We are moving (tomorrow!) to a rental house that is 2.5 blocks from where I work and Landor goes to university (the same place, actually). We have 2 cars currently and do not see a reason that we need both, so we are going to sell one. But the debate that I am hoping you can help with is which one to sell?
Car A: We love this car. It is a very fuel-efficient hatchback that we bought a little over a year ago. It is a 2007 with just over 110,000 miles. We bought it on credit (*smacks self*) with a 5 year term but we already have it paid down by half. The interest rate is 3.25%. We owe about $6,000 on it. Surprisingly, it is worth the same today as when we bought it over a year ago, and the model is in high demand where we live, so selling would not be an issue.
Car B: This is Landor's beater car, a gift from his godparents when he graduated from high school. It is 100% paid off. It's a large 1993 sedan with 135,000 miles. It will probably run until it is well over 200,000 miles, but if we were to keep it as the primary vehicle it would need some minor repairs: the windows do not roll down and the air conditioning is broken. We could deal with one or the other operating, so we would repair what was cheaper. My estimates show we could sell this car as-is for about $2,000.
I've tried to not show my bias for which I prefer but I am not always logical. Other important things to this discussion: We travel, sometimes very long distances for a weekend hobby/job that brings in extra income. Landor will be starting an internship next summer in a town that is about 1 hour away. We have not decided how to deal with that yet, housing-wise, but he will need the vehicle for that.
