Should i keep the paid off car or go for the car that makes me happy?

Question

I have a paid off 2001 honda civic but i really want this bmw that my buddy is selling? WHat should i do?

Answer 1

BMW, don't forget to take me for a drive :)

Answer 2

Do a search on your friend's car. You can find out just about every repair and if it was owned previously by someone else. You should do this for any used vehicle.

For how much can you sell your Civic?
How much would your insurance go up?
How much more for gasoline?
and the big question: Maintenance costs.

BMW's are fairly notorious for a number of things.

1. High rates for maintenance
2. Almost overly responsive steering, where the inexperienced can loose control
3. Replacement parts are very expensive, and usually cost more than a car like a Civic
4. The older they get the more they break down
5. It's likely not going to get the total mileage of the Civic

Besides that, check the age and condition of the tires, look for rust, mileage and all that. Make sure that the "bluebook" is in range of what your friend is asking. There's websites that you can research for that as well.

Hope this helps you make up your mind.


You know what your checkbook can handle. Just take some time to do some checking around. There are some websites where you can even check to see what the issues are with a particular model of car.

Answer 3

Automobiles are a miserable financial investment. All they do is depreciate.

You indicate the Honda is paid off and you do not make it sound like there are any mechanical problems with it. Insurance, repair costs, repair labor, license fees, fuel etc on a Civic are a lot less than the equivalent on a BMW so upkeep will markedly go up if you buy a BMW.

You will have to pay sales tax on the purchase - which the government will like but I doubt you will.

You sound like a young adult from your comments. One mark of becoming an adult is to discipline yourself and focus on needs rather than wants and to plan for tomorrow's expenses today. Cash in the bank will help you with unexpected disasters. Cash spent on a car is gone, future income is already spoken for in car payments. You are now at the time in your life to put the equivalent of car payments into a savings account so you can buy the next car without taking out a loan - and break the practice of making bankers wealthy at your expense.

Clearly I recommend you do the mature and responsible thing. Keep the Civic AND start a car savings account and fund it with the car payments and extra costs you would have had to make with the BMW.

Answer 4

Keep your Honda. They are great cars and one of the tricks of getting wealthy is to keep your expenses down to a minimum, Also... It is never a good idea to purchase a car from your "buddy" Anything goes wrong with the car you can lose a friend and if the car is so great he should be able to sell it in a heart beat. Careful there.

Answer 5

you should go with the car that you like. But if you don't like the 2001 Honda civic you should get a car that you really like.

Answer 6

I'd say, keep the civic. its paid for! although the beamer is nice, you will get back into a payment. well actually...if you are good on the cash flow, and it wouldn't put you far down, fugg it get the BMW

Answer 7

With the way the economy is right now, ur prolly better off keeping the paid off one. If ur bored with the honda, do something to spice it up.

Answer 8

If you can afford the payments and still live then get the BMW, why not you only live once so live a life that you love

Answer 9

Keep the clunker, if it is working well. The Beemer will cost more, and there are better things that you can do with the money. Of course, if you have so much money that it doesn't matter, you have the ability to do as you damned well please, but I have to assume that you are not in that unusual position.

Answer 10

Go for it , If you are working and you won't that car I say go and get it you only live once, hope this helps