Hi Guys,
I bought my 1995 MX-5 in 17 years ago as a temporary car (my only vehicle died suddenly) and discovered I enjoyed it so much I never bothered to replace it. It now has 106,500 miles on it and the engine is basically dead. (Two cylinders are losing compression, and it smokes so badly I think NOAA has me on its most wanted list.) My mechanic thinks it's not worth fixing and has advised me to get rid of it, and buy a new (to me, anyway) car. The problem is that I can't figure out what a fair value for it is. The engine needs replacing, and the radio is worn out. Kelly Blue Book and Edmunds don't seem to cover this situation. My first though was that it was only worth the scrap value, but I now understand the body (in good shape) and the parts have value. I'm asking this group if you could help me with advice on what's it's worth. I have a potential buyer for it, but I'm having a LOT of trouble trying to figure out a fair price for it. I'm trying to find a fair market value for this car to be fair to both of us; I'm not trying to squeeze the last dollar out of him, but I want to be fair to myself also.
Any advice on the value of repairing this Miata versus buying a new (or used) replacement would also be appreciated. (Yes, I did decide the replacement would be a Miata, preferably the Club variant, although I will need to get an automatic transmission.)
I appreciate very much any advice you can offer. I can be reached via this thread or by private email to [email protected]
I bought my 1995 MX-5 in 17 years ago as a temporary car (my only vehicle died suddenly) and discovered I enjoyed it so much I never bothered to replace it. It now has 106,500 miles on it and the engine is basically dead. (Two cylinders are losing compression, and it smokes so badly I think NOAA has me on its most wanted list.) My mechanic thinks it's not worth fixing and has advised me to get rid of it, and buy a new (to me, anyway) car. The problem is that I can't figure out what a fair value for it is. The engine needs replacing, and the radio is worn out. Kelly Blue Book and Edmunds don't seem to cover this situation. My first though was that it was only worth the scrap value, but I now understand the body (in good shape) and the parts have value. I'm asking this group if you could help me with advice on what's it's worth. I have a potential buyer for it, but I'm having a LOT of trouble trying to figure out a fair price for it. I'm trying to find a fair market value for this car to be fair to both of us; I'm not trying to squeeze the last dollar out of him, but I want to be fair to myself also.
Any advice on the value of repairing this Miata versus buying a new (or used) replacement would also be appreciated. (Yes, I did decide the replacement would be a Miata, preferably the Club variant, although I will need to get an automatic transmission.)
I appreciate very much any advice you can offer. I can be reached via this thread or by private email to [email protected]
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