Need help deciding which car to replace
I recently bought an SUV to accommodate a growing family and now have to
decide which older car to replace -
a. 2006 Honda Accord w/ 126k miles - bought in 2008 - paid total incl tax-
b. 2011 Infiniti G37 w/ 51k miles - bought in 2014 - paid total incl tax -
I tried to put the G on the market, but found the best offer to be at 16.5k. Net
net I am making a 10.5k loss in 2 years after driving 16k which seemed pretty
bad for me. Then, I started wondering if I should sell the Accord instead since
it has already been at a high mileage. My only worry is the running cost of
the G and insurance which is much higher than the Accord. My SUV is an
Infinti too which will have higher maintenance costs so I wanted to keep the
other car running cheap. But, the fact that I am losing a lot of money on the G
makes me wonder if in the long run, I am better off keeping it and replace the
car for a longer period.
Any advice you provide will be very helpful. Thanks!
Assuming both vehicles are paid for and still in good running condition, I'd sell the '06 Honda. It's older and has double the mileage on it that the '11 Infinity has. In my opinion you'll get more trouble free years and miles out of the newer vehicle. You also shouldn't be looking at this from an investment standpoint. Vehicles depreciate over time. You'll never get out of a vehicle what you put into it. Factor in the cost of maintenance, repairs, insurance, and that pesky depreciation you'll never come out ahead. Even people who have those antique or classic cars lose money or break even after the restoration. The only way to make money on them is to buy them, garage and never use them for several years until the market value goes up. Where's the fun in that? Anyhow, I'd keep the newer vehicle. HTH. -Jim
Thanks a lot for your very crisp answer. Appreciate it and agree with you on that
You're welcome. Glad to help. -Jim
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