Author Topic: Clown Car --> Mustache Mobile  (Read 2809 times)

GreenSheep

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Clown Car --> Mustache Mobile
« on: May 07, 2015, 09:29:09 PM »
New Mustachian here, just finished reading every single post and starting to apply Mustachianism to my life. (Just last week I paid off the last of over $300,000 in student loans! Yay!)

I have a car question...

Selling my Clown Car to get a Mustache Mobile would actually cost me a few thousand up front, but I suspect that I'll save money in the long run, between the cost of gas and the cost of repairs. Am I making the right decision?

I have a 2007 BMW X3 (SUV), purchased with cash 4 years ago. It has about 137,000 miles on it now. It has been a business vehicle, but starting next month I will no longer need it for my business, so it needs to either be converted to a personal vehicle or be sold. There go all the tax write-offs. I'm leaning toward selling it in favor of a Mustache Mobile.

It appears that I can probably get somewhere between $6000-9000 for it, and I have my eye on either a Honda Fit or a Mazda3 hatchback (2008-2010 or so), either of which would cost around $11-13K. I would pay the difference in cash. The cost of gas for the hatchback would end up being about 2/3 the cost of gas for the clown car, but I only drive about 5000 miles/year. Insurance would be only slightly less.

Over the 4 years I've had the BMW, I've had to put several thousand dollars into repairs. (Yes, I had it checked when I bought it, and it was fine then, so I can't blame Carmax for selling me a lemon. No wrecks. Just bad luck, I suppose.) It's been fine for the past 1-2 years. I don't know if that's an indicator that it's going to be fine for a long time, or if this is just the calm before the storm. It's getting up there in years and miles, and BMWs are expensive to fix.

Mustachians, what do you think? Drive it into the ground and take the risk that there might be expensive repairs, or get rid of it while I can?

RWD

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Re: Clown Car --> Mustache Mobile
« Reply #1 on: May 07, 2015, 09:58:49 PM »
Reliability on the 2007 X3 is pretty terrible:
http://www.truedelta.com/BMW-X3/reliability-28

Both the Honda Fit and Mazda 3 are good choices. Since you only drive 5,000 miles per year you could probably go even older and look to spend $5-10k.

JLee

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Re: Clown Car --> Mustache Mobile
« Reply #2 on: May 07, 2015, 10:04:07 PM »
2007 X3's on Craigslist here are $11-15k. I'd think you could get in the upper end of your estimated price range. What's book value?

GreenSheep

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Re: Clown Car --> Mustache Mobile
« Reply #3 on: May 08, 2015, 01:04:09 AM »
KBB value is in the neighborhood of $6-9K, depending on whether you call it "good" or "very good." I know I could potentially get a better price on Craigslist, but I'm seriously considering taking it to Carmax to at least see what they'll give me. I've read that they often come close to KBB value, and I hate the idea of all the hassle of selling my car on Craigslist. I'm a blonde woman who knows next to nothing about cars, and I'm sure the potential buyers would eat me alive.

Thanks for your input, JLee and RWD!

captainawesome

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Re: Clown Car --> Mustache Mobile
« Reply #4 on: May 08, 2015, 08:34:00 AM »
Test drive a bunch of cars before you settle on a great "mustache mobile."  Technically both smaller cars, a Mazda3 is a bigger size than the Fit. So comparing the two isnt necessarily apples to apples.  For example a Mazda3 hatch would compete against a Toyota Matrix, where as a Fit would compete against a Versa or Yaris. Drive as many of the same "class" as you can to determine what best suites your needs. I love Mazdas, but rear seat room isn't the greatest despite being bigger than say a Versa. But the Versa is huge on the inside and may be cheaper to find than a Fit, which tend to be more. In the end, whatever YOU feel is the best combination of what you are looking for.

JLee

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Re: Clown Car --> Mustache Mobile
« Reply #5 on: May 08, 2015, 11:33:45 AM »
KBB value is in the neighborhood of $6-9K, depending on whether you call it "good" or "very good." I know I could potentially get a better price on Craigslist, but I'm seriously considering taking it to Carmax to at least see what they'll give me. I've read that they often come close to KBB value, and I hate the idea of all the hassle of selling my car on Craigslist. I'm a blonde woman who knows next to nothing about cars, and I'm sure the potential buyers would eat me alive.

Thanks for your input, JLee and RWD!

It's really not much hassle, but see what Carmax would give you. Keep in mind they have to sell it at a profit, so you'll get much more if you find a private party buyer.

humbleMouse

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Re: Clown Car --> Mustache Mobile
« Reply #6 on: May 08, 2015, 12:03:56 PM »
Perhaps you should consider a used car from craigslist in the 4-6k range?  Lots of nice camrys and accords to be had with lower miles that will last a long time and are cheap to maintain.