What should I do?
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What should I do?
| Tue, 02-14-2006 - 12:04pm |
We have 2 Toyota Corollas...a 1999 and a 2004. We owe a thousand more on the 1999 ($5000) than it is worth, and vice versa on the 2004 (about $9800). We have about 2.5 years left to pay on the 1999, and 3 years on the 2004. (we bought the 1999 used as a second vehicle) The 2004 has more options, and really, I love this car. I had picked all the options on it when i bought it, and even got it in the color I wanted. The 1999 is just basic reliable transportation.
Here's the deal: Some time in the next 6 months to a year, i am going to have to get a vehicle with third row seating. We are only a family of four, but my youngest daughter gets violent when in the car for any extended period of time (anything longer than an hour), and it is impossible to get enough distance between her and my older daughter in such a little car. Throw into the mix that at some point we are planning to have another child, and keeping two corollas is totally unfeasible. So which vehicle do we keep? The newer one, or the older one? (The Corolla is still going to be the primary transportation.)
Any thoughts?
Heather
Here's the deal: Some time in the next 6 months to a year, i am going to have to get a vehicle with third row seating. We are only a family of four, but my youngest daughter gets violent when in the car for any extended period of time (anything longer than an hour), and it is impossible to get enough distance between her and my older daughter in such a little car. Throw into the mix that at some point we are planning to have another child, and keeping two corollas is totally unfeasible. So which vehicle do we keep? The newer one, or the older one? (The Corolla is still going to be the primary transportation.)
Any thoughts?
Heather

What's the mileage on the two cars? Has there been a significant difference is servicing/accidents?
Taleyna
Heather
Toyota cars a very good, reliable cars. I would stay with the newer model. That's just my 2 cents.
Good luck with whatever you decide.
MYM
When you calculated what the value of the 1999 was, did you take into account a low-mileage increase? You should be getting some sort of credit for that...it is well below average for that year car. The other thing to consider is if you would be willing to consider selling the car yourself vs. trading it in on the next vehicle. If you are, you might be able to get more for it and off-set some of that deficit (if you used the trade-in value to calculate the $1000 deficit). A third option would be to try and snowflake that loan and try to get it more in line with the actual value of the car.
Another thing to look at is who drives the most mileage? If it is DH and it is a substantial difference, you don't want to put him into the larger, less gas efficient SUV or van that you are looking at and if that is the case, you can keep the older Toyota and transfer the higher value to the newer vehicle. If the opposite is true, keep the newer Toyota you are willing to drive and do your best to mitigate the 'loss' you'll take on the older Toyota.
Peg