Should I sell my car and get a cheaper one?
I currently own a 2014 Ford Mustang valued at roughly $9670 with 47,000 miles on the odometer. I recently accepted a job that will require I commute 2 hours a day or 18,400 miles per year. I'm currently looking to buy a used car for $1500 or less so that I can save up for a better car in a year or two. Should I sell my mustang?
If you want to
NO! As long as it runs well, you could be buying trouble if you get a cheaper used car.
Since your current is already paid for and Running, you might be openning a can of worms with a "new" used car, that you have no idea of its mechanical reliability. Especially with your four hours of communing.
If your current car runs well and has low mileage I'd say just keep it and drive it until you decide to get a different car in a year or two. Adding even ~40K miles to that Mustang over 2 years isn't going to lower the price all that much when you go to sell or trade it.
Besides, you almost certainly won't find a $1500 beater car that you can even drive 2 hours per day/18K miles per year without having major mechanical issues to pay for early and often. Keeping that beater even remotely roadworthy will likely cost you more money than you'd lose in depreciation/wear and tear on the existing Mustang anyway.
There's a reason $1500 cars only cost $1500… And it's not because they're dead reliable or really cheap to operate.
Its unlikely you will find a reliable $1500 car for that many miles per day. Mustang at least has low mileage so it should be far better than any $1500 car.
A used car for $1500 probably isn't going to give you 2 years of low maintenance transportation, especially not if you're putting 18k miles per year on it.
How's the mustang on gas mileage? If its one of the models with a big gas guzzling V8, then it might make sense to trade it in toward a more fuel efficient car or small SUV. Even if you have to finance a bit of the purchase price you'd probably come out ahead on gas money.
If its one of the V6 models with decent fuel economy then keeping it makes sense also.
Remember that whenever you buy a used car you take a risk of getting a car with problems. The best option is to buy 3-5 years old and certified pre-owned if possible. Do research on the make & model for common maintenance issues. By the time a car is 3-5 years old the most common issues will be available to read about online. But the car has already lost a good chunk of its value via depreciation so that's a good spot to get a reliable car at a reasonable price.
$1,500 spells potentially, and probably, unreliable. Either keep what you have, if it is reliable, or consider buying a car for around $5,000.
No. A $1500 car is not going to hold up for a daily 2 hour commute.
No use the mustang to you can buy another newer smaller car
I would sell it and look for a toyota good on gas and they run forever loom up on You tube a guy by the band of Scotty Kilmer
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