Sell older car?

[Speedv1]

Hey guys.. so I have a situation before me and naturally I'm after the input of RFDers!

So here it is. I have a 2003 Toyota Corolla, 190xxx km, so it's a good, reliable car, but it's dull, very dull.

I bought it in June for $5000 (from family), and can probably sell it to someone I know for $5000. I'm looking to buy a 2006 Cadillac CTS (3.6) (for around $15-16 K). I realize that the fuel economy will be very, very different, BUT I've test driven one and it feels comfortable and powerful, and from what I've heard it's not a gas guzzler, just no lightweight toyota.

I'm actually a student, but I also work 30+ hours a week, making ~$20/hr, so I'm ok for finances... just to fill that in.

The real question I have is this. In my same situation, what would you do? Keep the Toyota and run it til it dies, or sell it off and buy a newer car...

Thanks for your feedback ahead of time.

[g_b_ya]

Hey guys.. so I have a situation before me and naturally I'm after the input of RFDers!

So here it is. I have a 2003 Toyota Corolla, 190xxx km, so it's a good, reliable car, but it's dull, very dull.

I bought it in June for $5000 (from family), and can probably sell it to someone I know for $5000. I'm looking to buy a 2006 Cadillac CTS (3.6) (for around $15-16 K). I realize that the fuel economy will be very, very different, BUT I've test driven one and it feels comfortable and powerful, and from what I've heard it's not a gas guzzler, just no lightweight toyota.

I'm actually a student, but I also work 30+ hours a week, making ~$20/hr, so I'm ok for finances... just to fill that in.

The real question I have is this. In my same situation, what would you do? Keep the Toyota and run it til it dies, or sell it off and buy a newer car...

Thanks for your feedback ahead of time.

If you're not planning on making some investments or buying a house in the next 2 years, I say go for it! BTW , what's a millage on Cadillac?

[Speedv1]

If you're not planning on making some investments or buying a house in the next 2 years, I say go for it! BTW , what's a millage on Cadillac?

Yeah, no house for me. And I'll probably be able to pay it off fully by the middle of next summer.

Oh, and around 70k - 100k. I'm still looking around... but I prefer the 2006 to the 2005, and well there isn't much of a price gap (if any).

I've heard Cadillacs are fairly reliable, as long as you treat them right (maintain and don't abuse), not Toyota reliable, but not pathetic.

[ottofly]

Financially speaking, this is a moronic decision.

You have solid, cheap, paid for transportation yet you want to go from A ball to the major leagues. Your gas bill, insurance bill, repair bill, and depreciation will rise by 50-100%. I often wonder what possess kids to buy high end luxury cars while still in school?

Unless you have wealthy parents as backup and cheaper insurance, stick to the Toyota until it dies. Even 2-3 years out, the Toyota will still have $3000-3500 value assuming it's in good shape. Keep your money, buy something better a few years out when you're done with school, working full time or your Toyota dies. Good luck.

[cloud9x]

be weary of tranny issues on some of the ctses.

great car but i've heard baaaaaad things about the tranny

and yea financially this sounds like a terrible move lol. the corolla will last you forever whereas the cts is more money and will probably depreciate much more quickly than the corolla.

just my two cents

[Dealz-4-U]

My opinion, drive the car until you have enough $ to pay out the caddy outright so you wont have to get a loan. That way maybe the price of the caddy might come down a bit more and u will save loan interest fees, etc...

Of course the common decision here is to drive the corolla since its already paid for, heck its an 03 which isnt all that bad, people have much worse. But if you really really want to, go for it as you only live once.

[CaptSmethwick]

This is not a "moronic decision". You asked us what we would do, not to judge you. Financially speaking, you already own your dream car. But, seriously, these days, $15k for a car of the CTS' quality is nothing. Is it your cheapest transportation? Nope - but, then again, you didn't ask us about that - most likely because you probably already had that part figured out. And, frankly, only you can judge your finances and your future earnings and needs.

As for reliability, the 1st gen CTS - particularly with the 3.6L is actually pretty good. We have that same engine in our '08 SRX and the DI version in our (now gone) '09 CTS-4 (and our soon-to-come '10 replacement).

There have been transmission issues on the 1st gen CTS but, statistically, they're not huge. I've hung around cadillacforums.com and don't find any more there than in other fora I have frequented about other brands. Also, in JD Power's most recent long-term dependability survey (the only one that, AFAIK, uses statistically sound methods), the 2006 CTS rates well: http://www.jdpower.com/autos/ratings...e-#page-anchor.

Still, if you're going to play in the "big leagues", you'd better have the wherewithal to fund repairs - when and if they occur. And don't expect them to be cheap - I'm not talking Audi magnitude but considerably more than your Corolla. Plus (not knowing where you live and how much you drive in the winter) you shouldn't forget to factor in the price of a second set of wheels and winter footwear - in the white stuff, the CTS is a handful with no-season tires...

[Speedv1]

Hmm thanks a lot guys, this does help - especially the last one (about the JD reliability, and your personal feedback)

I have looked at the finances, and I realize that I'd not be going the most economical route for sure, it's simply my desire for something more in my life. I know the Cadillac will have somewhat larger repair costs - oh and I would definitely get winter tires for the Cadillac too.

My other issue with the Corolla is winter. It's so light that when driving it last year I almost died.. MANY times. I miss my old Neon. That thing was better on snow than a tank.

Oh, and insurance wise my rates would go up by 10%. ($200 -> $220), I've done my homework. And it looks like yes, my gas bill would rise by roughly 30-40%. But thank you for that reminder.

Perhaps I should just wait until NEXT summer when I have the money. Avoiding the bank loan is a rather good idea.

Well thanks for all of your feedback, I'll ride it out hard in my Corolla .