Should i sell my 2004 nissan exterra that i owe $6,000 on and buy an older used car that i would owe 0 on?
Xterra has only 24,000 miles on it
Answer
You must be considering the monthly payments that you would like to get rid of. i have friends who would never buy a new car because of the depreciation. they drive older cars and pay to have things repaired sometimes, but they still spend less money than if they bought a new car.i am sure their friends who work at auto factories hate to hear that but it is true. two of them kept careful records of expenses and after five years they spent less on their older cars than the guys with the new cars did. that includes ething, gas, oil, tires, insurance, depreciation, and repairs.i certainly hope you will consider a good american built car because they are less expensive if they do need repairs and cost less to insure on the average.