What is the value of a car?

Post date: 2020-04-01 09:32:01

Should we repair the car and keep driving it, repair the car and try to sell, or sell as is? Can you give me an answer in a way that helps me understand what the "value" of the car is? Details below the fold.

Yesterday our beloved 2006 Mazda 3s Hatchback (101,000 miles) was struck in the right rear door by another car. The door got severely dented in. We're getting an estimate tomorrow but based on some searches it may be as much as $2000 to replace the door. There's other damage around the car - some dings on the bumpers and doors, and the engine is in constant need of repair (but when it does run, it runs great!).

Edmunds estimates that the value is about $1,600 with the damage. the same make and model is listed on craigslist for $2500 - without the damage.

I have so many questions and would appreciate any advice about how to manage this situation wisely. We're ok financially but our income is much lower now than in the past.

Should we repair the car, keep driving it, and keep repairing it? Along with this door repair, I imagine at least $1000/year in maintenance could be expected.

Should we fix the door and sell it? How come putting $2000 of door on a car doesn't raise it's value by $2000?

Should we sell the car as is? The car runs, yes it needs repair but it's a great, comfortable, fast car. How can it be worth less than the price of replacing a single door? Is there any way to maximize the value we get from selling a car with a big smash on it? Or is it basically worth nothing and we should be glad to be rid of it?

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