Recently, my 1998 Honda Passport needed a new starter. That costed about ~$650. They also pointed out that it needed new axels & boots. Plus, the brakes and tires needed replacing. And finally, the windshield was cracked. With all of that said, it was obvious I was upside down on the repairs vs. value of the car.
I started looking at new cars. I really just needed a good commuter car. The ones that I considered:
- Honda Civic
Nice car but I felt the steering wheel was too close. - Honda Fit
Good car and good price. It has a lot more space than you might think. Unfortunately, a 3 to 4 month waiting list. I called 5 Honda dealers to just see & drive one. - Toyota Corolla
Ok car...great gas mileage. - Toyota Matrix
Good looking car and very comfortable.
I didn't consider the Toyota Camry. I test drove one because of the my uncle knew of a good deal. I was pleasantly surprised about the ride, size, price and gas mileage. Unfortunately, they didn't make a good offer on my trade-in.
After I went to test-drive the Honda Fit, I stopped by a nearby dealership to show my wife the Camry. That dealer had a "service courtesy car" that had 9500 miles. It was fully loaded and I was able to get it for about $7k off and a fair trade in value.
One thing that I did learn: if you have a trade-in car that is not in mint condition, don't bring it to the sale. I actually firmed up my deal with my trade-in sight unseen. I was honest about its condition but they were more focused on the new car. It also helps that it was a few minutes before they closed.