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Thread: Do You Sell Your Old Car Or Keep It????

  1. #1
    God/dess miss.a.p1600's Avatar
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    WWW Do You Sell Your Old Car Or Keep It????

    What if you have a very good old car (well maintained - looks good and runs good) and have formed an attachment to it but you will have to/need to purchase a new one?

    How do you know if it's worth it to keep your old car vs. sell it?

    Is it ever realistic to keep your old car/have more than 1 car?

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    God/dess SnuffleUffleGrass's Avatar
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    Default Re: Do You Sell Your Old Car Or Keep It????

    Cars deteriorate if left sitting. Plus Kelly Blue Book value will only plummet. Most of the time selling it is the best call. Or donate for tax credit

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    God/dess rickdugan's Avatar
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    Default Re: Do You Sell Your Old Car Or Keep It????

    If it runs and looks good, why do you need to purchase a new one in the first place? I buy my cars new and then drive them into the ground. After 180-200,000 miles, the car stays on the road only so long as it doesn't need a repair that will cost more than half of its book value. Rinse, repeat.

    But ok, assuming you have a compelling reason to buy the new car, you should probably sell the old one. Snuff is right about the deterioration when a car sits as well as the ongoing depreciation of time. You would also need to pay for registration and insurance on two cars, which you probably don't want to do if it is just you.

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    Default Re: Do You Sell Your Old Car Or Keep It????

    i've always sold the older ones as ive needed to upgrade " though in my case the reasons have been things like the kids getting bigger and o9lder, or moved where after a while the old one just can not survive or do well in a different climates enough, or needing more cargo room etc " keeping it still means upkeep, licensing, insurance for multi cars etc and adds up.. last car we got was alittle more expensive but its also all electric with an insane range and boost acceleration and such and its already payed off most of itself just in not needing to gas up"
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    Default Re: Do You Sell Your Old Car Or Keep It????

    I've definitely driven all my vehicles till they had a repair issue that was more than buying another car. Typically i'll buy a vehicle that's a few years old but fully loaded, you save a ton that way.

    Cars depreciate so quickly that they shouldn't be thought of as investments (unless you're collecting supercars). I've usually just donated or given away my vehicles when donr with them, entertaining tire kickers etc on a sale less than $500 doesn't make any sense.

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    Default Re: Do You Sell Your Old Car Or Keep It????

    I say trade that bad boy in... but I am probably not the one to give out advice on cars. I am sitting here as we speak looking for a new car online because the one I have now is a nightmare!!
    XoXo Gia
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    Featured Member Nina_'s Avatar
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    Default Re: Do You Sell Your Old Car Or Keep It????

    I say sell/trade it in if you think you need it will help you get the better, newer car that you want without breaking the bank.

    If you have a decent but older car, and can afford to keep it and buy a newer, better one, I would do that. That way if something were to happen to the newer one and you are without it for x amount of days, you have your old car to fall back on. Plus, you can drive your older car sometimes too, so it doesn't sit, and so you don't put unnecessary mileage on the newer one. Also, I like the idea of having one sedan and one SUV or compact SUV. SUVs are good for long trips and bad weather, and sedans are practical for simple use.

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    Default Re: Do You Sell Your Old Car Or Keep It????

    Quote Originally Posted by Gia2608 View Post
    I say trade that bad boy in... but I am probably not the one to give out advice on cars. I am sitting here as we speak looking for a new car online because the one I have now is a nightmare!!
    Can you share? Mines in the shop but I drive it hard so I'm happy with my choice of car.

    Overall though depreciation on vehicles is unavoidable & most models won't be collectible....

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    Featured Member Ifyouseekamy's Avatar
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    Default Re: Do You Sell Your Old Car Or Keep It????

    I keep my cars until they don’t run anymore. Plus, unless you are buying a newer car with a warranty than any cash car will have unknown problems.

    I have a Honda so unless it’s a couple thousand I’ll run it into the ground. I’m hoping I get over 300 k on my Honda. I’m at 180 and she’s still going strong

    Dave Ramsey says until the repairs cost more than the car

    My dream car is a Tesla.

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    God/dess SnuffleUffleGrass's Avatar
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    Default Re: Do You Sell Your Old Car Or Keep It????

    The other problem with keeping a car is forming sentimental attachment. I've spent way too much on mine because I spend so much time in it. BUT most people can't afford to do this, the hundreds/thousands you dump into a depreciating asset would serve you better in an investment account. OR spent on home repairs, etc.

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    Featured Member minnow's Avatar
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    Default Re: Do You Sell Your Old Car Or Keep It????

    W.e.e.l.l.l, if car will hold up on a road trip to Detroit, I'd say car is a keeper. I generally like to keep my cars for a long time. However, if too many problems start cropping up, I make a preemptive move by trading it in for a new one, or late model pre-owned with some warranty left on it. Even though the $$ amount to get it fixed may be a bit less than residual value, too much downtime negates the convenience/time value of owning a car in the first place.
    I'm right 96% of the time. I don't sweat the other 5% .......................

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    Default Re: Do You Sell Your Old Car Or Keep It????

    I've had mine for over 10 yrs, & only in the last couple years have I really put some $ in it.. previously drove it for years w/ just oil changes
    It's a reliable car
    Also, I spray the rust areas w/spray Rustoleum.

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    Default Re: Do You Sell Your Old Car Or Keep It????

    Important- you can give cars away (the California DMV has specific guidelines for how to transfer a car title as a gift.) One way to get more out of a car purchase rather than spending time & money holding on to it.

    & Unfortunately rodents love to nest in stored cars. At a point salvaging an abandoned car isn't worth it.

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    Default Re: Do You Sell Your Old Car Or Keep It????

    I have a 20 year old Honda (that I bought new originally for $13,000) that has never needed a repair other than routine maintenance. I am keeping it until repair costs would be more than the increased costs a newer car entail (increased insurance, etc). Plus new cars are all filled with more electronic gizmos that can go bad and increase maintenance costs. My current car does not even have automatic windows. Manual transmission as well, so the transmission is not an issue. No CD player, only audio cassette. Nothing "SMART" about this car. What is not to love! Meanwhile, I save save save. As a PSO and self employed code monkey, I work from home anyway, so I only have to fill up my 11 gallon tank every 3-4 months or so, (gives you an idea of how much I drive it...).

    Everyone just needs to do what is right for their own situation. Will be different for everyone. Insurance rates vary greatly state to state, etc. So things like where one lives comes into play in decision making.

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