Keep Or Sell?

buick
regal

#1

Should I keep or sell my 2012 Buick Regal hybrid. It has 99,000 miles on it and I owe a little over 10,000 in payments left. Currently paying 325 a month. Should I keep it or sell it. I like it but is it worth it


#2

So you still have 30-31 months of payments left? I doubt you could sell this thing privately…I’m not sure if would get the 10,000+ on a trade either (you gave no indication of condition or anything else, like trims). I’d bite the bullet and keep it. You know this car and it’s history, why trade it and get a new used car with an unknown maintenance history?


#3

I strongly suspect that you owe more than the thing is worth so trading will be costly and that takes used vehicles out of the picture . Start putting more on the payment and get this paid off as soon as you can.


#4

Keep it. As long as it runs well and doesn’t cost you extra beyond maintenance, there is no reason to get rid of it, except you are ready to move on to a different car. With $10,000 still owed on the load, even that is a poor reason. Keep it.


#5

Keep it and pay it off ASAP.


#6

Black book trade in is only about $6600. You would have to roll over substantial money into a new loan; which will increase payments and/or the length of the loan.You cannot borrow your way out of debt. Pay off as quickly as possible.


#7

Yes, keep it. Pay it off and drive it a few years while saving for another car. This is a new enough car with low enough miles that it has quite a bit of life left it in.

My GF went through this. Her old car was having lots of problems but she still owed money. I was keeping up with the small repairs for her but then three pretty large things all came up at once. It was time to move the car down the road and we traded it while it was still running. The head gasket was starting to leak so the clock was ticking on that one. She got as good as I could have hoped on a trade and certainly better than scrap value. The bad news was that part of the old loan got rolled over into the loan on her new car. This wasn’t an ideal situation but with a car having more problems than it was worth, I think it was the best solution to a bad situation.

You mention that you LIKE your car so it is worth it. My GF was never in love with her old car and really didn’t like it. You also don’t seem to have anything wrong with it.


#8

I don’t have any mechanical issues with it and I keep it very clean. I guess my concern was if a hybrid would last for another 3 three years with those miles on it, but it sounds like I’ll be okay as long as I keep up with basic maintenance and tune up.


#9

And add more debt! Keep it!


#10

You’re right I bought the car at 20,000 miles and it only had one owner before me on a lease. It’s not the worst car to be stuck with and I definitely don’t want to extend payments out from a new loan. Thanks


#11

Another reason to keep it is saving almost $500 per 15,000 miles on gas versus to non-hybrid version.

If you pay $20,000 for your next car now, and take a loan for the full amount, your loan has to be $30,000 to pay off the old one. It doesn’t make sense to pay $10,000 over list price for your next car, does it?


#12

Yes, I would expect the batteries to last another 3 years in the hybrid system. They have been lasting quite well in most applications. The manufacturers have built in some conservatism so they don’t cycle the batteries to extreme levels of charge or discharge. Some manufacturers overrode the maximum charge level before last year’s hurricanes for owners within the impacted areas without their knowledge which gave them an unexpected boost in range when they needed to evacuate.


#13

Unless it’s a Honda Civic hybrid from certain model years :smirk:


#14

We need to face reality once in a while. You owe $10,000 on a 6 year old car with 100,000 miles on it. There is nothing else to do except keep it until it is paid off. If you can’t increase the payments per month, you will likely have about 140,000 on it when it is free and clear. Still not high enough mileage to be concerned with but still won’t have much of a trade-in value. Then you can start over with a shorter payoff term. Many folks have been there and you just have to dig out first.