crewshell

Ok Guys & Gals,

I need a little bit of advice. I am the proud owner of a 2004 RX8 with 31k miles on. Its Silver, Auto, Leather, Lojack and basically stock everything else.

My Warranty runs out in Sep of 08 (4 year, 50k). Last night my engine flooded and its being towed into the dealer today.

This latest hiccup has reminded me that this car is not always the most reliable.

I need to make a decision.

Should I sell, trade or hold this car? I don't technically need a vechile (I live in the city now)

I bought the car for 24k and now owe 17k on it.

Financially, and with the knowledge that the warranty will run out soon, what do you think is my best fiscal option??

Wind Dance

iTrader: (7)

17k would be a small loss. I think 04s go for about 16. Haven't checked my prices lately.
Have you redlines the car daily? Have you warmed it before you reached your destination?
I have a 04 with 36k with no problems.
take care or it and it will take care of you.

chrism

you owe way more than its worth......in the galves book you would get about 9-10k for an 04 auto on a trade in...if you sell it private you might get 13-15 if your very lucky

crewshell

The thought of keeping it and then something horrid happening with the engine after its warranty is up is a bit distrubing.

Take this flood for example. I had driven for 30 + minutes by the time I parked it. The next evening I come out to start it and it tried to start and then seemed to flood. Very strange.

I love the car, but with me being in the city and the massive payments on it, sometimes I wish I could just get out from under it .

chrism

the automatic is unfortunately worth quite a bit less than the 6mt especially for an 04.....if your car flooded after it warmed up then there are bigger issues.....if you keep up with the car, the recalls, tsb's you should be just fine

crewshell

It flooded before it warmed. There was no "short distance" move prior to the last time I parked it either. I guess we'll see what the dealer says.

jahman11

Sell the Car if you can get at least 15k for it. and take the loss. I love my 8 but this car does not have a reliable history. If you are making massive payments on the car whatever you feel you will lose now will save you in the long run not only in repair bills but also in paying intrest. especially if you don't need the car anymore. The RX8 is a bit more sensitive then most cars out there. You may have a hard time getting 15k though for an automatic.
D.

Rems31

When did you purchase the car? how do you have massive payments on it if you bought for 24K and still owe 17K? So you paid off 7K in how many years?

wisconsinben

I have 75,000 miles on my 2004 (although it's a 6spd) and have just wrote my final payment check. I'm in this one for the long haul...all $23,500 that I paid for her! Purchasing any car is a gamble. So far, I've had zero problems with my 8...so I figure if I have to deal with a few issues over the next 3-4 years that'll be comparable to any other car out there.

It really is your decision. If reliability is your main concern, then yes...sell the 8...take a small loss on it...and buy a civic. If you're willing to take the risk with the 8, then keep it...and enjoy every minute of it!

ken-x8

If you live in the city and don't need a car, and money is tight, you should really sell it. No need to keep something that you don't need.

Ken

mmats69

I sold my 04 with 36k miles last month for 16k and felt pretty lucky to get that. It was a 6-speed too. Just to give you an insight of what to ask.

JRichter

I see where your coming from but don't forget about interest, finance charges, etc...

Rems31

Doing some rough math and it doesn't seem that bad. I assumed 24K was his out-the-door price. So if he financed it all and using 10% interest and for 60 months that's about $500/mth. I guess "massive payments" is subjective.

Roaddemon

True market value is $12375-14650. good luck selling it. Good idea to first find out why it flooded. Could be weak battery or the battery/starter tsb is finally needed. Probably never happen again if that is the problem.

dmc27

Powertrain warranty has been extended to 5/60, so you still have more warranty time. Take a look at the TSB's on Rosenthal's site - http://www.finishlineperformance.com....php?pageid=11 - and make a note of things that might affect you (specifically the starter & battery) since your flood situation doesn't seem 'normal'.

Have you considered purchasing an extended warraty?