Automotive

Help me decide: Free car, take or leave?

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  • Apr 13th, 2016 5:36 pm
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[OP]
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Jan 6, 2011
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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?
28 replies
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Sep 5, 2014
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Brampton, ON
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.
[OP]
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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.
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Sep 27, 2011
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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...?
[OP]
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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.
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Mar 4, 2011
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It's free... That's the favourite word on RFDs
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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.
[OP]
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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.
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Jan 23, 2016
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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
[OP]
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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.
Deal Guru
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Mar 9, 2007
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Think of the Childre…
Do it Do it! Take it Take it!!

WOULD SOMEBODY THINK OF THE CHILDREN!!!
[OP]
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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.
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you just need the ownership signed.
after that, it's all your responsibility for taxes and transfer fee etc.
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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.
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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.
[OP]
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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.
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Sep 4, 2007
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160k for a 2003 is super low mileage. If it's in mechanically good condition, take it and go.
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Nov 22, 2012
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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.
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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

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