Hi Scotty, I'm a big fan and love everything you do for the less car knowledgeable. I had a 2015 Hyundai Elantra that was totaled and got a decent insurance check. With how the market is I wasn't able to find anything I really liked at a price that made sense. I decided to purchase a 2005 Honda Element EX AWD with 197k miles for $4500. I thought about putting near the same amount into it for a daily driver. So far I am about $2,200 in it with a new magnaflow exhaust, rust removal and rhino lining the under body, and replacing the rear bumper support. I also invested about $700 in upgrading the sound system. I also had to replace the radiator that was about $500m but otherwise no mechanical issues.
Do you think it is worth to keep putting money into the car? I would like to have it repainted or wrapped, and that would require an additional $800 in misc bodywork.
Investing is the wrong term when putting money into this vehicle. There is no expectation of a car this year, make and model increasing in value as if it were a brick of gold. It is an expense. In fact, your Honda is expected to decrease in value over time and miles.
When reading your story, I get mixed messages.
On the one hand, you want to know how much money you should spend on this Element not wanting to spend too much. On the other hand, you already spent money on extravagant items like undercoating, magnaflow exhaust and super sound system to make this a daily driver when stock parts are adequate and less money.
Your priorities should be to have a safe, legal, reliable, well maintained mode of transportation first. Then, if you want, personalize it, but realize that you won't get all the money you put into it back when it's time to sell it.
I also invested about $700 in upgrading the sound system.
I would like to have it repainted or wrapped, and that would require an additional $800 in misc bodywork.
If it were my vehicle, I would not put any additional money into the cosmetics or really anything else other than maintenance and repairs (to fix issues).
Hopefully, you had the vehicle thoroughly inspected by a trusted mechanic before you bought it.
Thanks! Yeah I had it check out by a mechanic. Everything is good, not even burning oil. I appreciate it! They have really good reviews and last around 300 or 400k miles too.
No.
Not at all.
