How do I get rid of this car that I am upside down on?
September 10, 2012 5:53 PM Subscribe
Best way to sell/trade in a car with transmission problems that I am now upside down on?
I bought a 2005 Honda Accord with about 64,000 miles on it in February. Now the transmission is failing, as diagnosed by my mechanic. There is a loud, extremely annoying whine emanating from the transmission at freeway speeds, and there is no knowing how long the transmission could last. A replacement would cost me about $3000.
I am extremely angry about transmission failure in a low-mileage Honda. The original warranty was only for 35k miles, but I though I could count on a Honda not to let me down.
Until today, I owed about what the car was worth. It is now worth substantially less because of the transmission issue, and I suspect it would be difficult to sell. I don't want this car any more. I will never buy a Honda product again - not even a lawnmower.
The way I see it, these are my options:
1. Keep the car, and replace the transmission when needed. Put up with the annoying whine and hate the car the entire time.
2. Trade it in and buy something else. I will probably be screwed out of $4-5k, which will have to be added to the new loan when the dealership accepts my trade-in. However, if I choose a car that is cheaper than the Accord was, I could end up owing about the same amount of money that I do now.
3. See if the mechanic will buy it. He has a fleet of loaner cars, and maybe he wants another one. But how do I cover the amount remaining on the loan?
4. Call Honda North America and get them to fix it through their goodwill repair program. I think this is very unlikely.
What do you think I should do? Is there something I haven't thought of?