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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: itsm3json on August 02, 2015, 11:12:28 PM

Title: Advice on whether to switch to a different vehicle
Post by: itsm3json on August 02, 2015, 11:12:28 PM
Hi Everyone,

I currently have a  2004 Mercedes S430 w/ 93k miles on it that has been a solid vehicle for me
since I bought it in 2010 from a friend when it had 32k miles on it. Besides the oil changes I have
just finally completed $2k worth of maintenance items - engine mounts, trans mounts & replace
front struts.

The same friend that I purchased this vehicle from is now looking to sell his 2011 Accord LX w/
23k miles on it for $14k and I have been thinking of purchasing it from him and selling my current
car since the cost of ownership will drop considerably ie lower insurance, fuel costs, maintenance
and the low miles.

Here is the options I've considered:
1. keep current vehicle since it is paid off and has no major issues
2. purchase & finance the Accord, while I sell current car and use those funds to pay down the financed
balance

Any insight on what possible options would be best for me would be greatly appreciated.
Title: Re: Advice on whether to switch to a different vehicle
Post by: mlejw6 on August 03, 2015, 02:47:40 PM
Would you get improved gas mileage with the Accord?

If selling the Mercedes will fully cover the loan on the Accord, I don't see why not. In that case, I think either option is fine. If you cannot cover the loan after selling the Mercedes and will have to have more time to pay down the loan, I'd stick with what you've got. You could also spend a few months to save up the difference and then get the Accord (if it's still available, or one like it).
Title: Re: Advice on whether to switch to a different vehicle
Post by: KittyCat on August 03, 2015, 02:56:46 PM
Depending on where you live, you could probably get a similar (or the same, even) for less; just throwing some more options out there.
Title: Re: Advice on whether to switch to a different vehicle
Post by: itsm3json on August 03, 2015, 09:26:54 PM
Thank you both for your input.  If I were to sell the MB I would estimate that
I would have about $4k left financed, which I could pay off within <12mos or
sooner depending on work bonuses.