My family recently moved, and since I'll be taking public transportation to work every day we'd like to sell one of our cars. We have no idea which to sell, however, and don't even know how to go about making the decision. Our cars:
1) 2012 Honda Fit, 15k miles. Bought new (oops?), has $11.6k left on the loan at 1.49%. $292/month payments. It's in excellent condition.
2) 2006 Honda Civic, 80k miles, bought used. $9.2k left on the loan at 2.24%. $200/month payments. We've only had it for 9 months, but all signs point to it being in wonderful shape.
My wife thinks we should keep the Civic because it has a lower payment and she feels it's a superior car. I originally agreed, but now I'm leaning towards the Fit because it has so few miles on it, has better storage options for the rare times we need it, and given our driving habits (10k miles/year) we should be able to give it to our son when he learns to drive in...2027.
Is there a formula of some sort for figuring this out? Both cars have higher kbb values than the loan amounts, so there's no issues with being underwater.