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garboozle · Nov 9, 2014, 01:47 PM

My buddy just paid off his Honda 09 EX with 127 thousand miles on it and is willing to sell it to me for 5,500. He let me take it on an hour long test drive and it ran absolutely fine, he changes the oil regularly and I know for fact he drives easy and takes it the best mechanic in town. I currently own a 92 Oldsmobile 88 with 131 thousand miles on it. It runs fine now and I just got done putting 700 on it (new fuel tank and CV shaft and Crankshaft sensor)... One of the biggest uncertainties in this for me though is that I'm 25 years old with no credit, I live with my parents and my 13,000$ is the only thing I have going for me financially and I'm afraid to shrink that down. What would you do?

tickle · Nov 9, 2014, 02:03 PM

Buying your friends used car will not give you any credit score, if that is what you mean by 'you have no credit'. You have a car that runs fine, keeping it maintained will only benefit you. But I have to ask, why are you still living with your parents? I hope you are paying them room and board.

Eventually you will have to move out and create your own credit score by renting an apt. and buying furniture.

garboozle · Nov 9, 2014, 02:13 PM

I'm not looking to build my credit here, I'm just wondering... And wondering and wondering (Seriously I have an awful headache right now) if this deal will benefit me in the long run.. I know folks who have put 220-350 thousand miles on their Civic and when I look online at what similar Civics are going for I see they're going for more than 5,000.

As for living with my parents, yes I pay them a very low room and board and I of course pay for my own food, insurance etc. I live with them because it makes my life simpler and we get along well.

Wondergirl · Nov 9, 2014, 02:24 PM

Why are you even considering this? And why is he asking? He just paid it off, the mileage is about the same. His car is newer, so that's why? He's your friend, so that's why?

Have you taken his car to a different mechanic for a check?

If your car runs fine, why spend the money you don't want to spend? And is his $5500 offer the Blue Book or Edmund's price for that used car?

garboozle · Nov 9, 2014, 02:32 PM

@ Wondergirl. I'm considering because the price he's asking is 2 grand BELOW KBB and my car is a 92... It runs fine now but in a 1,000 miles or so... Who knows? I've also heard Civics are reliable.. He's being generous because he makes good money for his work, he wants something new and is offering to help me out by giving me such a low price.

Wondergirl · Nov 9, 2014, 02:53 PM

Be sure you get a proper bill of sale. The price he's offering is less than half the value. Please be careful.

joypulv · Nov 9, 2014, 03:21 PM

I hadn't looked at KBB or Edmunds or any of the price sites in years, and I am shocked and suspicious. They seem high to me, and that's not just from years of not looking - I do have a good idea of what used cars go for. Actually I think it's Edmunds that has a separate graph for 'what people around your zip code have paid for X car' that I think you should look at.

A friend should sell a friend a car for less, in my opinion.

Yes, Hondas have a few decades of very reliable reputation. Consumer Reports reports of this topic extensively, and it would be worth subscribing or buying their auto guide.
Plus you'd get better mileage. BUT even a Honda is going to have chances of major repairs on the horizon that you may not even know about yet, or they could be present now. That's why you really should invest in the Consumer Reports Used Car Guide.

I'm just not seeing KBB saying that an 09 Honda EX with 127,000 on it is worth 7500! If you are using the top condition, that is a huge mistake. NO ONE ever uses that. Use the middle one, 'good,' if there is almost nothing wrong with it.

Also - winter is a time of cheap cheap prices at dealers. Where's odinn? He was a used car dealer.

TxGreaseMonkey · Nov 9, 2014, 03:46 PM

Look over the Maintenance Log and receipts, if any. Especially focus on the engine, transmission, cooling system, air conditioning, and brakes. The car is entering the "zone" where some expensive work can pop up; e.g., struts, outer tie-rod ends, upper and lower ball joints, wheel bearings, a/c compressor, brake calipers and wheel cylinders, brake rotors, and more. Make sure the transmission fluid has been changed every 30,000 miles. ATXs are the weak link on FWD cars. Go slow--this car is not a known commodity.

garboozle · Nov 9, 2014, 05:21 PM

@Txgreasemonkey "Go slow--this car is not a known commodity." What makes you say that, has this model been known for unreliability?

garboozle · Nov 10, 2014, 04:05 PM

"The car is entering the "zone" where some expensive work can pop up" - What I was worrying about precisely!

"Go slow--this car is not a known commodity." - What did you mean by that, is this model known for trouble?

I ended up saying no, really hope this decision doesn't come back to burn me. Figure I'll try to keep riding my 92 Olds, with 131k that engine could have a lot of life in it, it's the transmission I worry about.