Edit October 2007 – Well, I thought about it for a long time, and I finally did it. Click here to read how I paid cash for our new-to-us minivan.
I own 3 automobiles: a 2001 Honda Accord, a 2000 Chrysler Town and Country, and a 1994 Ford Truck. The Honda and the Chrysler are both in pretty decent shape, but they both have over 120,000 miles. My truck is just an old beater that I use for taking off the trash and hauling stuff. I’m thinking about selling the Accord and the Ford, and buying a nicer truck. My wife drives the Chrysler, and she really likes it, but I know she’ll want something newer in a few years. I’ve just purchased new tires for the Chrysler and the Honda.
According to Kelly Blue Book and Edmunds, if I were to sell my automobiles, I could get the following amounts for my automobiles.
Chrysler: $4000 – $6000
Honda: $6000 – $8000
Ford: $1000 – $2000
These are very rough estimates. I’ll keep you updated if I decide to do something. Right now, I’m enjoying the fact that I can just bank my monthly “payments”. Whenever I get ready to purchase, I’ll be able to sell one or more of the older automobiles, combine that amount with the money I’ve saved, and pay cash for my newer automobile.
I gave been banking about $300 per month toward my next newer car too. I drive a 2001 pickup with 50,000 miles on it, so I have some time yet. I am pretty sure there are sweet deals out there for a guy with some cash and some patience. Keep up the good work.
By the way I appreciated your comment yesterday and I will take your advice to heart.
Best wishes.