Needing a Newer Car

The COVID pandemic created a soaring value in used cars. Accordingly, I bought out my auto lease early (contractual purchase value in lease) and sold the vehicle within two weeks for a much higher price. I took that profit of $10,000 and bought a used car outright. That car was 16 years old at the time, had high mileage of 90,000, and was a body type capable of handling the walkers and wheel chairs then common in our lifestyle. All these choices were good at the time.

Now, however, several working systems of the car are failing and expensive to maintain. The car is a favorite of mine, a 2006 Mercedes R 500. A station wagon SUV, it is all wheel drive, air suspension, powerful, heavy and safe. It is reliable, too, but in old age more maintenance is required. At my age and income, I cannot afford to do this.

Currently the brakes need major attention. Suspension and power steering problems beckon more expense. So, I have concluded that I need to find a newer, smaller, cheaper vehicle. It still needs to handle an oversized walker for me. But it must be reliable for local errands and maybe some short, regional trips.

Managing this transaction without an auto loan, will be tricky. First, I need to find a buyer of my car at a fair price. It should be worth $7500 to $10,000 for parts or classic restoration. However, the nominal blue book value is $3500. Can a replacement vehicle be purchased for that amount? Not likely, so some cash from savings will be needed. Those dollars are in short supply, so come creativity is required in all of this.

Anyone have some ideas? I will work with a Mercedes dealer or two to determine if there is interest in my vehicle. I doubt this will work. Collectors or used parts dealers may work. I will use the internet to locate them. The second part, of course, is finding the right car to buy with limited resources. I think this should be doable for $5000 or $6000. We shall see. There are more viable opportunities in the purchase arena than sales. The most difficult chore is to maximize the sale value of my own car.

I will keep you apprised of my progress in this space. The other restricting factor, of course, is my age. How many more years will I be driving? Not many. I’m nearly 81 and I suspect driving to 85 may be a limit to keep in mind.

Such is the case for the aging. Such practical issues!

May 6, 2024

  

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