Big Mac Insurance

Is it apt to sell my Honda Civic 2007 now?

Hello friends,
I bought a 2007 Honda Civic Coupe LX in Mar’07 and now it has close to 31,000 miles. I still have a $10,500 loan on it. My purchase price was close to $19,000.
I am planning to sell the car now but unable to decide whether I am making the right decision. I checked the market price on KBB and it shows -close to $14,500.
So, Is it good to sell it now and make around $4K or sell it after I have cleared the loan amount?
How much will I make in both cases? I know that I will be paying more on Car Insurance these 2 years… so Is it worth keeping the car for 2 more years?
Please share your thoughts and help me decide..

Just check Craig’s List in your area. Research what the car sells for and figure out whether or not you can sell it for a profit.

KBB isn’t dependent on the market. It’s based on number of miles, condition of the car, and year of manufacture.

It’ll be tough to sell it for KBB value unless it’s in great condition. Remember, buyers are always trying to save money while you, the seller, is trying to make money. It’s not gonna be so easy.

If you want an honest opinion… sell your car, pocket the cash, and get a used car. Buying a new car isn’t all it’s cracked up to be. With a loan, you end up paying way more than the car is even worth. Think about it – after owning the car for a year and a half, the depreciation is almost $5000.

Get a used car in good mechanical condition and use the money to open a savings, money market account, or buy some bonds.

If you’re that concerned on making a profit, don’t gamble on new cars.

Always buy with cash if you can. It’s the only way to make money.

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