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(WARNING: I'm a bit verbose, so my apologies)
I'm in a bit of a bind regarding my car, and I'm just looking for some thoughts, perspective, and advice... I bought an '07 Honda Civic Si 2.5 years ago before I graduated college and went on active duty with the military. I've had it thus-far, loved it, and taken very good care of it. It's a great car and I've always planned on keeping it for at least 7-10 years, just because I know that it could last that long. For financial background, I paid ~$21k for it brand new (5 miles on the odometer
), financed $11k of it, and paid it off in Feb 09. I'm totally happy with those choices, and would do it all again in a heartbeat.
Now my conundrum... I'm being assigned to Japan this coming summer on orders for 2-3 years, and they don't allow cars to be imported! Which gives me one of two options: 1) sell it when I leave; or 2) put into long-term storage. Okay, 3) give it to my brother who is going back to college in August after finishing a mission trip.
OPTION #1: I'm a bit loathe to sell, just because I love my car and originally bought it planning to keep it for as long as it would run. But forced into this situation, I must consider it. If I were to sell, it's current KBB value is just over $15k. I have a friend who has asked me multiple times what I would want for it (he's currently leasing a Mazda, has been for the last year, now he wants to actually buy a car), and for now, I've said $18k, just to preserve my options. Honestly, if someone were to agree to $18k, I'd probably sell it. But at $15k, I'm not sure if it's worth it for me. In my mind, it's like leasing a car for $6k over 3 years ($166/mo, not counting mx/repairs, which has been minimal, only $100 or so every few months). It's not necessarily a BAD deal, but not really great either...
OPTION #2: To store it, the military would pay for all storage costs, and supposedly they're required to start it up and do maintenance checks on it every month. The only cost to me would be a small insurance premium ($10/mo) and maybe a re-registration when the time comes. On the downside, I will still need to buy some sort of transportation once I get to Japan, and the cash from selling my car would make that much easier. I have a fair bit in savings (~$14k currently), but it's sort of earmarked for a house further down the road. Also, I know that long-term storage isn't good for a car's operation... Running it for 10min/mo probably wouldn't really cut it, and I expect it would need some hefty work to bring it back up to snuff upon my eventual return to the US. At the same time, I would still own it, it would be a good car that I'd have upon my return, and I could basically pick up where I left off with it. Plus, it would then be a 5-6 y/o car with only 50k miles on it...
OPTION #3: Largely similar to the 'sell it' argument. My younger brother is currently on a mission for my church, and will be returning in July/August '10, at which time he'll be going back to college as a sophomore. It's about the same time (maybe a month after) that I would be going to Japan, and I know that he'll have some need of a car in college. So I could offer my car to him, perhaps ask for a few thousand just to help me out a bit as well, and basically let him have it. While I'm not entirely opposed to this idea, I'm not totally sold on it either.
Sorry for the VERY long post, but if anyone has some thoughts/ideas/advice, it would be very appreciated... Thanks, all.
I'm in a bit of a bind regarding my car, and I'm just looking for some thoughts, perspective, and advice... I bought an '07 Honda Civic Si 2.5 years ago before I graduated college and went on active duty with the military. I've had it thus-far, loved it, and taken very good care of it. It's a great car and I've always planned on keeping it for at least 7-10 years, just because I know that it could last that long. For financial background, I paid ~$21k for it brand new (5 miles on the odometer
), financed $11k of it, and paid it off in Feb 09. I'm totally happy with those choices, and would do it all again in a heartbeat.Now my conundrum... I'm being assigned to Japan this coming summer on orders for 2-3 years, and they don't allow cars to be imported! Which gives me one of two options: 1) sell it when I leave; or 2) put into long-term storage. Okay, 3) give it to my brother who is going back to college in August after finishing a mission trip.
OPTION #1: I'm a bit loathe to sell, just because I love my car and originally bought it planning to keep it for as long as it would run. But forced into this situation, I must consider it. If I were to sell, it's current KBB value is just over $15k. I have a friend who has asked me multiple times what I would want for it (he's currently leasing a Mazda, has been for the last year, now he wants to actually buy a car), and for now, I've said $18k, just to preserve my options. Honestly, if someone were to agree to $18k, I'd probably sell it. But at $15k, I'm not sure if it's worth it for me. In my mind, it's like leasing a car for $6k over 3 years ($166/mo, not counting mx/repairs, which has been minimal, only $100 or so every few months). It's not necessarily a BAD deal, but not really great either...
OPTION #2: To store it, the military would pay for all storage costs, and supposedly they're required to start it up and do maintenance checks on it every month. The only cost to me would be a small insurance premium ($10/mo) and maybe a re-registration when the time comes. On the downside, I will still need to buy some sort of transportation once I get to Japan, and the cash from selling my car would make that much easier. I have a fair bit in savings (~$14k currently), but it's sort of earmarked for a house further down the road. Also, I know that long-term storage isn't good for a car's operation... Running it for 10min/mo probably wouldn't really cut it, and I expect it would need some hefty work to bring it back up to snuff upon my eventual return to the US. At the same time, I would still own it, it would be a good car that I'd have upon my return, and I could basically pick up where I left off with it. Plus, it would then be a 5-6 y/o car with only 50k miles on it...
OPTION #3: Largely similar to the 'sell it' argument. My younger brother is currently on a mission for my church, and will be returning in July/August '10, at which time he'll be going back to college as a sophomore. It's about the same time (maybe a month after) that I would be going to Japan, and I know that he'll have some need of a car in college. So I could offer my car to him, perhaps ask for a few thousand just to help me out a bit as well, and basically let him have it. While I'm not entirely opposed to this idea, I'm not totally sold on it either.
Sorry for the VERY long post, but if anyone has some thoughts/ideas/advice, it would be very appreciated... Thanks, all.
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