Author Topic: Should I sell/trade the old sports car?  (Read 1993 times)

marielle

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Should I sell/trade the old sports car?
« on: November 07, 2016, 08:14:22 AM »
Right now I'm driving a 2003 Mitsubishi Eclipse V6. The only place I drive is to work which is 36 miles each way, 5 days a week. This costs me $110-$120 a month depending on gas prices. I get 29-30 mpg.

Considerations:
- I can't move until my lease ends July 2017. Terminating the lease would cost $2000. Also, I work in the middle of nowhere and really really don't want to live there. There are no major grocery stores that I rely on like Aldi, Trader Joe's, Earthfare, etc. There's not even a Walmart. Pool is a major hobby of mine and I would not be able to play in this town. I also volunteer at a place that only exists in my current city in the state I live in. If I moved there I would be making a lot of sacrifices and changes. But there are cities in between that could cut my commute in half, which may allow me to keep pool but not the volunteering.

- Getting another job is possibly an option. I have a BSME but only started working 3 months ago.

- I have $24k left in student loans to pay off, hopefully will be paid off by August 2017. I have $0 in savings. Meaning I would have to pay my loans off later and buy a cheap $2k-3k car which may need maintenance. Or get a car loan of $5k+ to improve my credit? I wanted my next car to be an EV, but currently they are not affordable or practical to charge in an apartment complex.

- I just spent $1250 on maintenance and an engine tune up on the car. Timing belt, water pump, spark plugs, and other much needed repair. Basically, no major maintenance should be necessary for at least 50k miles. The car runs great for its age and has new paint only a few years old. NADA values it at $2400 for a "clean trade-in" and KBB at $1900 for "very good".

- My monthly expenses are roughly $1000-$1200 including rent, food, gas, etc. Monthly income is roughly $3700 after taxes.

Question: Is it worth getting another car that's 40+ mpg?
I know everyone is going to say "Get another job!" but I don't really have a reason to leave my current position. I'm the only engineer at a manufacturing plant and people actually rely on my knowledge. I would not get this opportunity at a big corporation in my current city. There are also opportunities to move up to a manager position. I guess it can be considered a startup, and there are huge plans for expansion next year.

plog

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Re: Should I sell/trade the old sports car?
« Reply #1 on: November 07, 2016, 08:44:15 AM »
Quote
Question: Is it worth getting another car that's 40+ mpg?

This almost seems like a trick post. You've listed a ton of stuff not related to your question, and your question itself can be reduced down to a 2nd grade math problem. Maybe you want more general life advice, I don't know.

Answering just the question you posted, the answer is no.  With the simple variables you've posted, you'd save $30 in gas a month by switching to a car with better milage.  That's without regard for any additional costs that obtaining that better milage car will have (sales tax, titling, greater cost, etc.).

marielle

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Re: Should I sell/trade the old sports car?
« Reply #2 on: November 07, 2016, 08:55:13 AM »
Quote
Question: Is it worth getting another car that's 40+ mpg?

This almost seems like a trick post. You've listed a ton of stuff not related to your question, and your question itself can be reduced down to a 2nd grade math problem. Maybe you want more general life advice, I don't know.

Answering just the question you posted, the answer is no.  With the simple variables you've posted, you'd save $30 in gas a month by switching to a car with better milage.  That's without regard for any additional costs that obtaining that better milage car will have (sales tax, titling, greater cost, etc.).

People always say it's never too late to get rid of your gas guzzler. If I moved closer to work, the need to save gas is greatly reduced and I'd probably keep my car. But if I keep driving 70+ miles a day for a couple years or longer wouldn't it make sense to trade the car? And gas won't be $2/gal forever. Before the tune-up, I was getting around 26 mpg so it will get worse over time as well.

plog

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Re: Should I sell/trade the old sports car?
« Reply #3 on: November 07, 2016, 09:22:33 AM »
Quote
People always say it's never too late to get rid of your gas guzzler. If I moved closer to work, the need to save gas is greatly reduced and I'd probably keep my car. But if I keep driving 70+ miles a day for a couple years or longer wouldn't it make sense to trade the car? And gas won't be $2/gal forever. Before the tune-up, I was getting around 26 mpg so it will get worse over time as well.

My advice was "no", you responded with the above.  I can't tell if you agree or disagree with me.  The 1st sentence added nothing, the 2nd agreed with me, the 3rd questioned my advice, the 4th and 5th were subtle disagreements but not valid arguments against me.  I'm at a loss. 

All in all I stand by my analysis--no you shouldn't get a 40 mpg car to replace the one you have. If you want to refute that, please use math. 

Tiger Stache

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Re: Should I sell/trade the old sports car?
« Reply #4 on: November 08, 2016, 12:28:14 AM »
Keep the car

hoping2retire35

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Re: Should I sell/trade the old sports car?
« Reply #5 on: November 08, 2016, 08:41:02 AM »
$300 a year in gas. Little to gain for a world of unknown. Maybe look into moving.