2001 Camry Keep or Sale?

Question

Okay, 1st off we don't have a lot of money....at all. We have a 2004 Jeep and a 2001 Camry. The camry has 150,000 miles on it and my husband wants to trade it in, and get a new car. This would mean a car payment, when money is already tight. We have both current cars paid off. Not only would this mean a car payment, but b/c we wants to get a newer car I am sure our insurance would go up as well. The only PLUS I have for this is the high amount of miles on the camry. I have herd, however, that Camrys last awhile. Should we keep it...or trade it in?

Answer 1

If money is so tight then how are you going to be able to afford the new car payment and the full coverage insurance the lending institution requires?

Answer 2

keep the camry, trade in the jeep. you'll save money on gas and insurance. trade that thing in for anything Japanese. your camry has at least another couple years. without any problems. and its a camry one of the best cars you could get. just trade or privately sell that jeep. www.autotrader.com

find out out how much its worth under private at www.kbb.com and if maybe you can get that or more in trade in then go ahead. but i would suggest buying a used car such as a Mitsubishi, Toyota matrix, Honda accord, Honda crv just depending on what car. because you would have make to make a down payment anyways, and if you also want to save money on gas then you can use ethos. IT WORKS or trust me IT WORKS!!!!! make sure you get a good kind just do your research. but get rid of that jeep and keep the Camry

Answer 3

Keep the Camry. You didn't list one positive reason for getting rid of it other than milage and that's not a legitimate reason.

Even if the Camry were to begin to break down you can fix it a lot cheaper than you could buy a second hand car for.

That $250 - $300 a month you'd spend on car payments will go a long way in keeping your two paid off cars running strong.

Convince your husband that keeping the Camry is the best decision financially.

Answer 4

sell it...i would never keep a car with that many miles

Answer 5

I would trade the jeep in before the Jeep becomes a dinosaur.  Meaning selling a SUV is going to be about extinct to sell.

Just change the oil, the camry should last another $50,000 or more miles.

Answer 6

Unless you can afford another new car payment or you really want a new car, it's more feasible to keep the 01 Camry.

You'll get nothing on the trade in.  

Since it's already almost fully depreciated, there's not much value to a re-sale.

Keep it for as long as you can.  Keep up with the maintenance.  There's no reasy why you can't get another 5 years out of the Camry.  That's 5 years you don't need to make car payments.

Save the money you would have used on car payments, and in 5 years, you can buy another car with cash ... no finance charges and car payments.