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Old 01-11-2013, 02:33 PM   #1 (permalink)
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Need some brotherly advice

Bear with me but need some brotherly advice in my current situation:
Purchased a 2012 MDX base for $36K plus TTL so got a smokin' deal. Wife drives the car. She recently got a new position that requires a lot of driving (about 2K a month). They are gonna pay her mileage. Don't want to put that kind of mileage on MDX especially with it getting 18mpg. We've decided to get her a used Prius to commute. The mileage reimbursement should cover the Prius payment and all her gas. Here are the 2 options I'm considering:

1. Sell the MDX and have her use the Prius as everyday car. Carmax offering $32K (owe $30K) put $6K down so I would lose about 4 grand. Local Toyota dealer wouldn't match $32K. Selling it will get rid of a $280 payment.
Or
2. Keep MDX, use it on weekends, low miles means it will last us many more years and hang onto my $6K down.

Keep in mind: we are interested in new 2014 bodystyle. We regret not getting tech pkg and now wife tells me she wishes she chose black on black instead of aspen on taupe and I'm hoping 2014 has much improved mpg. Whether we keep 2012 or get new 2014,2015 we know MDX model is our SUV of choice for next 10 years.
Fiscally, $36K + TTT for base is a great deal and I know I won't come close to that on 2014. But since it wont be driven much should I sell it now, save the $280 payment and get the new one in a year or two? Or keep it because its still a great car, be happy we won't be putting many miles on it and enjoy it for next 10 years?
Perspective would be appreciated.
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Old 01-11-2013, 02:48 PM   #2 (permalink)
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If you regret buying it then there's no way you can enjoy it for the next 10 years. Cut your losses, sell it and then buy the 2015 and enjoy that for the next 10 years. You only live once. Cheers..
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Old 01-11-2013, 02:49 PM   #3 (permalink)
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^that exact sentiment keeps running through my mind
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Old 01-11-2013, 02:50 PM   #4 (permalink)
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But I just don't want to make an obvious mistake by losing money and selling it
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Old 01-11-2013, 02:51 PM   #5 (permalink)
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Yup, if you have a lot of regrets, this is a great opportunity to sell it and move on.
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Old 01-11-2013, 03:03 PM   #6 (permalink)
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But I just don't want to make an obvious mistake by losing money and selling it
I'm sorry to say this, but I think the "obvious mistake" you made - one you probably didn't anticipate at the time - was when you bought this one, in a color combo that you now regret, without the package you now want. Yes you will lose money, but $4K is not that much when you're talking about cars that cost around $40K, and by selling now and buying later, you will end up with the car you really want, and no regrets. Also, this means no payments between now and when you buy it, so that gives you the chance to take that $280/month and put it in the bank instead, and use it for a bigger downpayment next time.
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Old 01-11-2013, 03:13 PM   #7 (permalink)
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Here's what I would do. Keep the X for six months. Make no moves until you see how things really look for your wife.
Then decide.
Sleeping on stuff helps. Rushing decisions can hurt.


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Old 01-11-2013, 03:17 PM   #8 (permalink)
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Good perspective
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Old 01-11-2013, 06:48 PM   #9 (permalink)
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What is the oher vehicle in the stable?
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Old 01-11-2013, 06:55 PM   #10 (permalink)
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Free company car...which is a 2013 Ford Escape. Free gas too
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Old 01-11-2013, 07:42 PM   #11 (permalink)
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So you BOTH get free company cars? Lucky you!

Seriously, this is a great opportunity to take the money you would be otherwise spending on TWO car payments, and put it into savings. It will build up quickly if you're conscientious about putting it away. Then you can use it at some point for a new MDX, or a house, or an investment opportunity.

Now, if you have some kind of outdoor lifestyle where you really need to use an SUV on a regular basis, that's a different story, and you might want the MDX. But just for the sake of transportation? With two free cars available, use those and save your money for other things!
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Old 01-11-2013, 08:07 PM   #12 (permalink)
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^you make a lot of really good points. It doesn't make much sense to pay for the MDX if its just gonna sit in the garage. We don't have kids, yet, so we don't need the MDX. In fact my Escape can handle most basic light SUV duties. We are trying to get pregnant and so maybe in a year or two the MDX would be needed more. Plus we are trying to save up money for down payment on a house. $280 a month car payment plus insurance would help us save faster.

Then in a few years we can buy the new MDX and get the tech pkg and black color.

Only thing that gives me pause is losing that $4K. We got the X in August but she got the promotion last month. I mean, no way we would have known she was gonna get a position like this, it wasn't even on our radar. I guess cut my $4K losses and move forward?
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Old 01-11-2013, 08:26 PM   #13 (permalink)
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No kids? Free company car and free gas. No brainer cut your loses and put that 280 you would be putting towards the car and invest it.
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Old 01-11-2013, 09:37 PM   #14 (permalink)
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Only thing that gives me pause is losing that $4K. We got the X in August but she got the promotion last month. I mean, no way we would have known she was gonna get a position like this, it wasn't even on our radar. I guess cut my $4K losses and move forward?
Yup. It's money already spent that you're just not going to get back. Don't worry though - the promotion is a good thing that you couldn't have foreseen, so it's all good. No reason to have regrets. Just move on. Better to put that $280 in the bank each month than to keep spending it on a car you don't need and won't use much.
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Old 01-12-2013, 09:11 AM   #15 (permalink)
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But I just don't want to make an obvious mistake by losing money and selling it
That's not really an accurate way of looking at things...you've spent the money and it is NEVER going to appreciate. Even if it sits in the garage it will continue to depreciate and that $6k out of pocket is gone along with some interest (maybe?) each month included in the payment. So it comes down to how much is it worth to you sitting in the garage?

Now normally I would do a much more indepth financial walk to determine if replacing a current vehicle with another just to save gas/maintenance is a good idea...but if you're going from something like an MDX to a used Prius...the math will work out in your favor. I usually laugh when someone is considering trading their SUV for another new expensive vehicle just to save fuel. Even something with much better mpg can take a long time to recoup the costs of swapping vehicles. But going from this to a cheap fuel sipper should work out, particularly since you're not losing THAT much in the scheme of things.

We do 20k+ miles a year on our main family car (the MDX) and it sucks piling the miles on a vehicle like this...but it's also why we don't buy something European which we might prefer but the cost to operate is just astonishingly higher.
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