Author Topic: Should I keep my current car or get a great deal on a newer one?  (Read 2091 times)

moremoney

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Should I keep my current car or get a great deal on a newer one?
« on: November 10, 2016, 08:45:54 AM »
Hello Mustachians!
I am a long time lurker on this forum. I have read some great advice and it has helped me get into a better financial situation. Here is my question:
I own a 2005 Toyota Corolla with a 155,000 miles. It drives great and there really isn't anything wrong with it. It may need new struts/suspension and possibly new brakes and transmission fluid change but it has been an awesome car for almost 10 years! I can easily see this thing going another 100,000 miles with good care. I always thought I would drive this thing in the ground but if I am going to sell it, now would be the time before it starts having issues.
The only reason I am considering a change is because we have a relative who needs to get rid of their 2012 Honda Fit with 44,000 miles to move out of the country. They offered us the car for $6000. Its worth a lot more than that and I really want to get a hatchback. I could probably sell my car for $4500 since its in good condition. So it would probably cost me around 1500 bucks. What are your thoughts?

Bracken_Joy

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Re: Should I keep my current car or get a great deal on a newer one?
« Reply #1 on: November 10, 2016, 08:47:33 AM »
With a clean title and good maintenance title on the fit? I would go for it. Sadly, at 155k on a gas engine you may be on borrowed time for major maintenance. If you can cut miles by over 100k on your car for $1500, what this amounts to, and probably get better mpg? (Fit being smaller than Corolla), then I say yes.

moremoney

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Re: Should I keep my current car or get a great deal on a newer one?
« Reply #2 on: November 10, 2016, 09:01:07 AM »
I should have added details about the Honda Fit. My relatives hit a deer last year with it but their insurance paid for the damage at a professional collision repair shop. It was front end damage only. Air bags were not deployed and the engine was left untouched. They still have pictures of the original damage.
Also, My Corolla was hit by a driver not paying attention and smashed up the rear end about 4 years ago. It has also been fixed by a professional collision shop. Hopefully this doesn't hurt my chances of selling the vehicle. It still has a clean title but if someone were to pull a car fax they would see it was in an accident.
Thanks for the reply. Still a good deal?

ketchup

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Re: Should I keep my current car or get a great deal on a newer one?
« Reply #3 on: November 10, 2016, 09:06:57 AM »
I'd verify that you can in fact sell the Toyota for $4500 (look up some quick comps in your area just to be sure), but taking that as fact, it looks like a good opportunity for an earlier-than-planned swap.  I'd probably pay $1500 to take seven years and 100k+ of wear off my car.

Also double check your insurance rates, especially if you're young.  It's not always what you'd expect...

terran

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Re: Should I keep my current car or get a great deal on a newer one?
« Reply #4 on: November 10, 2016, 10:14:33 AM »
I think $4500 for your car is optimistic (kbb.com says $2900) and my sense would be that mileage over 100k is a harder sell. I'd be tempted by the fit though, even if you just resell it. KBB says more like $8500. Maybe your relatives would be willing to leave it registered and let you sell it at a more leisurely pace and come up with some fair way of splitting the "profit" over what they wanted to sell for?

Bracken_Joy

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Re: Should I keep my current car or get a great deal on a newer one?
« Reply #5 on: November 10, 2016, 10:26:21 AM »
Yeah I think run the actual numbers. If your numbers are *right* it's viable, but as terran has mentioned, I'm not sure you'll get that. I know personally I only buy Private Party used and I always want carfax- it's pretty common practice, at least in my region, so you won't be able to "hide" the accident- not that you should anyway!