Post # 1
Hello all, I am hoping you all can help me put some logic to this.
I have a paid off car that is just eating gas up. It is getting less than 20 mpg and most of my miles are highway miles. I drive 30 miles each way to work and we often take alot of road trips on the weekends so I’m spending a good bit of money on gas.
I am been thinking about trading this car in for a more fuel effecient car. My current car has a trade in value of about $6000, private party value of $8000.
I’ve thought about waiting a couple years to buy a new car but then my current car wouldn’t be worth as much.
Does anyone have any logic regarding this. I have tried to do some calculations to see what the overall cost for each option over the next few years would be but I just can’t wrap my head around what would be the better option.
Post # 3
My fiance and I actually had this same debate. He had a Jeep Grand Cherokee with a Hemi and it was a GAS HOG! It drained us financially, so he traded it in for an Acura TSX and it is amazing how much less we spend a week on gas!
However, he knew the dealer that sold him the Jeep, so he got more out of it than typical, so it was an even trade basically for the Acura. I would look around and see what you could get for your money if you did trade it in or sold it. With gas prices where they are, it’s scary to think of how much we could be spending down the road.
In the end, you have to think about what suits you best and will compliment your current situation.
Good luck!! 🙂
Post # 4
I would trade it in.
edit: mostlyjust because I hate getting gas, and it definitely isn’t getting any cheaper!
Post # 5
@mandanjoe: Once you get into the lower thousands for trade and your miles are more than 100,00 the amount it depriciates slows (compared to a new verhiclie that durastically declines). If it run well I would see if you could save up and get a fair amount to buy a new car with so you won’t have too much of a loan. Finance rates are cheap though:)
Post # 6
See how much a dealer is willing to give for it and also ask about interest rates. That should give you a better idea.
Post # 7
I thought about trading in mine but decided against it. The reason was that the savings in gas wouldn’t make up for the additional expense that would be another car loan. My car is still a nice car, not the world’s most fuel efficient but also not the least. Right now I could get probably 5K with a trade in but I SAVE about $3K a year by NOT buying a new car. If it drives you crazy paying for so much gas, I’d trade it in while you can get a good trade-in value. But if you want to enjoy having a paid off car and the financial perk of that I’d hold off.