Help With Car Decisions
 

well, it's been slow at work, and i anticipate a significant cut in income. by next school year, our kids will all be learning at home on virtual school. so, to help our finances, we are considering cutting back to one car.

the problem is my wife cannot drive a standard tranny and her car seats only 4(we have 5 family members). we need a bigger car as it is, so her learning is not the issue(she won't anyway).

so we have a few avenues in which to take, and i'd like your thoughts perhaps covering any missed viewpoints.

so i set up a poll...

because both cars a running well, we can take our time deciding what to buy or to do nothing at all.

but, it would be nice to be able to go together w/out being cramped. i was thinking of a 4cyl accord, altima, or camry.

Interesting question... My first thought is to park one, and trade one. however, the car will be depreciating while its parked, so now that I think of it some more its probably best to sell both (even if you don't need the money for the second car), and buy one vehicle that will suit the family's needs. Take the money that you get selling the second vehicle, and put it in an interest bearing account or CD, and when you're ready to have a second vehicle again you'll be better off.

-Jay

I put trade both, but you should probably sell both instead of trading them.

One of the few 4 cylinder cars that would meet what you need is the Mazda3 hatchback. Seats 5 and has cargo room for trips. Not much obviously but it has some. Or maybe a Rav4?

here is another option other than trading.

I've always been told that trading is a bad deal. most of the time, they will give you a good deal on trade in value OR on the car you are purchasing, usually not both. this has held true in most of my purchases as well.

I am not a big fan of selling a car out right either because you have all the phone calls and people wanting to give you next to nothing for it.

there is a company called carmax (www.carmax.com) that buys and sells cars. they will buy your car even if you don't buy theirs. you usually won't get better than trade in value for it but then you have cash in hand to go and haggle with a dealership (be it new or used).

I know this doesn't answer your question about which way to go but it may put more cash in your pocket when the time comes. I also like the little bit about gov assistance and you probably make too much (you're employed right?) told you.

Carmax is a great place to sell a car. I remember when mom bought her Escape she wanted to sell her 97 Buick Century wagon (Great car!). She took it to Carmax and they offered her $1,400 for it (because it had 140,000 miles on it). Dad saw that the blue book value was $1,800 so he thought he could do better selling it himself. Well, he spent 2-3 months trying to sell it, and finally sold it for $1,500 but after paying an extra few months registration and insurance on the car it would have been better to just sell it to Carmax and been done with it.

Jay,

fantastic idea about the CD. reminds me of the idea that dictates continuing to pay on a car after it's paid off--pay yourself via savings account. then, when and if the need for a new one arises, a short note (if at all) will cover it. i'm allergic to payments however. :)
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Kyle,

i'm not sure if i'd get any buyers(Florida's unemployment rate is higher than the nat'l avg).

i'd have to see if a Mazda3 is big enough. we can all fit in my prizm, it's simply cramped.
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Beef,

thanks for the reminder about carmax(knew about it, just slipped my mind). i wonder if they're changing policy due to the sour economy(not buying as much)?

the crack about gov't help was half serious. we do not qualify w/ my overtime and bonus, but w/out them we do qualify(they make up ~40% of my pay). my wife is unemployed.

there has been talk of cutting hours and POSSIBLE layoffs. i absolutely wish to stay independant of gov't assistance having said all of that.

thanks, all of you!

I say sell the Geo, and keep the Camaro.

Go on Autotrader.com, and look to see what other similar (Style and Quality) cars are going for, and undercut the price by about a hundred dollars. You should sell quickly. Either that or craigslist it.

But the Geo should sell quickly, due to the fact that even with the gas prices down low, people are still hurting economically. You could instead focus on very low insurance rates, as well as gas prices.

But, when you sell it, then you can use the cash as a bargaining for when you buy a new one, and you'll likely get far more than a trade in.

But the camaro is too wonderful to sell.

yup, 30 year anniversary, my wife says the same thing! but it will go before our parked 86 Z28. we've been given offers w/out advertising it. THAT one is not going anywhere, as beat up as it is!

LOL, just like my 81 Regal... Even as ugly & rusty as it is I've been offered $10,000 for it. Keep the 86 Z28.

:eek: 10, 10, 10, 10...did you say 10 grand?!!!

if that happens to us...

SOLD, whether she's home or not!

I have to admit, as much as I love it and want to fix it up I'd definitely sell out of my family heirloom 1980 Buick for $10,000 in its current decrepit condition.

Yes, I find notes stuck to it all the time. The interior is perfect with the exception of the sagging headliner, the engine and interior look 100% stock, and there's no major body damage. A repaint and some minor body work and it'd be a great car. Plus, if someone's heard it run its the smoothest sounding early 80's car I have ever encountered. I've run nothing but Mobil 1 synthetic in it since I bought the new engine ~15 years ago.

EDIT: I forgot to mention, some people don't understand "Its my first car, and NOT for sale", and just keep raising their offer.

I wish I still had my first car....'93 metro....3 cylinders of fury....it was never worth 10k.

as far as carmax goes. they are still buying cars, they are just offering less for them. I recently sold my truck to them. I probably could have gotten 500 to 1000 more for it but it was worth not dealing with the hassle to get rid of it. I used the money (along with a touch more) to pay off my wife's vehicle so I am currently payment free. carmax will also give you a quote which is good for 7 days. I always tell people to not do anything that day. take the quote and think it over. that way you don't do something stupid that you will regret. even though I got relatively nothing for my truck, it was still the best move for me in that point of my life.

and I figured the crack about the gov was just joshin'...so was mine.

But a 93 Metro was worth 10K 6 months ago...

-Jay

yea, they did go for quite a bit when gas was stupid expensive.

I bought that car 2 years old and paid $5995 for it. well, my dad did.

people gave me crap because my dad bought me a car. in the end, it had no power windows, no power locks, no power steering, I think it had power brakes...maybe. oh and no a/c. it was the polar opposite of luxury.

it did have a tape deck that would skip forward by tracks. you had to have breaks in the music for it to pick it up though. found that out making a mixed tape one time.

They think you're just using that strategy to haggle. Try raising the offer to $100,000. At that price, they'll either think you're a jerk or they'll get the point...and if they're willing to pay it you should take it.

LOL, sounds like the 81 AMC Spirit that my grandmother gave my sister & I when we started driving. Factory options: AM mono radio (No radio was standard), power steering, and rear window defogger. It went far on a tank of gas though. Compact car with a 151 ci 4 cyl and a 4 speed manual tranny, + a 22 or 23 gallon fuel tank. I only filled that car once a month, and used it to commute to college 3x - 4x/wk 35 miles away. We would have kept it if it had one of 2 options 4wd (AKA the AMC Eagle), and/or A/C. Man, if it was an Eagle with factory A/C I'd probably still have it.

-Jay