A few hours ago, I checked Edmunds.com to get an updated on the street value of my 2004 Honda Civic LX 4-door sedan. Once again, despite a later date and a higher number of miles, the value has hardly changed.
At the beginning of the year, the car was valued at $12,074 for private party resale, and by today it has only decreased to $11,767. I’ve adjusted my net worth in Quicken going back to March, the last time I checked the value. You’ll see the new numbers on my October net worth balance sheet.
Now that the car has been in an accident, I might want to deduct a certain percentage off my calculation. When I get the car back from the body shop with new door panels and the rest of the work completed, it will be in excellent condition. However, I might not be able to get full value if I sell. My plan is to keep the car until it no longer runs, but the car’s history should probably figure in my net worth. What would you do?
Updated March 29, 2008 and originally published October 30, 2006. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.