My partner and I own one car, a 2014 VW Jetta wagon with ~80k miles. I bought this car in 2017 for roughly $13,000 from a dealer. Financed $8,000 of the cost while in graduate school and paid the remainder off in mid-2019. My partner's parents recently gifted us a 2007 Audi A4 with ~30k miles. They bought this car in 2018 from the original owners (who, as cliche as it sounds, were retirees in Florida)
We only really need one car. My partner takes public transit to work, and I switch between biking and driving the 2 miles to my office. We primarily use our car for weekend travel. We put about 7k in miles on our car last year.
We plan on selling one car, most likely the VW. I conservatively estimate we could get $4k-$5k for it, which we plan on putting in a high yield savings account for a future down payment on a (newer) car in 3-5 years. I wanted to check and see if we were missing any other considerations?
A few other details:
– The VW has lived in the northeast it's entire life (salt, etc from winter wear). But it has never given me any problems. It has minor body damage (a scrap on the front left bumper from a curb).
– The Audi has lived in Florida it's entire life until now. It recently needed a fuel line replacement but otherwise was given a "clean bill of health" by a mechanic in Florida. However, it was not driven often while owned by my partner's parents and we haven't had the car long so we don't know this for a fact.
– We do live in MA where the all wheel drive on the Audi is a benefit, but the VW also currently has snow tires and seems to do fine in the snow.
– The VW is a wagon, which better fits our needs (dogs, camping, etc). Switching to a sedan would be a minor annoyance but manageable.
– Our finance are strong. We have no debt, both make healthy salaries, have fully funded 401k, have a 15k emergency fund, etc. We are hoping to buy a home in the next 2-4 years and are saving for a downpayment on that.
Tl;dr Should we sell the 2014 car with 80k miles or the 2007 car with 30k miles?