Help me decide: Free car, take or leave?

Apr 4th, 2016 4:20 pm

#1

LongLiveRFD [OP]: Deal Fanatic; Jan 6, 2011; 5928 posts; 1384 upvotes; GTA

Apr 4th, 2016 4:20 pm

Help me decide: Free car, take or leave?

Have 24hrs to decide. A friend of mine is leaving the country thus giving away his car,

I know nothing rather than this car is 2003 Honda Odyssey. Upfront fees would be $200-$300, have a good garage for inspection; insurance is $750/yr and parking is $90/mo.

I'm planning to trade in my family sedan in 2yr, so two-for-one, save some taxes. Could use a mini-van for hauling stuff and grocery shopping, or any places that cars get dinged a lot. Alternatively, it's more of a utility vehicle than daily driver.

What would be your criteria for taking on this car?

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Apr 4th, 2016 4:25 pm

#2

mudgts: Sr. Member; Sep 5, 2014; 555 posts; 315 upvotes; Brampton, ON

Apr 4th, 2016 4:25 pm

get a UVIP (used vehicle information package) for $20. make sure that there are no liens that you will be held responsible for.
ask him if you sell it, can you keep the cash?

It's worth $2K at the very least. Even if you dump $1K into it for brakes / safety / emissions etc, that's still a great car to keep for a year or three.
I'd take something like that if I had room to park it.

+1

Apr 4th, 2016 4:29 pm

#3

LongLiveRFD [OP]: Deal Fanatic; Jan 6, 2011; 5928 posts; 1384 upvotes; GTA

Apr 4th, 2016 4:29 pm

mudgts wrote: ↑ I'd take something like that if I had room to park it.

Thanks. I will have my shop jack it up and check the major wearable: treads, rotor and pad life..etc.

Apr 4th, 2016 4:44 pm

#4

CoolDudeClan: Deal Addict; Sep 27, 2011; 3791 posts; 2712 upvotes; Toronto

Apr 4th, 2016 4:44 pm

It's a free van... 100% I would

FreezingCanada wrote: ↑We voted him in as God of RFD last month. Where were you during elections...?

+1

Apr 4th, 2016 4:51 pm

#5

LongLiveRFD [OP]: Deal Fanatic; Jan 6, 2011; 5928 posts; 1384 upvotes; GTA

Apr 4th, 2016 4:51 pm

CoolDudeClan wrote: ↑It's a free van... 100% I would

Though it's 13yr old van...what if my shop said it's clean but it isn't? I scrapped a 13yr old Dodge minivan before, though this is a Honda.

If this car could survive a couple of US trips I'd be deep in the money.

Apr 4th, 2016 4:53 pm

#6

nayan97: Deal Addict; Mar 4, 2011; 1189 posts; 575 upvotes; Kitchener. Ontario

Apr 4th, 2016 4:53 pm

It's free... That's the favourite word on RFDs

+8

Apr 4th, 2016 4:55 pm

#7

Sparky9087: Banned; Jan 23, 2016; 1430 posts; 407 upvotes; Kitchener, ON

Apr 4th, 2016 4:55 pm

LongLiveRFD wrote: ↑Though it's 13yr old van...what if my shop said it's clean but it isn't? I scrapped a 13yr old Dodge minivan before, though this is a Honda.

If this car could survive a couple of US trips I'd be deep in the money.

Drive it to upstate new york. Apparently the hasidic jewish people all have 2 of them. You can easily flip it.

+1

Apr 4th, 2016 4:58 pm

#8

LongLiveRFD [OP]: Deal Fanatic; Jan 6, 2011; 5928 posts; 1384 upvotes; GTA

Apr 4th, 2016 4:58 pm

Just to make sure, it's a Honda Minivan thus a good deal. Then you would have said yes if it's a Toyota Minivan and no if it's from the big 3?

My last was a 1997 Dodge Caravan, my shop told me to get rid of it past yr 5 and I hanged on to it's last breath.

Apr 4th, 2016 5:00 pm

#9

Sparky9087: Banned; Jan 23, 2016; 1430 posts; 407 upvotes; Kitchener, ON

Apr 4th, 2016 5:00 pm

LongLiveRFD wrote: ↑Just to make sure, it's a Honda Minivan thus a good deal. Then you would have said yes if it's a Toyota Minivan and no if it's from the big 3?

My last was a 1997 Dodge Caravan, my shop told me to get rid of it past yr 5 and I hanged on to it's last breath.

Its very simple. If it passes safety easily, drive it into the ground and next. I once turned down a free car but its because im 6'4 and had to tilt the drivers seat 45* to sit in it. Otherwise i would have safetied her and drove her till she started no more

+2

Apr 4th, 2016 10:16 pm

#10

LongLiveRFD [OP]: Deal Fanatic; Jan 6, 2011; 5928 posts; 1384 upvotes; GTA

Apr 4th, 2016 10:16 pm

Actually, the redbook value is likely high too after checking the blackbook value, maybe $3000 range, that would lead to $390 cash tax..

Is this something where an appraiser could add value? There's various visible scratches and dents, the book value would kill the deal.

Apr 4th, 2016 10:19 pm

#11

DJ_Peanuts22: Deal Expert; Feb 26, 2004; 26999 posts; 4321 upvotes

Apr 4th, 2016 10:19 pm

Take it!

Apr 4th, 2016 10:54 pm

#12

Cheapo-Findo: Deal Guru; Mar 9, 2007; 14079 posts; 9296 upvotes; Think of the Childre…

Apr 4th, 2016 10:54 pm

Do it Do it! Take it Take it!!

WOULD SOMEBODY THINK OF THE CHILDREN!!!

+1

Apr 4th, 2016 11:00 pm

#13

LongLiveRFD [OP]: Deal Fanatic; Jan 6, 2011; 5928 posts; 1384 upvotes; GTA

Apr 4th, 2016 11:00 pm

Does the owner needs to be at the MTO? or I just need the ownership and permit to do the transfer myself? He's leaving in less than 48hrs.

Apr 5th, 2016 8:03 am

#14

mudgts: Sr. Member; Sep 5, 2014; 555 posts; 315 upvotes; Brampton, ON

Apr 5th, 2016 8:03 am

you just need the ownership signed.
after that, it's all your responsibility for taxes and transfer fee etc.

+1

Apr 5th, 2016 8:09 am

#15

dilligafeh: Deal Fanatic; Aug 15, 2015; 8712 posts; 5095 upvotes; ON

Apr 5th, 2016 8:09 am

You don't look at a gifted horses mouth... Worst case you take it to the scrapyard and make 200$. Or sell it on kijiji for parts and make more.

+1

Apr 5th, 2016 9:11 am

#16

antigua1999: Deal Fanatic; Jun 11, 2005; 8554 posts; 2328 upvotes; Mississauga

Apr 5th, 2016 9:11 am

LongLiveRFD wrote: ↑Actually, the redbook value is likely high too after checking the blackbook value, maybe $3000 range, that would lead to $390 cash tax..

Is this something where an appraiser could add value? There's various visible scratches and dents, the book value would kill the deal.

If I`m reading your post correctly $390.00 for a vehicle that's worth $3000.00 is a good deal take it.

+1

Apr 5th, 2016 1:45 pm

#17

LongLiveRFD [OP]: Deal Fanatic; Jan 6, 2011; 5928 posts; 1384 upvotes; GTA

Apr 5th, 2016 1:45 pm

Just to give you an idea this free car is going to cost upfront $600 which goes to the province.
$218 Registering the car
$325 Minimum as tax, unless an appraiser to write it down substantially.

Then the carry is $60/mo to insure, $100/mo to park it. So that together is $2000/yr.
If I sell @EOY for $2500, I get all of my money back. That's it, without any money into the car itself or driving it (fuel, tires)

And the car is 160,000KM on the ODO, OK for a 13yr old car.

Apr 5th, 2016 1:55 pm

#18

LyGuy: Deal Addict; Sep 4, 2007; 1151 posts; 615 upvotes

Apr 5th, 2016 1:55 pm

160k for a 2003 is super low mileage. If it's in mechanically good condition, take it and go.

Apr 5th, 2016 1:56 pm

#19

excellent3: Quitter; Nov 22, 2012; 209 posts; 113 upvotes; Toronto

Apr 5th, 2016 1:56 pm

LongLiveRFD wrote: ↑Actually, the redbook value is likely high too after checking the blackbook value, maybe $3000 range, that would lead to $390 cash tax..

Is this something where an appraiser could add value? There's various visible scratches and dents, the book value would kill the deal.

I wouldn't worry too much about this. I've bought/ sold a few used cars before. When you transfer the vehicle, they'll have a range of what they can put down as the purchase price based on the age/ make/ model. In my experience, they'll give you the lowest price they can.

+1

Apr 5th, 2016 3:49 pm

#20

Mayoo: Deal Fanatic; Jun 22, 2007; 6666 posts; 2308 upvotes; Caledon

Apr 5th, 2016 3:49 pm

LongLiveRFD wrote: ↑Does the owner needs to be at the MTO? or I just need the ownership and permit to do the transfer myself? He's leaving in less than 48hrs.

You need two things

- Ownership back page signed
- Bill of sale which is on UVIP second page. Fill that

+1