Hi. I would like to know when it is worth selling my 2014 Honda Civic with 205k miles on it and buying a new one versus keeping it. I thought it would worth very little, but the market is paying 4-8k for some of these cars. In normal times, I would lean toward keeping it versus selling it. Is it still worth keeping it in this marketplace when my car selling price could be used toward the down payment on a new car? What goes into the process of keeping a high mileage car versus selling it? Thanks.
Here is how I think about it:
1) What is the expected lifespan of the vehicle before becoming a money pit?
2) Do I need the money or do I need a car more?
3) Do I want a new car and am I willing to pay the premium for it in this market? Or will my current car suffice?
If you can get money for that car, then I would sell it. I'm aware that the prices of cars might be sky high but you might be able to get some money out of it.
Put if up for sale. If you are happy with the offers, sell it, otherwise keep it.
