Sell the 2nd car ?

[Mexico123]

Hello All,

I need an advice. I own two cars.

Car#1: BMW (10,000 miles; Loan paid off; Good Condition; I drive 20 miles/2 weeks. It stays in garage most of the time).
Car#2: 2006 Toyota Camry (160,000 miles; Loan paid off; Good Condition; I drive 45 miles/day).

Auto Insurance: Car#1 + Car#2 = $2800/year (High due to traffic violations);
                        Car#1 only = $2000/year

Spouse always uses public transportation to work. Since Car#2 is old, I am using Car#2 for my daily needs and saving miles on Car#1. Now, I am afraid of the repair costs if Car#2 breaks down. So I am thinking of selling it. Selling Car#2 fetches me approx. $3500 - $4000 and saves me $800/year on insurance.  Is it a good idea to sell Car#2 ?

[matchewed]

It's a good idea to sell the BMW. That Camry has at least another 40k miles on it.

[lbmustache]

Well, I think statistically the Camry will require less repairs, for a cheaper cost, than the BMW over time. I would sell the BMW unfortunately...

[lackofstache]

Again, probably not what you want to hear, but based on the info given, I'd sell the BMW, drive the Camry into the ground and replace it with a similar car when it finally dies. If you sell the Camry now, the BMW is going to end up with a lot of miles if it's your only car and in the long term will cost much more to repair and is more likely to need repaired than the Camry.

[JLee]

It's a good idea to sell the BMW. That Camry has at least another 140k miles on it.

Fixed ;)

A 10yo Camry with 160k has a long, long ways to go before it's done.

[Mexico123]

Thank you for the replies. I forgot to mention that BMW has 1 accident on it (I fixed the car with insurance $). If i sell it, i will not get the asking price for sure.

[big_slacker]

You're not wed to the BMW just because you'll get a little less for it due to an accident. Why not sell it, use some of the $$ to do preemptive maintenance on the Camry and bank the rest? You're still ahead, will feel more confident driving the yota and have $$ if something does happen?

Cars are for driving, not for stressing about costs and not driving.

[seattlecyclone]

Thank you for the replies. I forgot to mention that BMW has 1 accident on it (I fixed the car with insurance $). If i sell it, i will not get the asking price for sure.

That just means you're asking too much. :-)

Seriously, you rarely use it and it's likely to cost much more to own in the long run than a more practical car. Get rid of it for a fair market price and never look back.

[sisto]

I think you should sell both and buy something similar to the Camry, but with a lot less miles. You should be able to keep insurance similar to the $800 you are paying on the Camry and have better reliability due to lower miles.

[KarefulKactus15]

One year depreciation on a Bmw with 10k miles will cost more than the Camry to repair.  Not to mention the repair bills that stack up once you get out of the covered maintenance period at 100k.   I don't see many mustachian with bmw's.    They are fantastic cars for driving pleasure,  quite terrible for wealth accumulation.