Worth selling car a newish car for something cheaper?

[debian0001]

I have a 2012 Buick Regal with 33,000 miles I bought about 3 months ago. It's a great car but I live in Chicago and realize that it's stressful keeping it nice and in general the use of it and damage. I went on a road trip with it and small debris hit the window causing all kinds of nicks so I had it replaced. It was driving me nuts.

I have about 16,000 left on the loan, I could possibly pay it off, then sell it to a dealer and whatever I get, I could get a used car. What I originally wanted to get is a Mercury Grand Marquis or a Ford Crown Victoria.

Has anyone done this? Is it worth it financially? I understand a used older car is not reliable but I feel maintenance on a Grand Marquis or Vic would still be cheaper in the long run. My job is 10 minute drive away so I am not worried about gas.

I used to have a Dodge Neon that was beat to shit and I could go to bed without worrying what could possibly happen. It was a piece of shit but it worked til the engine died.

 

[Herr Kutz]

I'd recommend a BMW 335i Luxury Line + Technology Package for your drive. If you live in a cold area then I'd also recommend throwing in the Cold Weather Package. If you're a girl, I would also jump for the Driver's Assistance & Driver's Assistance Plus Package.

 

[debian0001]

huh?

 

[MadScientist]

Unfortunately your car is probably worth, dependent on its options and condition, between $14 - $15 K on a trade in so you would be stuck paying off the remainder of the loan.

Unless you really dislike the car keep it or get something smaller and more fuel efficient.

 

[debian0001]

I just did a Kelly Blue Book check and it's around 14,200. I have about 16K left on the loan so it's not that big of a hit. I got the car for 17,500. I'll have to dig in.

 

[dbk]

hmm wouldnt you worried about ur car getting nicked no matter what you drive besides a beater?

 

[debian0001]

Yep, that's why I'm looking at cheaper Grand Marquis

 

[unokitty]

Has anyone done this? Is it worth it financially? I understand a used older car is not reliable but I feel maintenance on a Grand Marquis or Vic would still be cheaper in the long run. My job is 10 minute drive away so I am not worried about gas..

I feel your pain. When I lived in Lauderdale, someone cut my Miata's top to steal the change out of my cup holder despite the fact that the Miata was unlocked.

Probably not worth doing what you are contemplating. Though, if you lived near a Car Max, if you stopped by, they will give you an estimate on your car. That would provide you with a bit more data...

Best of luck,
Uno

 

[aShufflinZombie]

Maybe look at a lincoln town car? It has the same underpinnings as a crown vic or grand marquis.

 

[thedarkwolf]

Kind of why I always drive cheap/beater cars. Why spend a lot of money to drive 10 mins to work? I don't know how it could be a bad move financially unless you replace your $16k loan with another big loan for different car. I see x-cop car crown vics on craigslist for dirt cheap all the time. There was an 08 with 98k miles on it on there a month ago for $3k that I really thought about myself.

 

[tortillasoup]

The whole advice about buying a Crown vic is so dated. If you want a cheap car to own/maintain, get a Prius. $3K for a gas guzzler makes no sense at all.

 

[Mermaidman]

I feel your pain. When I lived in Lauderdale, someone cut my Miata's top to steal the change out of my cup holder despite the fact that the Miata was unlocked.

$)#*&!(@!
One reason why I sold my soft top, and now looking for a PRHT.

To the OP: I think the financial advantage of swapping cars at this point will be minimal. Newer cars like yours depreciate faster than the older car that you want. You will be "selling low and buying high." You just need to move to a nicer 'hood.

 

[mvbighead]

Op, the wife and I did something very similar. We had some CC debt that we wanted to clear quickly and it just wasn't happening fast enough. Further, we had a coupe and were at a point where needed to transport 3 people was common, and I occasionally had to drive her coupe that I didn't fit the best in.

All those things considered, we sold her car off for about $11k and bought an older Jeep Grand Cherokee. It needed some maintenance in a few areas, but the difference we used to clear CC debt, and shortly there after, the money starting growing in our account. Maintenance here or there while still a nuisance was all done out of pocket.

Our reasons may be different than yours, but unloading a more expensive car can be beneficial. One key difference is that ours was paid off, so the difference went in our pocket. In your case, you'll have to pay out of pocket to unload it, but if you can find a Crown Vic with a low price, you will likely have a quick time frame to pay it all off, and then you won't have to worry about damage to your beater.

 

[Midwayman]

CTA is like $86 a month....

 

[jlee]

I like my used cars.

I bought my Tacoma with ~268k on it about two years ago. Aside from new-to-me vehicle maintenance (I did ball joints, tie rod ends, and steering rack bushings), I have put a starter (~$100) and alternator (~$120) in it.

I paid $4500 for the truck and could probably sell it for that or more right now. Used FTW.

 

[debian0001]

CTA is like $86 a month....

Unfortunately corporate is 50 miles away so I have to drive there sometimes.

I went to CarMax to get an appraisal.

They offered 14,000 dollars.

I owe about 16,500 so I'd have to eat 2,500.

Based on that, it'd only really be feasible to get a car around 3,500 dollars or less.

 

[dbk]

you could sell privately and recoup some of that... i sold my car for like 1500 more than carmax offered me

 

[thedarkwolf]

If you aren't in a hurry you can score a very nice car for under $3500. There was an 03 pontiac vibe on craigs for $1200 today with 177k miles on it an non-working a/c. I tried to get that one if nothing else to resale with the a/c fixed but it sold almost immediately. I just sold one of those about year and half ago for $2400 with a beat up body and 205k miles on it.

What year did ford get the focus right was it 02? I know the early cars had some engine issues but they are starting to show up a lot for under $3k now.

 

[mvbighead]

Unfortunately corporate is 50 miles away so I have to drive there sometimes.

I went to CarMax to get an appraisal.

They offered 14,000 dollars.

I owe about 16,500 so I'd have to eat 2,500.

Based on that, it'd only really be feasible to get a car around 3,500 dollars or less.

http://chicago.craigslist.org/nwi/cto/4535505772.html

2004 Crown Vic for $2500

Mileage is 17/25. To me, 20mpg is pretty reasonable for most vehicles. You can get some simple cruisers that are closer to 25mpg average, but they tend to be more sought after and more expensive in some cases.

If you were considering a Vic, I wouldn't let the MPG steer you away from it.

 

[vi edit]

The whole advice about buying a Crown vic is so dated. If you want a cheap car to own/maintain, get a Prius. $3K for a gas guzzler makes no sense at all.

If he's only driving 3000 miles a year (which is entirely possible if he's in Chicago) then the gas savings for him between a Prius and a Crown vic are like $350 a year. It'd take him 30 years to make up the price difference between a $2500 crown vic and a $15,000 Prius.

 

[tortillasoup]

If he's only driving 3000 miles a year (which is entirely possible if he's in Chicago) then the gas savings for him between a Prius and a Crown vic are like $350 a year. It'd take him 30 years to make up the price difference between a $2500 crown vic and a $15,000 Prius.

You can get a Prius for like $5-8K now.

 

[vi edit]

You can get a Prius for like $5-8K now.

And then how long before you have to go and drop another couple grand into a new battery pack?

 

[debian0001]

I wouldn't bother with a Prius.

 

[BurnItDwn]

You already took a big hit with depreciation.. I would just keep the car you have for like 20 years...

 

[dbk]

my coworker is driving his 2005 Prius with 200k miles on its original battery.. dont ask me how but the darn thing is still running strong.