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Old 02-02-2015, 11:06 PM   #1 (permalink)
ME_Andy
Growin a stash
 
Join Date: Jun 2014
Location: Austin TX
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To trade or not to trade?

I'd like to get some input from some smart people.

Should I trade my almost-new Cruze for an older Honda or something similar? I still owe about $7k on the Cruze and I consider buying it to be my third worst financial mistake. It's a great car but I didn't realize how much it SUCKS to be in debt.

I figure I could sell the Cruze for $10.5k, leaving $3.5k for the Honda. Something like this might work if it's in good shape:
https://albuquerque.craigslist.org/cto/4855866349.html

Here are the pros of each vehicle as I see it:

Cruze
Covered by warranty out to 100k
Free maintenance for another year
Maybe 10 years of useful life left
Nice, comfortable, quiet ride
More respectable vehicle

Honda
Save $7k up front
Faster
Maybe 5 years of useful life left

After the initial purchase, I think it would be a wash, financially. The Cruze will save me on maintenance costs but the Honda would save on insurance.

Thanks for your input! I'm leaning towards keeping the Cruze, but $7k would be nice to have.

BTW my two worse financial mistakes were selling my bitcoin stash at $40 (D'oh!) and not selling some solar stocks when they were up 400% in a year. (Bitcoin is dumb-- it wastes soo much power).

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2015 Nissan Leaf S, 164 mpge
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