I need some thoughts from the Mustachian world. My background is- I'm 27 years old, and relatively new to the Mustachian world. 2 years maarried, no consumer debt of any sort. Only previous debt was a car loan on a 2012 4runner I bought before being at all familiar with Mustachian ways of life. I have since paid it off and now own it free and clear. Is in good to great condition (minor scratches) and has about 60k miles on it. CarMax offered me $25k for it, was hoping for closer to $28k. Second vehicle is a 2005 Honda Accord (160k miles) that runs very well. We live in the midwest where winters can require a 4wd vehicle from time to time. I know the truest Mustachian thing to do would be to sell it and downsize to a much more fuel efficient set of wheels, but I'm struggling getting over that hump. I've already eaten the majority of the depreciation- and just can't seem to pull the trigger.
Some other relevant life notes. Wife's sister and brother just moved to Boulder. About a 9 hour drive, which we plan on making frequently with friends and our dog. Other immediate financial goal is to get to the 80% threshold on our house to get rid of PMI. Currently at 88.5%.
Also- if car was sold, would need to backfill with a second set of wheels. Ideally a wagon of some sort. Best case scenario- sell the car for $28k, put $15k towards the mortgage, and still have $13k for another vehicle. PMI would be knocked out, fuel efficiency would be better, plus the added environmental and consumer benefits.
Any solid math saying its worth eating the sunk loss I've already incurred and any ways to get me over the emotional attachment to the car- would be welcome!
Any and all thoughts welcome!
SP