I set my maximum price filter on my latest "cheap car" search on cars.com recently at $20,000 and this 1987 Honda Prelude Si came up in my net. Not unusual. What was unusual, odd in fact, is that it came up near the top of the list when I sorted by "highest price".
I figured it had to be a super low-mileage barn find. Not quite. While it has only 54,000-miles on its thirty-eight-year analog ticker, I don't believe that warrants its suck your eyes out asking price of $18,000. Now, Prelude Si's of this vintage have sold recently for more than $24,000 at auction, but those had less than 5,000-miles on them not some 54,000.
I'm of the old-car school of adage that 1980's cars, foreign or domestic, ain't worth squat. Sure, there are a handful of domestic pony cars that command a decent dollar, GM "G-bodies" in good condition too but I wouldn't use those as a daily; they're not reliable and they're terrible on gas. Forget German cars, even some Porsches, you can get them cheap enough, but they'll burn you alive in repair costs. Because they're so well built, Japanese cars from the '80's make some sense as a daily driver but you have to "buy them well". That meaning inexpensively.
Paying too much negates any value proposition. $18,000 is a good chunk of change and I'd just as soon use it on something less old and more contemporary or older with better appreciation upside. This '87 Prelude, while providing a surprisingly modern road-going experience, aesthetically, hasn't stood the test of time like, for instance, Preludes from the early 2000's have. Your opinion may vary, see dealer for details.
Another thing to keep in mind is getting this insured for what you paid for it will be a tough putt. Classic car insurers like Haggerty don't insure everything "old" and they have limits on how much you can use your classic too. A "State Farm" is going to give you "book" if it gets totaled. Again, this ain't worth really anything. Buyer beware. Call your broker before you head to the bank.
Honda had already established more than toehold in the United States when they introduced their first semi-Accord based Prelude in 1979. A somewhat sporty 2+2, what the Prelude featured superior fuel economy and build quality, always important attributes but particularly so in the darkest days of the Malaise Era. The fact it performed decently was gravy on the cake.
Honda really got it right, well, performance wise anyway, with their second generation, 1983-1987 Preludes. These things, while not as powerful or fast as a V-8 powered Chevrolet Camaro, Pontiac Firebird or Ford Mustang, could run circles around them, sip gas and stay bolted together better long after the payment coupons were all filled out.
Again, where they came up short was aesthetically. Sorry, this little guy is pretty homely. And that it's "resale red" does it no favors either.
After five-generations, each one seismically better than the prior, Honda pulled the plug on the Prelude after 2001. Made sense since their Accord coupe, especially the V-6 models, were such ringers and having two coupes in a day when coupe sales were lagging, wasn't a best practice.
What's a fair asking price? Hard to say. Others of this vintage on cars.com right now are in rough shape and have much higher mileage and are priced around $3,500. Still, given the mileage, condition and that it's a Honda, I'd offer no more than ten thousand for it. Seeing the high asking price, you'll get rejected as a low baller which is fine.
Spend your money elsewhere. Keep looking and good luck!
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