Back when our “new” car reached the age of 10, we considered buying something more up-to-date. But then the economy tanked and we postponed.
I also am holding a rarely used “old” car that is 17 years old. It qualifies under the new Clunker Bill [1], wherein it is worth $4500 in trade in. I’ve put about $4,000 into it and driven it nearly 1,000 miles since I bought it for 2 grand in 2005. Not a very good deal. But it is only worth about $2,000 according to Kelly Blue Book [2].
We obviously don’t really need a second car, but it does seem like a good time to buy. So, do I save money by selling the old car off for maybe $1,500 and cut my losses? Or should I invest in a new “new” car that qualifies for the trade-in and relabel our “new” car as the spare?
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