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My husband owns a 2005 Mazda RX8 (with tinted windows, chrome rims, black and red leather, the works) with 112,000 miles on it. He told me to get rid of it and buy (or trade-in) for an SUV. My husband is in Afghanistan and left this responsibility to me. The power steering module on the RX8 broke and it isn't exactly drivable. I need to be able to drive it if I want to drive further than 20 miles to trade it in. I was quoted at 1300 to fix it and another place offered me 5500 in cash for it. I thought I should fix it and try to trade it in for about 8 grand. Am I out of my mind here? Because my husband said to take the 5500 and run with it. The car is in perfect condition otherwise.
A much more common problem with that car is the much cheaper steering module wiring harness, have someone thoroughly clean that, or replace it.
Did that repair quote involve a new steering module, or will they look for a used part in a wrecking yard? You might be able to find someone who will find a cheaper part and get you down below a thousand, even if it's the module that you need.
If you decide to sell, get an ad into tomorrow's paper or on Craigslist, asking $6500 as is and describe the necessary repairs. If you don't get it in a couple of days, take the $5500. Buy a replacement car in a private sale for NO MORE than what you get, don't go underwater until hubby gets home. Dealer's lots are never good places to buy cars in that price range.
We dont want the car even if it is fixed. We are moving to a house on the beach and that car + sand = big mess. Plus we need an SUV to travel in. I rode in the RX8 for 500 miles and was not happy.
I mean, I thought the car would be at least worth 8000. Am I crazy for trying to get that much for it? It has high mileage but a brand new engine.
We dont want the car even if it is fixed. We are moving to a house on the beach and that car + sand = big mess. Plus we need an SUV to travel in. I rode in the RX8 for 500 miles and was not happy.
I mean, I thought the car would be at least worth 8000. Am I crazy for trying to get that much for it? It has high mileage but a brand new engine.
In that case, take it to the nearest Mazda dealer, and find out what their best offer is on an SUV, taking your RX8 in trade. Tell them you're having intermittent trouble with the PS, you've been told the module's wiring harness probably needs to be cleaned or replaced, but you want to trade the car anyway, so what's their best deal. Find out that number, and go from there.
Replaced engine, high miles, modifications done, needs work to be 100% << All that will generally lower the price, it indicates a hard life and a young owner (more reckless, generally speaking).
Doing a quick search on Autotrader with your Zip code, I'd say it's realistically possible to get $6000-6500 if you fix it, then again you could get lucky and you might be able to bag $7k for it.
That said, you haven't given any detailed info on the vehicle and it's hard to give too specified of a price.
With what you've said so far though, it doesn't sound like a car worth top dollar, and $8000 would be at the higher end of the spectrum for that car with that mileage.
Depending on the trim level of the car, the price you were given isn't that far off:
Trade/sale prices are as follows:
Touring - $5,500 average trade, $9,000 dealer retail.
GT - $6,150 average trade, $10,000 dealer retail.
Shinka - $6,800 average trade, $10,500 dealer retail.
Overall it seems like the $5,500 offer is pretty solid for the car with the issue it has. Further, you can spend the $1,300 to fix it, but the most you could you expect private sale post fix would be $8k or so. Take off the cost to repair and advertise and you are probably looking at only netting $6,500. Is it worth an extra $1k to fix the car and go through the hassle of selling it. Also, you may not readily find a buyer and every $1 you take off the price eats further into the "extra" money you could earn by fixing and selling it yourself.
Thank you guys. It hurts me to see that car go for 5500 My husband bought it straight out of the factory when he came home from Japan...for over 20,000...
You will also save a small amount in taxes if you trade it in instead of selling it privately.
Yes, actually about $500, based on 8.3% tax on a $6,000 trade in allowance. When trading in a car, you only pay the sales tax on the difference.
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My husband bought it straight out of the factory when he came home from Japan...for over 20,000...
