Should I buy a new car or stick with my current car?

Question

I currently have a 2001 Sentra w/71000 miles. It runs well and is in decent condition, but since I just graduated and have enough income to make payments on a new car (probably a Civic or Corolla or Scion TC) I was thinking I should sell my car while I can still get money for it. Would I save money by selling it now and buying a new car or should I stick with this car a couple more years (and risk it depreciating even further).

Answer 1

71k miles is not bad and nissan is a good brand. I would keep driving the car until I got close to 90k miles. It would still hold a decent resale. Getting a new car involve smakign payments that could be used towards something else. A new car is only cool for a while, you either get used to it or it becomes a money pit. Keep the sentra.

Answer 2

the mileage for that car is not bad at ALL keep it ! its a small car and great with gas and more in good conditions! i would probably  tint the windows and probably get it detail just so you can probably look at it in a different way, good luck!

Answer 3

I am a car dealer. Your Nissan will not lose value as quickly as you anticipate. 4 cylinder, Japanese cars have always been in high demand on the used car market - more so, now that gas is at record highs.

The question is, whether or not, you want a new car. If so, I would wait until August. Slow summer sales and new model releases in September, make for great incentives to buy new. Remember that a new car is more than a payment ... it is also a ticket out of most maintenance and repair bills for several years. If you want a new car, and can afford it, go for it ... but don't make your Sentra the justification.  It is a desireable used car and will continue to be with 90, 110, 150, or 180 K miles.

Answer 4

A new car loses value much more quickly than a used one, so that in itself is not a good reason to get rid of it.

Answer 5

First of all there is no risk in depreciation.  You are getting free use of this car, assuming you've already paid off the 7 year old Sentra. So any depreciated value is offset by zero operating costs.  71k miles is nothing. That Sentra will go well over 150K if you keep in in good shape and maintain it regularly.

It runs well, in decent condition, probably gets pretty good gas mileage.  I don't see any reason why you would sell it unless going into debt is a goal shortly after graduation.  Resist the urge.  Save the money you earn, enjoy life after graduation.

Personally I can think of a lot of better things to do with $23,000 than buy a new car.

Answer 6

Depreciation is not much of a factor on your car. I would try to keep it AND look for a new one when you can pick it up for zero percent interest.