Saturday, August 19, 2006

One Car Family

A guy I know thru church and school came by today and took our 2003 Jeep Liberty for a test drive. I let him have it the whole afternoon because he is in need of a 2nd vehicle. Our lease is up late November and we have 2000 miles left to spare. Our dilemna is whether or not to sell it right now. I think he is interested in buying it since he is between jobs and he needs a vehicle to drive to interviews. If we sell it we will then be a one car family. It will only disrupt our life a little bit as my wife could drop my daughter and me by school on the way to her school. We would only do this until we could buy a cheap 2nd hand car. We are a little apprehensive about this, but trust things will work out.

I am going to break down the financial potentials of our vehicle.

Actual cash value or trade in value is $9000.
Selling it outright we could expect to get $11000.
Retail similar vehicles are sitting on lots for $14995.

There is a $6000 discrepancy between what a dealer is willing to give and and for what it will try to sell it for. We are actually only trying to break even and that means selling it for about $10600.

Seeking reliable transportation, willing to spend up to $4000.

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