Let the Saving Begin
December 3rd, 2006 by Grant in: SavingIt has become readily apparent to my wife and I that her Honda Accord is on its last legs. We figure that it has about 3 months to live, maybe longer, but be both agree that we don’t want to put any more money into fixing it.
We have made a couple trips to the local dealerships in an effort to find out what we want. Right now, we’re leaning towards a 2006 Honda Accord with a V6 engine. Since we typically keep our cars until the wheels fall off (that’s a long time for a Honda), we’d like to get a car with the features we want, and not what the salesman is willing to give us a good deal on.
Right now, the used 2006 Accords are still fairly pricey since most of them still have much less than 10,000 miles on them. I’m hoping that by next spring, there will be many more 2006’s on the used car lot, and since it will be “last years model”, they may come down a bit in price on that fact alone.
I’d like to pay cash for the car, which means we’ll need about $22 to $25,000 in the bank to get the deal done free and clear. I’m not planning on taking any credit for a trade in on our existing car as it’s not worth much and I figure that whatever they give us will be icing on the cake.
Our current car savings account balance stands at $10,000 and we’re planning on funneling my paycheck towards the effort. The goal is to purchase a car by April of 2007, which will push our savings schedule a bit, but I think it can be done.
If all else fails, we’ll do it the American way and get a loan. 
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December 3rd, 2006 at 10:51 pm
You could probably also look at a 2005 model too. They will be cheaper than the ‘06 and probably more readally availible. Hondas are good cars tho and you will definitely get your moneys worth.
What do you think you could get for your trade in? It has to be worth something, right?
Nice blog too, keep up the good work!
Luchi
December 3rd, 2006 at 11:08 pm
I could get a 2005 model, and you’re right, they are more prevalent in the used maket (and cheaper), but I’ve read a few reviews that the ‘06 models are built a little better.
Actually, the reviews I’ve read is that the year to buy is the ‘03. Many people are saying that Honda hasn’t made a good Accord since 2003, but they started making drastic improvements in 2006.
January 22nd, 2007 at 9:51 pm
[…] In our effort to save money for a new(er) car, the thought of buying not only a Honda car, but Honda stock also crossed my mind. Gas prices are high and those looking for a new car are now taking a closer look at mileage and reliability. […]