To trade in car or not to..?

Question

Wife has a lincoln mkc 2015.  It was basically a gift (I know nice gift ay?)

70k miles and it needs one repair that is sort of major (~1-1.5k at dealer)

I was going to trade it in for like a gently used CRV since she is going to be a road warrior in years to come.

MKC is only worth about 11k trade in.  Newer used CRV with similar options is about 30k

Thoughts?

Answer 1

Public auto auctions network from https://carauctionnetwork.com/

Answer 2

I will prefer bike

Answer 3

I am positives you will loose more then 1 to 1.5 K if you trade it off and buy a 30K automobile. Between taxes, license fees, financing and depreciation (just for signing the paper work) you will loose about twice that if not more.

Fix the Lincoln unless she wants to trade.

I will give you a hint- if I traded off the wife's car with out her consent, I would be in the dog house (or dead).

As bikers say:

"Let those who ride decide"!

But money wise and in the long run a car that is paid for beats a payment book any day of the week.

Answer 4

Fascinating.  70k miles and needing a major repair is a good time to trade out of it.  

A low mile, loaded, CRV sounds very logical.

Answer 5

Figure out what you can afford to do. We aren't your financial accountants. 

Answer 6

If your wife does not appreciate the Lincoln,  $11,000 is a reasonable trade in.  

    But the best choice is to fix the Lincoln and to drive it for as long as possible.  The Lincoln will not lose much value and you can afford an even newer CRV in the future.

Answer 7

Repair the car and keep it 5-10 years.     

Answer 8

Yah - that's a lot of money for a used CRV. 

Answer 9

Since the wife drives it, she should decide.  I favor keeping the Lincoln and having it repaired.  $1,500 is lest costly than $19,000 you would have to pay for a new ride.