Comments on: Which Vehicle Should I Sell? You Decide!

By: Car Service

Car Service — Fri, 07 Aug 2009 09:30:05 +0000

Which car did you end up selling?

By: Car

Car — Tue, 24 Feb 2009 12:52:52 +0000

I’m leaning towards you keeping the Grand Am, just because I’m a Grand Am fan

But weighing up the pros and cons, it seems the better choice would be to sell it rather

By: Shazia

Shazia — Mon, 05 Jan 2009 14:39:43 +0000

Selling price of this vehicle is very reasonable.

By: schmit

schmit — Fri, 11 Jul 2008 01:27:20 +0000

I don’t see any figures on the amount of interest you would be paying out over the remaining life of the loan. Do you know this amount? It’s an important factor.

By: schmit

schmit — Fri, 11 Jul 2008 01:22:47 +0000

“I would sell the car with the payments (vibe) and start saving a what you would have paid in payments every month in a high yield savings – or a mutual fund.” – my thoughts exactly. Dump the debt and pay yourself versus paying the banks.

In the long run, when it comes to your personal finance, the obvious choice is to ditch the vibe. You can havey our $ work for you and allow it to compound or you can give your $ to the bank. I’m sure they are more than happy to compound it for you.

By: Dan

Dan — Thu, 10 Jul 2008 17:41:44 +0000

G.E. I agree with a previous comment. Sell the Grand Am to help pay off the P. Vibe. By doing this you reduce your costs while still keeping the more fuel efficient, reliable vehicle that has a warranty.

By: Pete

Pete — Thu, 10 Jul 2008 15:31:02 +0000

I would sell the car with the payments (vibe) and start saving a what you would have paid in payments every month in a high yield savings – or a mutual fund.

By the time you need to get a new car in a couple/few years- you can just pay cash for a car that is a couple years old. Wash rinse repeat..

By: Michael

Michael — Thu, 10 Jul 2008 12:27:13 +0000

A few considerations:

Premise 1) You seem to hardly drive these cars at all. With you and your wife’s combined usage it sounds like you’re filling up a single tank of gas per month.
Premise 2) With so little gas usage, your environmental impact is substantially easier to compensate for than the typical driver.
Premise 3) With so little gas usage, the increase of fuel prices seems to have a marginal effect. Fuel prices could increase 200% and you’d still pay substantially less overall with the Grand Am.

Consideration 1) If you care about the environmental impact, the $2.8k/yr you save financially should be able to more than compensate for the additional .3 tons co2 via offsets, with a good amount of $ to spare.

Consideration 2) The accumulation of wealth by someone with environmental concern is a positive externality in itself.

Consideration 3) The above premise rely heavily on you and your wife remaining at using one tank of gas per month. If your lifestyle/habits change over the years and one of you ends up driving substantially more it could throw the balance far in the other direction both environmentally and financially.

By: G.E. Miller

G.E. Miller — Thu, 10 Jul 2008 11:57:27 +0000

Schmit – I wanted to see reader’s viewpoints on the matter. There are a number of different ways you could look at things – longevity of the Grand Am, insurance of a warranty with the Vibe, and increased functionality – do these things add up to making the Vibe a better keep, despite the higher costs? If you look in pure financial terms over the next three years, the choice is clear, as the numbers indicate.

By: schmit

schmit — Thu, 10 Jul 2008 10:35:21 +0000

I’m confused. Is this a trick question or have you merely forgot about the very things you are blogging about?

Dump the debt.