MellonC00

My car is 01 Silversport. it's old with over 251K miles on it. But the body is clean and the engine doesn't even leak a single drop of oil The ride is still smooth and quiet but the MPG has now fallen into 18 mpg area. Used to get 19.5 mpg. In my attempt to get better mileage I recently bought an RX450h which only gets about 23 to 24 mpg (for me, at least) but admittedly, I'm enjoying the newer interior and quicker speed. The old car, according to KBB, is only worth about 4 to 5K.

My question to the cognoscentis on this board.

1. Should I store the car? In exactly 4 years, one of the offspring of MellonC will be driving age. With insurance and upkeep, I'm looking at possibly $400 per year for 4 years until that time comes. Not sure if the car will magically start in 4 years time.

2. Should I sell the 01 RX now that I have a new car? A Prius can be leased for $200 per month. Given the savings on gas, teens can pretty much drive that thing for free. Of course, it would be more expensive on insurance since the current car doesn't even have comprehensive coverage. This will be negated by additional upkeep of an old car which eats up about $1000 to $2000 per year on maintenance and repairs - parts wear out.

My emotional attachment to the this almost perfect car should not factor into this equation. I just want to know what you guys think is the sensible approach here.

fastnoypi

If you were to sell the RX, what would your budget be for the replacement vehicle for your soon-to-be driver?

hypervish

If you can get $5,000 or even $4,000, then sell it! Around here, it wouldn't sell for more than $2,000.

MellonC00

I'd most likely lease a Prius C which comes out to about $200 per month. this is with 2K down payment. A three year cost would come out to about $9500. Not that bad of a deal.

MellonC00

private party value from KBB is $4460.

fastnoypi

If saving money were the goal, IMO keeping the RX would keep you ahead. the insurance should be low enough over the 4 years since its fully depreciated and has a known history. After a major service, they more/less are just fluid changes.
You would have to personally weigh that out with newer safety features and mpg savings vs the bulk size of the RX for new driver safety., also the remainder cost to buy your lease outright if you choose to.

I am not familiar with maintenance for hybrids, but the RX is old enough and parts plentiful as a good platform to learn DIY auto maintenance for the new driver without being overwhelmed with new tech.

..that all said, in 4 years, there will be plenty of more modern used cars on the market than your RX for under 10k that may be safer and more fuel efficient for that new driver. Good luck with your decision!

MellonC00

+1 this!

Larger car is a life insurance in Los Angeles.