Hi fellow Mustachians,
I discovered the MMM world very recently, and this is my first post on the forums, so I apologize if this question has been asked before.
TL;DR: I have two used cars on my hands, both of which are great vehicles by MMM standards, and I need help deciding which one to keep.
I am a recently-graduated electrical engineer with a good starting salary (80K) and no student debt. I've been living at home to save money and help my aging parents, and I've been maintaining a 50% savings rate. However, I am currently in possession of two automobiles, and I am having a very difficult time deciding which one to keep.
Hear me out, and you'll see why.
(1) My old car is a 2001 Toyota Camry, 140K miles. Bought in 2014 for $3600, put $1200 of routine maintenance into it since then (timing belt, water pump, etc....all normal stuff for these cars). It's been reliable, and my mechanic says it should last a while. However, the car had 6 previous owners and was given a salvage title in another state. I don't know how the previous owners maintained it, and I will have a hard time selling it with its salvage history.
(2) Now, here comes my confession --- in very un-Mustachian fashion, I recently financed a 2004 Pontiac Vibe, 100K miles. It was a 1-owner vehicle with a perfect Carfax and an immaculate maintenance history. The car is in beautiful condition (seriously, you'd have to see it to know what I mean). My loan is at 10% interest due to my age and the age of the car.
Here's where I need some advice:
I jumped on the Vibe purchase because I will be moving to Colorado in about a year, and I'd like to be involved in outdoors activities like snowboarding, mountain biking, and kayaking. The Vibe's cargo space seems great for this kind of lifestyle. However, I can't keep both cars, and the Vibe is going to set me back about $6700 with taxes and tags. And that doesn't include any interest I might accrue on the loan.
On the other hand, my old Camry will cost me nothing in the next few years besides routine maintenance.
So I have two great cars, both of which could last me a long time, and both of which have advantages to them. I'm stuck!
Given my income, my cheap lifestyle, and my savings rate, what would you folks recommend? Should I sell the Vibe and try to keep my old Camry as long as possible? Or do you think it would be good to keep a Vibe that is in this excellent condition?
Also, to those of you who live in Colorado: do you think I will miss having the cargo space of the Vibe, or could I get by with my Camry if I want to go snowboarding, kayaking, and mountain biking?
Sorry about the wall of text. Thanks for reading. Any advice will be appreciated.