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I currently have a 2006 Hyundai Sonata GLS V6. It is in great condition and I have not had a single problem with it. It currently has 51,000 miles on it and I am in the process of debating weather I should upgrade now or wait.
Right now the Kelly Blue book value on my car is 10,500-11,500. I have spoken to a dealer and have been offered $11,000 and can probably bump it up a little if I haggled with them.
I currently want to the new 2012 Sonata which will run be about $25k before taxes.
Question: Should I trade in my car now so my price is knocked down to $14k or should I keep my car longer (the value will go down) and buy a newer model later?
This was my first car and I am not sure when the best time is to sell/ trade in a car... aka early in the car's life or run it into the ground.
You're in great financial shape to be able to trade up to a new car. My Spin: Screw buying new, if you like your present ride (and don't NEED another car) keep the 2006. I bought my last new car in 1995 with all the intention of trading up in three years. Somehow that never happened and I'm still driving that 1995 Plymouth Neon Sport Coupe. I often think of how much I've saved over the years keeping it.
One last thought: Hyundai's depreciate rapidly (like the old Neon). Keeping the 06' longer is a sure-fire way of getting the most for your money spent. As a wise man once told me, "My paid off car pays me $45.00 every time I turn the key." I think he's right.
I don't know why people think they have to feel guilty for choosing to spend money on cars. Yes, it is a luxury, but it's not inherently better or worse than all the other luxuries you can spend money on. If you enjoy driving and you really do get pleasure out of having a new set of wheels, not just strictly point a to point b, and you've crunched the numbers and you have plenty of room for it in your budget, then why not? You don't have to wait until your car starts having problems or major maintenance/replacement needs before you trade it off. Also if you have the time and patience you could try to sell it yourself on Craigslist to see if you can get more for it than the dealer would offer you.
If you feel like you want a new car and can offord it, go ahead and do it. I sold a perfectly good 2003 Tundra 2 years ago to get a 2010 F150 - why, because I wanted one and I had money to buy one. Yes I ended up having to pay another 18K on the deal, but it made me happy, so nothing is lost.
Keep the car and stay on top of the maintenance, it'll last you many more miles....
I agree. As for me, I love "driving for free" with a paid off auto. I despise car payments, and we own (not the bank) the titles on all three of our cars. Folks, "whatever floats yer boat" as the saying goes. I'll end with this thought: Any new ride looks better in your driveway than mine...
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