I'd like to hear from you guys/girls what my car should be sold for:
I want to keep this car, but need to be financially responsible (wife lost job for a few months earlier this year, putting us behind) I have another beater I can drive, and paying for a car that I'm not using is getting annoying. I love it, tho (so does the wife), so maybe I should just suffer through the bad times and hold on to it...

2005 Honda S2000
Silverstone with black wheels


normal miles for year--45,200
4yr/48,000mile factory warranty (purchased certified used)
7yr/100,000mile bumper-to-bumper warranty (Pro-tek, transferable)

(brand new front tires not installed yet)
newer (95%) rears (All four Bridgestone RE050 PP)

Having said all that, there is nothing wrong with my S, aside from the bug-chips in the front bumper's paint (the lower part). I cant afford to lose on the sale, so what should I ask??

Or, what amount should I accept as the best I could get?
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Sad to hear, good to hear that she got another job though. If you want a quick sale you may be able to sell it for what you owe. But honestly, with the way things are right now you may be stuck with it. You may be able to sell it back to the bank but I don't know how that will work either. Talk to your lender and see what they say.

 

Sorry, that's a difficult situation. If it's still stock, I'd suggest asking in the 20s (blue book value). However, with the market you might want to tough it out. S2Ks are limited to a specific audience/tighter market.

I don't know your situation but I'd use my HELOC (home equity line of credit) and pay off the car note. Most HELOCs are prime or prime minus one (1% below the prime rate. prime is 3.5% you'd pay 2.5%). This would reduce the mimum payment on a 20K note from $500 a month to around $75 a month - but you're only paying interest. The bad thing about doing this is folks aren't disciplined enough to pay extra and eliminate the car debt. You could find yourself paying $75 a month for 20 years and then 20yrs later you still owe $20K. The HELOC is a quick fix until things get financially better in the short term. It reduces your monthly expences by extending your debt to an interest only situation.

Just a thought.

 

Okay, thanks for the sanity check. I'll chack with the lender (credit union) and the bank that my mortgage is through.

The wife agrees, there's no need to sell the S2K for a price that I couldn't even buy one for...