Should I trade in my car?

Carol1862

Recycles dryer sheets
Joined
Dec 9, 2016
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We have a 2019 Honda CRV, 55k miles in very good shape. I love the model and our local Honda has always been excellent to work with. (We’ve owned 4 Honda’s) Recently a neighbor came home with a 2022 brand new CRV. They said they went to do a routine oil change and spoke to them about turning their car in for a new one. Got us thinking.

They are offering about $1000 less than the KBB states it’s worth in trade in value. We’re ok with that. We’re negotiating a price for new model that we’d reserve. It’ll be ready in 8 weeks. It would cost us $12,000 complete (tax, plates etc)

55,000 miles and 3 years old is making this sound like a decent offer. We’d pay cash.

Love your opinions. Thank you!!
 
If you are trying to "blow that dough" then go for it but otherwise I can't think of a reason to get a new vehicle.
 
Is the 2022 CRV the same generation as 2019? To me, 55k miles is low for a Honda..but then again, $12k to get new one is pretty good. Tough decision.
 
A part of me says... if you want it and can afford it... why not?

But that is coming from a guy with two well-maintained 2016's in his garage with no plans to upgrade them... one has 90k miles and the other 55k miles... they are both in very good condition and run well and we tend to drive our cars until the wheels come off.
 
When I traded my 2020 VW Tiguan SEL the dealer gave me $7,000 OVER KBB. I walked out with a 2022 Tiguan SEL RLINE (TOL) for the same lease payment. That was 1 month ago, no brainer for me. Tell them you want more for it.
 
We have a 2019 Honda CRV, 55k miles in very good shape. I love the model and our local Honda has always been excellent to work with. (We’ve owned 4 Honda’s) Recently a neighbor came home with a 2022 brand new CRV. They said they went to do a routine oil change and spoke to them about turning their car in for a new one. Got us thinking.

They are offering about $1000 less than the KBB states it’s worth in trade in value. We’re ok with that. We’re negotiating a price for new model that we’d reserve. It’ll be ready in 8 weeks. It would cost us $12,000 complete (tax, plates etc)

55,000 miles and 3 years old is making this sound like a decent offer. We’d pay cash.

Love your opinions. Thank you!!
I trade in for a new car at least once a year so I'd say go for it. But I typically find what I want on the show room even if I have to drive a hundred or more miles to get it. (or your dealer will find your match on another dealers lot and have it shipped to his.) I've done it both ways.

Two points...

(1) Tell them they are offering below KBB on your trade, and see if they will come up on their offer. It always works for me. (2) Good luck getting it in 8 weeks. Almost all orders are taking longer than the dealer is quoting so be prepared to wait. I know some guys on some of the car forums I frequent that have been waiting over 6 months. (But maybe Honda's are different)
 
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It doesn't sound like you have an urgent NEED for a new car. If that's true, then it's a matter of what you want, not what you need.

Is a new car high on your list of priorities? Or are you saving for anything else right now (retirement? second home? college expenses? boat? travel? anything else?). If it was me, I'd meditate on all this and figure out if the new car is really what you want to spend your money on right now, more than anything else, or not.
 
I agree that you can probably get the dealer to give more trade-in value. Since you do not *need* the new car, see how much the dealer wants to sell the new one and sweeten the offer for you to purchase. Nothing lost, you are in the driver's seat (bad pun.....).
 
To answer your questions, we have been retired a decade and are in our mid-late 60’s. We are financially able to pay cash. We are past college and weddings. Now it’s grandchildren and paying for trips to see us (we retired to a warmer climate) and other fun things like cruises,etc. We own our home.
 
I'd get an offer for your current car from Carmax. You could be a lot of money ahead and it is a simple transaction. Dealers are not all crooks, but enough of them are that it pays to shop around.
 
I like new cars. For $12K, I’d probably jump on it, but I’m bias. However, as has been pointed out, I think you can get more for your trade it.
 
It's not what they're offering you for the ole CR-V. It's the difference between the new and old vehicles that matters. That brings what are they wanting to sell you the new one for into the equation?

The 2023 CR-V is going to be a completely new generation vehicle. That means it's going to be an improvement in ride vs. the last generation which was criticized for. And the new model will most likely a little larger vehicle. But if you're going to buy any new Honda, by all means get the hybrid engine version.

I'm on my second Toyota hybrid--a new Venza. And it's getting 42.5 mpg and is bulletproof mechanically. I've owned a couple of SI's and still have a Lexus IS. Our daughter has a new Accord hybrid, and she loves it.

These are difficult times in the automobile business. I've always made great buys on purchasing cars/trucks, but I'm not going to pay over MSRP. What's nice is that a 2019 with 55K miles has plenty of life left, and you can wait out the market into getting reasonable on prices. Good luck on making the proper decision.
 
If the 2019 has the 2.4 L engine and the 2022 has the 1.5 L engine, there's no way I'd trade the 2019 for the 2022. If you do decide to give up the 2019 anyway, then you may as well wait for a 2023 at this point.
 
Thank you for some excellent insights. Things we never would’ve thought of. A lot to mull over. I knew I could count on the forum!!
 
You could probably get more selling a car (or bike) in a private party deal.
But trading is a lot easier. And no need to deal with the lowballers, and crack heads of Craigslist.
 
Get an online offer from Carvana. Easiest sale I ever did at a very good price.
 
It doesn't sound like you have an urgent NEED for a new car. If that's true, then it's a matter of what you want, not what you need.

Is a new car high on your list of priorities? Or are you saving for anything else right now (retirement? second home? college expenses? boat? travel? anything else?). If it was me, I'd meditate on all this and figure out if the new car is really what you want to spend your money on right now, more than anything else, or not.

+100

Why get rid of a 3 year old car in good shape? All you're doing is paying for the steepest portion of the depreciation curve.

Financially, it doesn't make sense.
 
+100

Why get rid of a 3 year old car in good shape? All you're doing is paying for the steepest portion of the depreciation curve.

Financially, it doesn't make sense.


This is the kind of seller I want to buy from private party. Low miles. :D
 
Doesn’t KBB have the option to get an offer to buy when you get a quote? I’d take thst offer or get one from Carmax, etc and get a better trade in value
 
I've found through experience never to buy something "because it's a good deal" unless you need it.

Your 55K car is just about broken in by now! If you like it, I'd keep it. It should likely go 250K. Do what you like, of course, because YMMV.
 
We have a 2019 Honda CRV, 55k miles in very good shape. I love the model and our local Honda has always been excellent to work with. (We’ve owned 4 Honda’s) Recently a neighbor came home with a 2022 brand new CRV. They said they went to do a routine oil change and spoke to them about turning their car in for a new one. Got us thinking.

They are offering about $1000 less than the KBB states it’s worth in trade in value. We’re ok with that. We’re negotiating a price for new model that we’d reserve. It’ll be ready in 8 weeks. It would cost us $12,000 complete (tax, plates etc)

55,000 miles and 3 years old is making this sound like a decent offer. We’d pay cash.

Love your opinions. Thank you!!

If its truly only $12,000 difference it seems like its a good deal if you were to break it down as a 36 month lease you paid about $333 a month for your CRV, which is really good.

However, knowing dealership I feel like there are probably some type of caveats, here are a few things come to mind

1) make sure they are quoting you apples to apples (i.e. its the exact same model/color with the same options you currently have, did you have extended warranty on your old car).

2) Are you sure the 12k includes everything: tax, title, registration, destination fee, etc... dealers love to add new stuff in there especially during these times when there are shortage of vehicles

3) Lastly I would get everything in writing specifying the price and delivery time. The delivery time is where I feel like they are going to bait and switch you. Given the current circumstances I haven't heard of a dealer being able to deliver a popular car like the CRV in 8 weeks... if you are lucky 3 months, but most likely 6 months.

I would proceed with caution, unless I get everything in writing from the dealer including what happens if they break their promise on (i.e. on delivery dates).
 
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Question: if there is a delay in receiving the new car, does the dealership reserve the right to raise the price on the new car and/or reduce the credit of your trade? If not, will they put that in writing? I also
have heard stories of new car orders being delayed due to shortages of chips, etc., and just wondered.
 
Has your CR-V ever had major problems with the air conditioner? There is a lot of data showing that Honda autos of that time period have an abnormally high rate of air conditioner breakdowns. I have a 10th generation 2017 Civic whose AC is now not cooling. 10th generation Civics span 2016-2019 and I'm pretty sure the 2019 CR-V has the same AC system as these Civics.

There are 3 main components of the AC system - a condenser, a compressor, and an evaporator coil. You may already know that in 2019, Honda acknowledged that the condenser installed in these cars was defective and a technical service bulletin (TSB) was issued to replace the condensers under warranty at no cost and to extend the warranty of the new condensers to 10 years. (The TSB for the Civic is TSB 19-091.) Sadly, what owners have come to experience is the other two parts, the compressor and evaporator coil, are also prone to premature failure. Honda, however, does not consider these parts to be defective and will not compensate for the repair of any failure that might occur with these parts. The cost of replacing a compressor or evaporator coil failure tends to run over 4 figures. My Civic was diagnosed to have a bad (leaking) evaporator coil and the cost to replace is almost $3000 at the dealership, not including the $185 cost of the diagnostic test to determine the cause of a malfunctioning AC. I've heard that a compressor replacement might run roughly the same. The real kicker is that should a fixed compressor or evaporator fail again, the owner will once again be responsible to pay for the repair since Honda won't acknowledge that there is anything substandard about these parts. Given that my car is less than five years old, what's to say that if I get the evaporator coil repair done, that it won't fail again in 2 years or less, since it has already shown that it can fail quite early in its lifespan? Or if after this repair is performed, the compressor goes out the next day and Honda says that since it's a different part that has failed, I once again will have to bear the cost of the service?

It seems that 2020-2022 models aren't exhibiting the same level of air conditioner issues as the 2016-2019 models. Thus, maybe a 2022 CR-V's climate system will perform flawlessly throughout its lifetime. If you decide to wait for the next generation 2023 CR-V, these problems with the AC may have been eliminated all together...or introduced new ones due to the redesign. As you might imagine, I am biased and will be looking to move on from my Civic soon after I get the repair done. While it is more logical to hang onto the car after investing the capital to fix the AC, like a questionable investment that has you doubting your decision, sometimes it's more sensible to cut your losses early before more bad can happen.
 
Question: if there is a delay in receiving the new car, does the dealership reserve the right to raise the price on the new car and/or reduce the credit of your trade? If not, will they put that in writing? I also
have heard stories of new car orders being delayed due to shortages of chips, etc., and just wondered.

My wife bought a 2022 Hyundai Palisade from a dealership's list which was going to be delivered about a month from the day she picked it out. She was given a final price (which was negotiable) and the dealership valued her trade-in and gave her a price which would be part of the new vehicle purchase deal when she took possession of it. All this was documented. She put down $1000 to hold the new vehicle in her name and if she wanted to back out at any time, the $1000 would be refunded to her. The day the new vehicle came in she took possession of it and signed the contract. The numbers all added up and she was happy. Her trade-in was a 2019 Honda CRV. They gave her $700 more for the CRV then she paid for it new in 2019.

Mike
 
Last Dec we sold our 2018 CR-V w/60,000 miles for 90% of what we paid for it - $2000 over KBB. Used the money for a Toyota Highlander Hybrid. We wanted more interior space for long road trips.
 
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