(Closed) Keep paid off gas guzzler or trade in??

posted 5 years ago in The Lounge
Post # 3
Member
669 posts
Busy bee
  • Wedding: June 2013

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
Member
1839 posts
Buzzing bee
  • Wedding: May 2013

I would trade it in.

edit: mostlyjust because I hate getting gas, and it definitely isn’t getting any cheaper!

Post # 5
Member
3773 posts
Honey bee
  • Wedding: December 1999

@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
Member
4275 posts
Honey bee
  • Wedding: April 2012

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
Member
2894 posts
Sugar bee

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.

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