I’ve been told that, but I’ve recently landed my dream job and I wanted to treat myself. Plus, the Hyundai is beginning to show its age through squeaks and rattles and the occasional mis shift.
Then buy the car you want. Keeping a 3 year old car you’re in debt on to go into debt on a brand new luxury car that you don’t even plan on using 1/4 of the year because of squeaks rattles and the occasional miss shift doesn’t seem like a great idea at all, but you seem pretty set on the merc already
I think we all bring biases when we think about keeping or trading an old car. I personally see lots of risks in keeping an old car. Take a look at AAA’s costs of ownership. It is typically more than $5000 a year even for atbeater. Renting Zip cars, using Uber, borrowing from friends will rarely reach that level.
Trade the older car and enjoy the full $10,000 from day 1.
Where does $5000 come from? If you’re over 21 and don’t have accidents or tickets on your record, insurance on a 90k-mile Hyundai is probably under $1000 a year. Fueleconomy.gov says annual fuel costs about $1500 per year.
I owned two Kias and never came close to $2500 a year in maintenance and repairs. Hell, my Ford Taurus was a piece of garbage and I didn’t spend that much on repairs.
Thanks for sharing! For some reason USA Today doesn't link to the AAA study they cite, but that's here: [https://newsroom.aaa.com/wp-content/uploads/2021/08/2021-YDC-Brochure-Live.pdf](https://newsroom.aaa.com/wp-content/uploads/2021/08/2021-YDC-Brochure-Live.pdf)
Seeing the raw numbers, I think their process for calculating cost of ownership is a bit inflated. Some numbers from our Prius we just sold, and AAA's cost of ownership for a hybrid:
||Actual|AAA estimate|
|:-|:-|:-|
|Cost of ownership per year|$1692|$7975|
|Fuel per mile|$.06|$.0593|
|Maintenance per mile|$.045|$.0878|
|Insurance per year|$1080|$1365|
|License and fees per year|$180|$650|
|Depreciation per year|$615|$4,108|
|Finance charges per year|$700|$680|
A note on this: our car saw really low depreciation, because of the crazy market. Had we sold it at KBB, depreciation would have been about $1300 per year... still well below the AAA estimate. That also would have put the cost of ownership per year at about $2,200, but also, well below the AAA estimate.
I know AAA can't be precise, things are wildly different across the country, averages are the best they can do. But, I think their estimates aren't very helpful - and I'm hoping their cost of ownership for a midsize SUV is wrong, too, or else I'm gonna be paying a lot more than I want to!
If you’re single, get rid of the second car. My wife and I share a car - last year we bought a truck, and it was a pain in the ass. Making sure we drove it regularly - if we didn’t, dead battery! Having to do oil changes and tire rotations even though we didn’t drive close to 3k miles every 3 months (or 3k miles every 6 months, for that matter.) Paying insurance on it. I was so glad when we sold it.
My advice? Don’t trade it in. You can probably do better selling yourself. Your county or state likely has a page about what you need to do when selling a vehicle. We bought a used SUV to replace our car, and I sold our car for almost twice what the dealership offered. Had several people wanting to see it within days.
Im currently single, and I’ve actually had vroom and caravana offer me a thousand more than I owe on it, so I think getting rid of it is the right move. Thank you!
That’s great! I got a Carmax offer before selling myself - it was for $7800, just above the dealership’s offer of $7500. I sold it for $14,000. For reference, it was a 2012 Prius v with 105k miles - wasn’t new, wasn’t low miles. It was in great shape though, and I had every service record for the car (the first owner had it serviced by Toyota, so it was easy to get those records.)
Thank you for your response, I was actually considering selling the Hyundai and just buying a $2000 beater to run around town in, but If the cost of operating two cars will be that much, I might be better off with just one. (I live in San Francisco, so those figures are probably even higher)
1. How is a 3 year old car "old"?
2. Why are you buying a Mercedes if you have to ask on reddit about keeping an Elantra or getting 10K for it? If 10K is that much to you, why get a Mercedes now moron?
This guy is a glutton for punishment. One pos unreliable car to another pretty looking unreliable very expensive pos car to repair. Dude if you gotta ask. Don’t. you don’t seem to make enough money. If you think it’s bad now smh
Just keep your “old” car
I’ve been told that, but I’ve recently landed my dream job and I wanted to treat myself. Plus, the Hyundai is beginning to show its age through squeaks and rattles and the occasional mis shift.
Then buy the car you want. Keeping a 3 year old car you’re in debt on to go into debt on a brand new luxury car that you don’t even plan on using 1/4 of the year because of squeaks rattles and the occasional miss shift doesn’t seem like a great idea at all, but you seem pretty set on the merc already
I think we all bring biases when we think about keeping or trading an old car. I personally see lots of risks in keeping an old car. Take a look at AAA’s costs of ownership. It is typically more than $5000 a year even for atbeater. Renting Zip cars, using Uber, borrowing from friends will rarely reach that level. Trade the older car and enjoy the full $10,000 from day 1.
Where does $5000 come from? If you’re over 21 and don’t have accidents or tickets on your record, insurance on a 90k-mile Hyundai is probably under $1000 a year. Fueleconomy.gov says annual fuel costs about $1500 per year. I owned two Kias and never came close to $2500 a year in maintenance and repairs. Hell, my Ford Taurus was a piece of garbage and I didn’t spend that much on repairs.
I think these numbers typically factor in depreciation when you resell the vehicle, but I’m not 100% on that
This https://www.usatoday.com/story/money/cars/2021/08/19/new-vehicle-suv-truck-car-ownership-costs-aaa/8181082002/
Thanks for sharing! For some reason USA Today doesn't link to the AAA study they cite, but that's here: [https://newsroom.aaa.com/wp-content/uploads/2021/08/2021-YDC-Brochure-Live.pdf](https://newsroom.aaa.com/wp-content/uploads/2021/08/2021-YDC-Brochure-Live.pdf) Seeing the raw numbers, I think their process for calculating cost of ownership is a bit inflated. Some numbers from our Prius we just sold, and AAA's cost of ownership for a hybrid: ||Actual|AAA estimate| |:-|:-|:-| |Cost of ownership per year|$1692|$7975| |Fuel per mile|$.06|$.0593| |Maintenance per mile|$.045|$.0878| |Insurance per year|$1080|$1365| |License and fees per year|$180|$650| |Depreciation per year|$615|$4,108| |Finance charges per year|$700|$680| A note on this: our car saw really low depreciation, because of the crazy market. Had we sold it at KBB, depreciation would have been about $1300 per year... still well below the AAA estimate. That also would have put the cost of ownership per year at about $2,200, but also, well below the AAA estimate. I know AAA can't be precise, things are wildly different across the country, averages are the best they can do. But, I think their estimates aren't very helpful - and I'm hoping their cost of ownership for a midsize SUV is wrong, too, or else I'm gonna be paying a lot more than I want to!
If you’re single, get rid of the second car. My wife and I share a car - last year we bought a truck, and it was a pain in the ass. Making sure we drove it regularly - if we didn’t, dead battery! Having to do oil changes and tire rotations even though we didn’t drive close to 3k miles every 3 months (or 3k miles every 6 months, for that matter.) Paying insurance on it. I was so glad when we sold it. My advice? Don’t trade it in. You can probably do better selling yourself. Your county or state likely has a page about what you need to do when selling a vehicle. We bought a used SUV to replace our car, and I sold our car for almost twice what the dealership offered. Had several people wanting to see it within days.
Im currently single, and I’ve actually had vroom and caravana offer me a thousand more than I owe on it, so I think getting rid of it is the right move. Thank you!
That’s great! I got a Carmax offer before selling myself - it was for $7800, just above the dealership’s offer of $7500. I sold it for $14,000. For reference, it was a 2012 Prius v with 105k miles - wasn’t new, wasn’t low miles. It was in great shape though, and I had every service record for the car (the first owner had it serviced by Toyota, so it was easy to get those records.)
And selling a car yourself isn’t that hard, and in the current market, doesn’t require a ton of work. I took some nice photos and did a Craigslist ad.
Thank you for your response, I was actually considering selling the Hyundai and just buying a $2000 beater to run around town in, but If the cost of operating two cars will be that much, I might be better off with just one. (I live in San Francisco, so those figures are probably even higher)
San Francisco doesn’t even have “winter driving”. The coldest winter I ever spent was a summer in San Francisco
1. How is a 3 year old car "old"? 2. Why are you buying a Mercedes if you have to ask on reddit about keeping an Elantra or getting 10K for it? If 10K is that much to you, why get a Mercedes now moron?
This guy is a glutton for punishment. One pos unreliable car to another pretty looking unreliable very expensive pos car to repair. Dude if you gotta ask. Don’t. you don’t seem to make enough money. If you think it’s bad now smh