue Book website and was shocked to find that the Private Party pricing for my car is $22,175! I only have a little more than 3,100 miles on my car so far. But still that means that my car is worth more now than it was brand new! I bought it for the MSRP of $20,900 (I got them to throw in the 7yr/100,000 mile $0 deductible extended warranty).
I also checked some classified listings online and found a dealer down in Torrance selling an '05 with about 6,000 miles (about twice the mileage of mine) for $25,995!!!
It's just astounding that the value of these cars has increased so dramatically. Is this due to the ever increasing cost of gas that these are becoming so popular?
-Ryan W.
I checked the Kelly Blue Book website and was shocked to find that the Private Party pricing for my car is $22,175! I only have a little more than 3,100 miles on my car so far. But still that means that my car is worth more now than it was brand new! I bought it for the MSRP of $20,900 (I got them to throw in the 7yr/100,000 mile $0 deductible extended warranty).
I also checked some classified listings online and found a dealer down in Torrance selling an '05 with about 6,000 miles (about twice the mileage of mine) for $25,995!!!
It's just astounding that the value of these cars has increased so dramatically. Is this due to the ever increasing cost of gas that these are becoming so popular?
-Ryan W.
#2
Re: Shocked at the value of our cars...
I am shocked as well. As much as I love my car, I am seriously considering selling my HCH and replacing it with a 2006 Civic LX. I paid $19000 back in April 2005. If I could get a price close to the KBB price, I would part with my car on a purely financial basis. With the driving tips I've learned on this board and scangauge tool, I am confident that I could consistently get low 40MPG out of one of the new Civics.
Anyone else having the same thoughts of trading in/selling their HCH?
Anyone else having the same thoughts of trading in/selling their HCH?
#3
Re: Shocked at the value of our cars...
Originally Posted by Eskrimast1
I am shocked as well. As much as I love my car, I am seriously considering selling my HCH and replacing it with a 2006 Civic LX. I paid $19000 back in April 2005. If I could get a price close to the KBB price, I would part with my car on a purely financial basis. With the driving tips I've learned on this board and scangauge tool, I am confident that I could consistently get low 40MPG out of one of the new Civics.
Anyone else having the same thoughts of trading in/selling their HCH?
Anyone else having the same thoughts of trading in/selling their HCH?
#5
Re: Shocked at the value of our cars...
Well I guess that says to everyone what "$3.00-Plus Per Gallon" will do for the Hybrids trade in Value; Huh?????
Gas here in Nashville; Tn. and Franklin; Tn. is still as of Friday evening $2.23 gallon for 87 octane. May be less come Monday morning.
Terry
Gas here in Nashville; Tn. and Franklin; Tn. is still as of Friday evening $2.23 gallon for 87 octane. May be less come Monday morning.
Terry
#7
Re:KBB is always too optimistic.
KBB is always waaaay too optimistic.The NADA guide which gives a big range gives a better idea. CA is a special case-high gas prices,hov lane access,and high green quotient,so it probably has the best used prices on hybrids in the USA.
For some reason HCH folks seem to be a bit more fanatical than Prius folks,not sure why.You can buy a new Prius-2005-on Ebay for $23500(with side curtains but few other options) or so.Why would anyone even consider paying >$22,000 for a used 05 or earlier HCH which on paper is inferior in all respects?You would probably have to ship the Prius-$1000-but you would have full warranty on a "better" vehicle.
On a trade for a 2006 HCH dealers won't give you $20000 trade in unless they are charging waaay over MSRP.No dealer will trade you a 2006 HCH for your 2005+$3000.They aren't stupid.Still,you will do much better than average ,even on a trade in.Depreciation on hybrids bought pre Katrina has been much less than average.Charlie
For some reason HCH folks seem to be a bit more fanatical than Prius folks,not sure why.You can buy a new Prius-2005-on Ebay for $23500(with side curtains but few other options) or so.Why would anyone even consider paying >$22,000 for a used 05 or earlier HCH which on paper is inferior in all respects?You would probably have to ship the Prius-$1000-but you would have full warranty on a "better" vehicle.
On a trade for a 2006 HCH dealers won't give you $20000 trade in unless they are charging waaay over MSRP.No dealer will trade you a 2006 HCH for your 2005+$3000.They aren't stupid.Still,you will do much better than average ,even on a trade in.Depreciation on hybrids bought pre Katrina has been much less than average.Charlie
Last edited by phoebeisis; 11-13-2005 at 02:30 PM.
#8
Re: Shocked at the value of our cars...
My 2004 HCH has crossed 50K miles. Given it's almost 2 years old I checked the Kelly Blue Book to see how it is holding up. http://www.kbb.com/kb/ki.dll/ke.kb.sp?kbb&&&usedCars;slp
I bought my car for about $18,500 and now it's listed at $16,500, about $2,000 difference.
I did a comparison with its nearest sister, a similarly equipped Civic EX. That similarly equipped EX went for about $17,300 at the time.
Kelly lists the same car at $13,300. Both cars @ 50K miles, excellent condition.
HCH depreciation is about $2,000
EX depreciation is twice at about $4,000.
If the Hybrid is inflated, then the EX is also, and the hybrid version of the Civic is holding its value twice as well as its non-hybrid version.
(Private party sales)
I bought my car for about $18,500 and now it's listed at $16,500, about $2,000 difference.
I did a comparison with its nearest sister, a similarly equipped Civic EX. That similarly equipped EX went for about $17,300 at the time.
Kelly lists the same car at $13,300. Both cars @ 50K miles, excellent condition.
HCH depreciation is about $2,000
EX depreciation is twice at about $4,000.
If the Hybrid is inflated, then the EX is also, and the hybrid version of the Civic is holding its value twice as well as its non-hybrid version.
(Private party sales)
#9
Re: Shocked at the value of our cars...
Originally Posted by Hot_Georgia_2004
My 2004 HCH has crossed 50K miles. Given it's almost 2 years old I checked the Kelly Blue Book to see how it is holding up. http://www.kbb.com/kb/ki.dll/ke.kb.sp?kbb&&&usedCars;slp
I bought my car for about $18,500 and now it's listed at $16,500, about $2,000 difference.
I did a comparison with its nearest sister, a similarly equipped Civic EX. That similarly equipped EX went for about $17,300 at the time.
Kelly lists the same car at $13,300. Both cars @ 50K miles, excellent condition.
HCH depreciation is about $2,000
EX depreciation is twice at about $4,000.
If the Hybrid is inflated, then the EX is also, and the hybrid version of the Civic is holding its value twice as well as its non-hybrid version.
(Private party sales)
I bought my car for about $18,500 and now it's listed at $16,500, about $2,000 difference.
I did a comparison with its nearest sister, a similarly equipped Civic EX. That similarly equipped EX went for about $17,300 at the time.
Kelly lists the same car at $13,300. Both cars @ 50K miles, excellent condition.
HCH depreciation is about $2,000
EX depreciation is twice at about $4,000.
If the Hybrid is inflated, then the EX is also, and the hybrid version of the Civic is holding its value twice as well as its non-hybrid version.
(Private party sales)
Civic was MSRP at $19,275.00 Plus all the adds that I just mentioned and the trade in on the 06 HCH was ($15,500.00) so I would have to agree with you on which vehicles are holding there value more (To-Say-The-Least).
The 05 Civic I just traded even had the (Honda Special Edition) Custom Leather Interior installed in it. $1,100.00 Dollars
The plus side to all of this for me thankfully was that I did at least get a "Healthy Discount" on the 06 HCH from (Gary Force Honda) in Bowling Green Ky.
I am sure that all of you remember the story on the "Next-Door-Honda-Dealer" to me (Darrell Waltrip Honda) and how that went in comparision to Gary Force Honda.
Hybrids I think are going to be the Future if we like it or not. Pay now or later but you will pay. (IMO)
Regards;
Terry
BTW: For what it is "Worth", I'm glad I signed up: