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Updated the Value of My Honda Civic: $11,767

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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.

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About the author

Luke Landes, also known as Flexo, is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow Luke Landes on Twitter. View all articles by .

{ 8 comments… read them below or add one }

avatar Nick

New door panels mean higher value! (Hmm, I guess that really only works for houses…)

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avatar kurt

What’s something worth? Only what someone will pay for it. I wouldn’t set your heart on that number — especially since it’s been in an accident.

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avatar Binary Dollar

Yikes. An accident. I hope everyone was okay.

I don’t normally put my car into the net worth calculation but I am a big fan of running a car into the ground.

I had a Geo Prizm that ran to 200k and I have a Chevy Malibu that’s at 141k. I’m not a big car guy so the less I need to buy or sell cars, the better.

I wouldn’t deduct any percentage off of the value of the car unless you’re pretty good at speculating car values.

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avatar Him

What would I do? Get spinner rims.

That should increase the value of your car.

Oh, and an Xbox. Yeah.

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avatar 2million

As your net worth increases continue to gain steam I would accelerate the write downs on the car value. The car will someday be worth nothing and it does no good on your balance street in terms of improving your annual return.

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avatar MEHoffer

Cars are not solely Assets, they have many attendant Liabilities, as well.

Most “Car” balance sheets, if you’re lucky, will leave one with very little Equity, if any at all.

Do yourself a favor, forget about the monthly vagaries of some website valuation. The car, at best, is worth the expense it avoids.

True Assets are those that exist over and above your costs to “manufacture” your current standard of living. Husband them well and they’ll multiply into the opportunities you think are valuable.

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avatar Miss Used Car Los Angeles

As someone who is in the used car business, I certainly wouldn’t go on a number from Edmunds since that number listed is unfortunately probably the MOST you’ll receive..but since it’s been in an accident – then yes…you can’t quite go on that number. But I do wish you the best of luck in selling it!

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avatar Luke Landes ♦127,470 (Platinum)

I don’t plan on selling it, just looking for a somewhat reasonable private party price in order to guesstimate how much equity I have. It’s not really that big of a deal. I proposed the question to see if anyone had a guideline, like 10% off Edmunds’ private party price. There’s probably no good answer.

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