Buy, Sell, or Hold - Car Dilemma

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Fox
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Joined: Tue Dec 13, 2016 2:00 pm

Buy, Sell, or Hold - Car Dilemma

Post by Fox » Mon Oct 22, 2018 12:09 pm

I have been pondering this for a few months and now need to make a decision (probably in the next week).

My family: kids are 4, 2 and 3 months. Dog is 80lb yellow lab.

Needs: 3 car seats in both vehicles. One vehicle for longer trips with room for dog.

Wants: Aston Martin Rapide (only dreaming)

Wife’s Car: 2008 Buick Lucerne 140k miles, bought from grandma for 5k in 2013. It fits everyone but the dog. Recently got new tires, battery and alternator. No major problems with it (might be able to sell for $3.5k-4k)

My car: 2012 Ford Flex Ecoboost AWD, with 104k miles. Purchased used in 2014 with 43k miles.. Just over 5k/18 months left on loan (very low interest…$7 per month). Carries our family of five plus our 80lb lab. I like it a lot overall. It is due for $500 of routine maintenance and is in need of a new power transfer unit (around $1600 repair). (might be able to sell private for $12k-14k)

Mother-in-law’s car: 2013 Honda Odyssey EX-L: 110k miles, good overall condition but has had some minor dents and body work. She is planning to buy a new Odyssey this Fall and trade in her current van. She will sell it to us for dealer trade-in value (estimated $11k-12k)

The dilemma: Should we keep our same cars? Should we sell one for the Odyssey? I have no problems keeping a care to 200k miles..
The Lucerne was a great deal and probably has plenty of life, but would be nice to have a second vehicle to fit the whole family (we both transport the kids every day and have several nieces and nephews nearby). I feel more optimistic that the Odyssey will run to 200k miles better than the Buick...

The Flex needs maintenance/repairs as all used vehicles do, but a couple grand would be nice to put towards a different vehicle. It does have AWD which is really helpful for getting up our driveway in Michigan winters. Sticker price was nearly $50k new....more features/more problems?

So, sell the Buick, sell the Ford, or just hold?
Thanks!

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Kenkat
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Location: Cincinnati, OH

Re: Buy, Sell, or Hold - Car Dilemma

Post by Kenkat » Mon Oct 22, 2018 12:14 pm

I’d probably sell the Buick and pick up the Odyssey. The Buick is 10 years old which is the point where I tend to look to sell most vehicles that are regularly driven. I have kept cars longer, but when they hit 12+ years, they are pretty dated in terms of technology and small things and big things are more likely to go wrong.

Jack FFR1846
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Re: Buy, Sell, or Hold - Car Dilemma

Post by Jack FFR1846 » Mon Oct 22, 2018 12:21 pm

Kenkat makes a good point. We bought our father in law's 45k mile, 12 year old Outback for dirt cheap. We needed something to tide us over short term and I calculated the $/mi every time I drove it. Although it still had low miles when we traded it at 14 years old and 81k miles, all systems were in self destruct mode from time. I'd agree, I think to dump the Buick and get the newer car.
Bogle: Smart Beta is stupid

researcher
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Re: Buy, Sell, or Hold - Car Dilemma

Post by researcher » Mon Oct 22, 2018 12:53 pm

I'm going against the grain and suggest you keep the Buick, dump the Ford, and buy the Odyssey.
- The Buick cost you almost nothing to buy, has had $1000+ in recent upgrades (tires, battery, alternator) and has no problems.
- The Ford is a much more expensive vehicle, which you are still carrying a loan on, and requires more than $2000 in maintenance/repairs.

Sell the Ford and use the proceeds to buy the Honda and snow tires for both vehicles.

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tyrion
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Re: Buy, Sell, or Hold - Car Dilemma

Post by tyrion » Mon Oct 22, 2018 1:04 pm

Sell the Buick. It sucks that you just put some money into fixing it up, but that's life.

The Odyssey will be a good car as the kids get older. Better for bringing a buddy or two. Better for carpooling. Easier to load/unload at school.

You will have 2 cars that can support taking your family anywhere. When you decide to retire one of those, you have lots of options for what to buy for you.

ClemsonBogle
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Re: Buy, Sell, or Hold - Car Dilemma

Post by ClemsonBogle » Mon Oct 22, 2018 1:29 pm

I second keep the buick and get the honda. Ditch the Ford. I'm old fashion on this but i feel like the ecoboost turbo is unproven for high mileage yet.

Also my family had a similar layout to yours and we put a trailor hitch on the back of our car and the dog went in a car carrier in the back. He was a golden about the size you are saying but...

In all honesty how often are you going to take the buick on long trips when you have a access to a mini van? I think never....

2nd the snow tires on the honda and keep in mind that at 100K there is a "major" service due on the honda including a timing belt and water pump spark plugs etc etc etc. Probably at least 1400 if you do everything recommended.

Is rust a concern on older cars? No experience there.

Oh and i think you are about 3K high on the trade in. Establish that you are going to pay the "fair" market value on KBB for trade in or use a carmax quote to establish the value. Dealerships may very well say they are giving you 12K for trade in but they are just fudging numbers.

Cost of New Car - 35K
Trade in - 12K
Financed amount = 23K

Cost of New Car 35K
Cash Discount 3K
Value of trade in real 9K
Financed amount = 23K

Just go by that...and dont OVER pay for the Honda.
Also me...i would have a dentless repair place to take out all of them. Call a used car dealership or body shop repair place and ask for a few references. Then do that and get the car completely detailed so it feels like a really nice used car to you. Carpets shampooed, waxed and buffed, etc.

Fox
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Re: Buy, Sell, or Hold - Car Dilemma

Post by Fox » Mon Oct 22, 2018 1:51 pm

Thanks for the thoughtful replies so far. Thoughts are divided, which is why I was feeling indecisive myself too.

I will definitely check about whether the Odyssey is due for maintenance repairs too.

A brother-in-law suggested that we swap the titles between one of our vehicles and the Odyssey, then have my mother-in-law trade in our old vehicle to the dealer. Then we would make up the difference in price. Is that necessary? Will it save some title costs or taxes? it has been a while since I bought or traded a vehicle.

thatme
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Re: Buy, Sell, or Hold - Car Dilemma

Post by thatme » Mon Oct 22, 2018 1:55 pm

Fox wrote:
Mon Oct 22, 2018 1:51 pm
Thanks for the thoughtful replies so far. Thoughts are divided, which is why I was feeling indecisive myself too.

I will definitely check about whether the Odyssey is due for maintenance repairs too.

A brother-in-law suggested that we swap the titles between one of our vehicles and the Odyssey, then have my mother-in-law trade in our old vehicle to the dealer. Then we would make up the difference in price. Is that necessary? Will it save some title costs or taxes? it has been a while since I bought or traded a vehicle.
It could save on taxes (depending on your state), but since you'd be trading in the much less expensive vehicle, the benefit would be less. For example, $4000 value, 8% tax = $320 in savings for MIL. I'm not certain you can just "swap" titles though -- probably a fair bit of paperwork for a $320 savings.

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