I'm trying to decide if it is better financially for me to sell my car now, or wait until after I finish school (roughly in 5 years). I've had to put a fair amount of money into the car so far and I'm concerned that as my car depreciates in value, I'll have to put in more than I can possibly get out. Really, I'm trying to determine what the best financial decision is: sell my car now and get a different car, or keep the car for the next five years.
My car has 92000 miles.
Hi, thanks for writing in. I’d be happy to provide my insight. Unfortunately, as you may know every car depreciates in value fairly rapidly relative to the amount you have paid for it. As with any car, the dependability is largely dependent upon the driving habits of the owner, the driving conditions it is subjected to, the maintenance schedule adhered to and many other factors. Ultimately, only you are able to determine what is financially right for you in terms of keeping or selling your car. Your car has fairly low miles for it’s year and typically has a decent resale value. If you would like help, consider having an expert automotive technician from YourMechanic come to your home or office to inspect a pre-purchase car inspection for you to help you determine how much your car is worth.
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