I have a 2012 Acura TL SH-AWD automatic that I bought a year back from a used dealer for $10,000. The car has 127,000 miles right now. Now at the time, there were bad signs that I should not have bought the car. I am 22, so you live, and you learn.
Anyway, I changed the timing belt and water pump when I first got it. Year later, I was on the highway, and the engine started misfiring. Towed it to a Honda and Acura local mechanic (not a dealership) near me, and a spark plug burnt out. They replaced my spark plugs, but the mechanic told me one of the cylinders is working at half power (might be a damaged valve), and there is an oil leak somewhere.
He told me to get out of the car, as even if he boroscopes the cylinder, he knows the car is still going to give me problems after a top engine repair for $3,000.
I am going to listen to him and get out of the car, but my question is, how do I? I am thinking to call used car dealers near me and telling them about the engine problems.
Is this a good idea? Should I try to get at least $6,000 out of the car even if the engine needs repair? If I go to try to sell on Facebook marketplace, I have heard horror stories of dealing with people who buy a car with problems can't or don't want to pay for the repair. How should I sell it to get the most out of it the way it is?
Got a $2,500 offer from Carmax, I know I lost money on the car but I would be ok loosing $5,000 not $8,000!
Considering that a rebuilt engine costs thousands of dollars you're not likely to get more than $2000 to $3000 for the car, despite the fact that if a used car dealer bought it from you they would likely either do something to temporarily mask the problem or just put in a cheap junkyard engine and dump the car on some other unsuspecting person for $10,000.
If you have a weak cylinder the mechanic could have performed a leakdown test to find where the compression is leaking out rather than just guessing it's a valve.
If you were able to do the work yourself or had a buddy that would do it for a couple of six packs it might be worth trying to save the car but not if you have to pay a mechanic $150 or more per hour plus possible machine shop work plus parts.
It's a tough lesson but realistically no one is going to pay much money for a car that has a bum engine.
@chucktobias Thanks for the response. I guess I was kind of hoping.
I definitely don't want to try to save it. So then the answer is to just take the $3,000 for it from Carmax?
Found a grandma-driven 2002 Toyota Camry near me for $5,000 with 86,000 miles going to take a look at it. I have always maintained my cars and Scotty says the car is a good machine.
So then the answer is to just take the $3,000 for it from Carmax?
You might try to advertise it as a mechanic's or DIY'er special needing engine work and maybe get a little more for it, especially if the rest of the car is in good condition.
I'm sympathetic - when I was younger and stupider the first car I bought had a bad engine, symptoms temporarily disguised by an unscrupulous seller. Of course this was back when dinosaurs roamed the earth. It was a 1965 Rambler that cost $90. A local mechanic that my dad knew installed a junkyard engine for another $90 that kept it going for a couple of years. (Those were the days. Even allowing for inflation since then, about 10x, it wasn't nearly as much of a loss as you're dealing with.)
The 2002 Camry could be OK but it is 24 years old so there may be age-related issues despite the low mileage. Price is a little high. Kelley Blue Book (kbb.com) pegs the fair market price of that car to be between about $3000 and $4000, but a lot depends on the market in your area. Be sure this time to have a mechanic check the car out before you buy it. You don't want to get stung twice!
@chucktobias Thank you. I will try to put it up on Facebook Marketplace first and word the listing as you said. Definitely learned my lesson.