Should I trade in now?

[Anonymous]

I have a 2014 Ford Escape with 28k miles on it. It's paid off (warranty expired). I know trade in values are high right now ($15k estimated for mine), but also that new cars are in low supply.

Would I regret not trading in now, especially when/if the 2014 car starts having whatever issues cars have around year 10? I like not having a monthly car payment right now, but could be willing to take on a car payment if it's in my best interest later on.

Thanks for helping me think this through.

[Anonymous]

What car would you want to get if you got a new/new-to-you one?

[Anonymous]

Anonymous wrote:What car would you want to get if you got a new/new-to-you one?

I am without imagination so probably another escape. Open to suggestions though.

[Anonymous]

With that mileage you’re not going to have the typical issues at year 10. If I drove that little I don’t know if I’d even own a car.

[Anonymous]

Anonymous wrote:With that mileage you’re not going to have the typical issues at year 10. If I drove that little I don’t know if I’d even own a car.

OP here - excellent point. Though, it's been very useful for grocery shopping and hauling my kid to various places.

[Anonymous]

Trading in a car that's 7 years old in anticipation of issues at 10 years that may never occur just because trade in values are high does not make any sense financially.

[Anonymous]

Anonymous wrote:Trading in a car that's 7 years old in anticipation of issues at 10 years that may never occur just because trade in values are high does not make any sense financially.

OP here - thank you! This is the input I need. As you can tell, I have no clue what I'm doing. I didn't drive for the first decade + I lived in DC, then I had a kid and here I am.

[Anonymous]

I sold mine in May because I thought the shortage would be temporary. Still waiting for prices to come back down to earth.

I don’t regret it, but I’d only sell your current car if you really don’t like your car.

I’ll probably end up spending way more than I want, because I keep getting enticed by all the newer features.

[Anonymous]

We just traded in a car unexpectedly (Subaru Impreza Wagon to Mazda CX-5) and are happy with the whole experience and the great deal. Now we're getting outrageous quotes for our other car (a 2 year old car!) but there's nothing comparable to buy for a good price.

[Anonymous]

I drive my 2012 GMC Acadia to NY and Boston a few times a year. I never heard of this ten year expiration date in a car. Will it stop running on Jan1?

[Anonymous]

Anonymous wrote:I have a 2014 Ford Escape with 28k miles on it. It's paid off (warranty expired). I know trade in values are high right now ($15k estimated for mine), but also that new cars are in low supply.

Would I regret not trading in now, especially when/if the 2014 car starts having whatever issues cars have around year 10? I like not having a monthly car payment right now, but could be willing to take on a car payment if it's in my best interest later on.

Thanks for helping me think this through.

You don't need to trade it in! That car can go another 10 years. You hardly have any miles on it.

It's ok if you put some money in it at year 10. Think about it-if you put $2k in it, how many car payments would that equal? 4, 5 maybe? Would the car last longer than 5 months? Yes, likely. Probably 5 YEARS since you don't drive much. You'd get a great return on that 2k.

I drive a 10 year old car with 225000 miles. Daily driver. I put $1200 into it about a year ago, worth every penny. I wouldn't hesitate to fix anything, especially with the prices of cars nowadays-meanwhile I am saving to pay cash hopefully for a new car at some point.