I asked a question fairly simliar in the past, but the situation has changed a bit and I have more specific numbers..
It's looking like a good idea to sell my wife's 2011 Kia Sorento. We bought it 18 months ago brand new for $21,900 (sticker price was $25,550!). It now has 39,000 miles on it. She gets 24mpg average in this car. I put it up for sale for $18,000 and today I got an offer for $16,500. When you look at the numbers like this it's very apparent that I took a big hit on this car.. something that I'd like not to continue. Never going to buy a new car again. I think I can get the guy to give me $17,000. If so, that's a $4,900 loss.
We are going to buy my wife a 2010 Honda Insight Hybrid. $14,900 plus tax. 40k miles. The new MSRP on it was $24,500. So someone ELSE took the almost $10,000 loss on that. My wife took it for an extended test drive and got 48mpg average.
Is my logic here flawed? It seems like a win/win situation as long as my wife is just as happy in the Insight, which she is. Do I pull the trigger and sell the Kia for $17,000 then buy the Insight?
We're now set on the Insight, so please stick to advice on this particular situation, not on prius or honda fit, etc. I think a used honda insight is the sweet spot.
Thanks,
Ryan