Would you do this?

[onomatopoeia]

Just curious what people think.  I currently drive a jeep rubicon ($3400 still owed) and I've been wanting to trade it in for a while for various reasons. We have the opportunity to get an older car with really low mileage for $2500 (private sale).   It's really old.  2001.  But it's in prime shape, new brakes, belt, and tires. It has 56k miles on it, garaged its whole life.  It's seriously in pristine condition, runs great and checked by a mechanic.  I'm working from home so it wouldn't get a lot of use this year, maybe 50 miles a week at most.

My proposal is that we buy it (we have the cash), sell the jeep, and use the proceeds from that to pay off some unexpected house debt ($20k) and put the rest in savings.  We'd wipe out our debt and have no car loan for as long as this car lasts, and in the meantime we could build up a nice down payment for a new-to-us car.  If this car lasts 2 years DS1 can use it when he gets his license. Even if it lasts 6 months financially we're ahead.

Financially, we currently have the money to pay our monthly debt payments, we have a 45k savings, and we're on track for retirement.  So we don't *need* to do this, but financially it's really appealing.  

TL:DR: would you drive a 19 year old granny car (it's a Crown Vic) if it meant having no car payment and paying off 20k in debt?  

[sadlebred]

For me, no. I like having modern safety features, all the airbags, and my cameras on the car.

Having said that, there is something about not having a car payment and having a car to pass along to the first kid to drive. IMO, kids don't need "nice" or "expensive" cars when they are teenagers. When I was first driving, most of my friends got the family hand-me-down. (Disclaimer: My parents bought me a used car--it was going to be for my mom, but she hated it and went back to driving her old Buick LeSabre with velvet seats after a few weeks or I would have been rocking those velvet seats. That thing lasted me all the way through college.)

[dr.girlfriend]

Can you really get more than 20k for the Jeep? I agree with selling the Jeep and getting a used car, but I would go with something about 10 years old rather than 20 years old.

[Deleted]

Sept 24, 2020 21:21:14 GMT -5 dr.girlfriend said:

Can you really get more than 20k for the Jeep? I agree with selling the Jeep and getting a used car, but I would go with something about 10 years old rather than 20 years old.

This is where I'm at. I wouldn't go that old and forego the safety features you could find on a newer car.

[MrsE]

Sept 24, 2020 22:25:52 GMT -5 @princessbubbleyum said:

Sept 24, 2020 21:21:14 GMT -5 dr.girlfriend said:

Can you really get more than 20k for the Jeep? I agree with selling the Jeep and getting a used car, but I would go with something about 10 years old rather than 20 years old.

This is where I'm at. I wouldn't go that old and forego the safety features you could find on a newer car.

+1

[winecat]

I would do it. You're not driving much so although it doesn't have all the new safety features, it's not a vintage car with zero safety features. Plus if your DS uses it when he turns 16, it'll be cheaper to insure.

[steamboat185]

I drive a 2004 I had been thinking about getting rid of it, but with Covid it only gets used for short trips and probably less than 30 miles a week. I would consider downgrading to get rid of debt if you aren’t driving much and aren’t doing much highway driving. A 2001 would still have airbags and you can add an aftermarket backup camera if needed for like 150 dollars.

[hazelden]

Up until a year ago we were driving a maroon 2003 Buick LeSabre and a rusted out 2005 minivan. The Buick was awesome! I bought it from my dad, so I always felt like I was a kid driving my dad's car (I'm 44). I'd hop in that thing, roll the windows down and jam out old school Beastie Boys, Eminem and Salt-N-Peppa with my kids in the back. The best part was that I didn't care what happened to it at all - and it was less than $30 a month to insure it. It was NOT in mint condition it was time to move on after a few years, but I did love it.

My car before the Buick was a 2013 Nissan Leaf and that Buick really changed my thinking about what kind of car is right for our family. I feel better about driving an old car into the ground as a way to reduce/reuse/recycle. It's amazing how absolutely fine older cars are to drive. Now we've "upgraded" to a 2008 Pontiac Vibe (which is the same as a Toyota Matrix) and a 2011 VW Routan (same as a Chrysler Town & Country), we paid $8000 for both cars combined and I fully expect them to last us for years and each hit 200k+ miles.

[Cappy]

I would consider. But 2001 still seems like yesterday, LOL. My mom had a Crown Vic around that age that was also in good condition. It definitely felt like a granny car and sat down really low. I guess my only hesitation would be the Crown Vic part vs. the age.

[Covergirl82]

If it were me, I would do it. You aren't driving much now, it would put you in a better financial situation right away (after you paid off the home debt), and it would probably make a good car for your DS1 in the near future.

[freshsqueezed]

I’d do it

[wildrice]

Sept 25, 2020 8:55:44 GMT -5 hazelden said:

Up until a year ago we were driving a maroon 2003 Buick LeSabre and a rusted out 2005 minivan. The Buick was awesome! I bought it from my dad, so I always felt like I was a kid driving my dad's car (I'm 44). I'd hop in that thing, roll the windows down and jam out old school Beastie Boys, Eminem and Salt-N-Peppa with my kids in the back. The best part was that I didn't care what happened to it at all - and it was less than $30 a month to insure it. It was NOT in mint condition it was time to move on after a few years, but I did love it.

Ha! My current car is a blue 2003 Buick LeSabre I got it for free from my grandmother when she gave up driving. I got it a year ago and especially since we barely drive now with COVID, I am hoping to keep it for another couple of years.

As far as the OP goes, I don't know. How old is the Jeep? What are the various reasons you want to trade it in? I actually don't think $2500 is a great deal for a 20 year old car, and I would be concerned that you'd drive it for a couple of years at most and then have to start over with a new car at that point. I mean it doesn't have to be NEW new but unless you'd replace it with another super old car, I'm wondering if you'll really come out ahead or if you'd be better of just keeping the Jeep, paying it off, and then having it for many years into the future. 

[mcsangel2]

I would not pay $2500 for a 2001 Crown Victoria.

[agnes]

Sept 25, 2020 11:54:49 GMT -5 mcsangel2 said:

I would not pay $2500 for a 2001 Crown Victoria.

idk, doing a quick search $2500 doesn't seem unreasonable.  It looks like Crown Vics at the turn of the century are going for 2500-5k

[Susie]

Nope.  I don't want to go back to driving a 2001 without a backup camera, modern airbags, and bluetooth for my phone, all of which I consider important for safety.  I've gotten used to having blind spot indicators, but those I could do without.  

I have little kids now, but I wouldn't want my hypothetical teenager driving a car without some of those features either.  Plus, while it would be cheaper to insure a 2001 car than a brand new one, you'd lose any discounts for safety features that modern cars have so it isn't all win.

I'm cool with the idea of selling the Jeep and buying a used car, but not a 2001 Crown Vic.

[agnes]

I would totally do it especially since it's in pristine condition. We have done similar in the past.  

[onomatopoeia]

Thanks everyone! I appreciate everyone's perspectives.

FWIW we got our mechanic to check it out and he put the value at over 3k so I do think it's a good deal. As for safety, my quick research shows pretty solid safety reviews. No side airbags or rear camera, but my jeep doesn't have those either. So I did consider that aspect, but I definitely hear the concerns about those features not being as modern. Especially in 6-8 months when we're (hopefully) driving more.

dr.girlfriend, we should be able to get ~25k for the jeep if we sold it privately. (Of course *should* is the operative word)

Cappy I know, at first I was like 2001? That's not that old! then I was like oh. 

[wildrice]

Ok, I just looked up a Jeep Rubicon. I can see what you're saying. It's an expensive car, especially if you are only driving 50 miles a week. If you can truly get 25k for it, that does sound like a better idea than keeping a pricey SUV in your driveway for the indefinite future.

A third option - could you sell the Jeep and get a car that ISN'T 20 years old? I'm not sure where you are getting this car from, but have you looked at other options? If you sell the Jeep, pay off the 20k in debt, take the $2500 you'd pay for the 2001, and the 5k you'd have left from the Jeep sale, could you get something better for around $7500? Or add a little to it and buy something more in the 10-15k range?

I am definitely not against having an old car (obviously since I do have one!) but I probably would not have chosen my Buick if it wasn't free. If I was looking to buy something I would probably pick something that isn't more than 5-6 years old, honestly.

[imojoebunny]

I would do it, if I were in your shoes. Do you just have one car? or does your H have one too? If it is an only car, I would be more hesitant, since I really hate being left on the side of the road, but as little driving, as I do these days, I could easily get away with a 20 year old car (mine is 9 years old and has 70K miles). Getting rid of the $20K in debt, would allow you to save a good bit for another car down the line, or free up cash flow, for another car, should you need one sooner than 2 years (I am assuming you would save ~$500 a month at a minimum). Crown Vics are popular around here with some young people, it is sort of hipster.

[dr.girlfriend]

Sept 25, 2020 14:52:53 GMT -5 wildrice said:

Ok, I just looked up a Jeep Rubicon. I can see what you're saying. It's an expensive car, especially if you are only driving 50 miles a week. If you can truly get 25k for it, that does sound like a better idea than keeping a pricey SUV in your driveway for the indefinite future.

A third option - could you sell the Jeep and get a car that ISN'T 20 years old? I'm not sure where you are getting this car from, but have you looked at other options? If you sell the Jeep, pay off the 20k in debt, take the $2500 you'd pay for the 2001, and the 5k you'd have left from the Jeep sale, could you get something better for around $7500? Or add a little to it and buy something more in the 10-15k range?

I am definitely not against having an old car (obviously since I do have one!) but I probably would not have chosen my Buick if it wasn't free. If I was looking to buy something I would probably pick something that isn't more than 5-6 years old, honestly.

This is what I was thinking...I drive a 10-year-old Honda Fit, and it looks like you can get a certified pre-owned one from that year for about $7k.  I'm hoping to get another 8 years out of it and to pass it to the kid unless self-driving cars become the norm.  I only drove it a few miles a day pre-COVID, though, and now not much at all.

[mlkgls]

Yes, especially this year of all years if you’re not driving nearly as much. To be fair though, my car is a 2007 Toyota that I plan on driving into the ground. 

[ellipses84]

Yes, I’ve considered doing something like this with one of our cars, because I’m hardly driving with WFH. Did you check on insurance costs, too? I would pay off the debt at quickly as possible and start a replacement car fund though.

[goldengirlz]

How old is the Jeep? My current car (that I’m replacing imminently — I just bought a new one) is a 2011. Since I never had backup cameras, I’ve been managing just fine without them. I guess eventually I’ll learn to rely on them (on the rare occasions I drive H’s car — a 2015 — he’s always yelling at me when I’m parallel parking, “You know you have backup cameras, right?!”) And I guess once you do, it’s harder to go back but H seems to manage fine when he drives my older car.

Not having Bluetooth would be weird because I use Google Maps quite a bit. My car does have that.

Now that I have a new car, I’ll have to try out these “modern safety features” you kids keep talking about and see how they stack up, lol.

[Deleted]

I would definitely consider it. My only hesitation is the lack of modern safety features and potentially reduced fuel economy compared to something slightly newer (not the Rubicon, but like a 10-year-old car). It might be worth trying to price out what it would cost to ensure a new driver in that car without the modern safety features. I guess you might forgo collision coverage though?

[tacokick]

I’d say go for it. My car is a 2004 Matrix with less than 90k on it. It has air bags. I can hear podcasts and directions from my phone in the cup holder. It’s fine. I don’t drive a ton. The guy at the garage when I got new tires loved my car and offered me $7k for it. I get like 35 mpg highway.

I don’t think back up cameras are super necessary if you aren’t driving some enormous vehicle. My dad was asking why I didn’t get a newer car so I looked into it and it’s sort of relevant here—vehicle related deaths actually have gone up over the last few years and aren’t far from 2001 levels (it was around 39k last year vs 41k in the early 2000s) so I’m not sure if you’d actually be remarkably safer in a newer car.

You can get a Bluetooth adaptor if you miss that for your phone and it plays over the radio.

It’s not like you are buying some 1960s car with zero safety features.

[sloan]

Yes. 2001 still has a lot of safety features, it’s not like that’s pre-airbags.

I’ve never had a backup camera on my vehicle, I like it on H’s but his car is 3 rows so I have a lot less margin for error parking his.

[minzy]

I think in your shoes, I’d do it to improve your financial picture. Re safety, it’s not like a Crown Vic is a two door tin can Geo Metro or something... those things are tanks. Here’s some data which includes 2001 info - it gets pretty high marks. www.officialdata.org/cars/Ford/Crown%20Victoria
There’s a reason why a version of them was “the most widely used automobile in law enforcement operations in the United States, Canada and Saudi Arabia” from 1997-2011. It’s because they’re solid cars.
en.m.wikipedia.org/wiki/Ford_Crown_Victoria_Police_Interceptor

Also I’ve had backup cameras for the first time in my life for all of two months, and while they’re nice, I never use them. I’ve spent about 25 years wrenching myself around toward the backseat when I back up and will probably continue to do that for life.

[aprilsails]

My one question is how many miles you would put on the car weekly if Covid were not a factor.

My Sister bought an old grandma Buick a few years ago for a steal which had no mileage and had been really babied as well. She put 15,000 miles on it in one year for work, and it basically completely fell apart.

If it’s a worthwhile investment in the short term then I would do it, but you may need a replacement car sooner than you would like.

[farfalla2011]

I would probably do it. The only hang up I have is that the Jeep is almost paid off, but the equity, if you can call it that, is very tempting to get ahead a bit.

Another consideration is I'm guessing this is a 2nd car for your family, so the other car you would be keeping is presumably newer. If that is the case I would not have any hesitation at all.

[mich1]

Even if the car is kept in pristine condition, pieces fail.....annoying pieces.

I keep my cars a long time, right now my Forester is 13 years old. My 16 year old Mazda had pieces fail and it got to the point where I was getting tired of making expensive repairs for stupid things - like being able to open my car door, or roll down the driver's window. Generally, the reason for both failures was because a piece of plastic became friable due to age and broke and that plastic bit could not be replaced - I had to replace the whole component. So for my car window, I had to replace the entire window motor due to a piece of broken plastic and that stupid motor cost over $300. I used to call it 'death by 1000 cuts' because every month something else failed. They weren't expensive, but annoying as I was single, had one car and had to beg for rides to/from the mechanics. For me, that car got totaled by an illegal U turn and took care of my problem. Sadly, my motor was in excellent shape and only had 140K miles on it.