We bought my senior daughter a newer car for college so we have her old car still...i have another daughter that's gonna turn 16 in about 2 years. I've been going back and forth about selling the old one vs holding onto it for my younger daughter. I could use the money i sell the old car for to pay down her newer car, but am I gonna end up spending way more for the same type of car 2 years from now is the question... It's a 2010 chevy malibu, gets decent gas mileage, and has less than 80k miles on it... I also don't really wanna just store it under the carport for 2 years either!lol

Not for maybe a couple of years.

Just bought my leased vehicle. My guaranteed buy back price in my lease contract was $8,000.00 less than it would have cost today without the guarantee.

If it is going to sit for two years sell it now and stash the cash till you are ready to buy for the youngest. The market will correct itself before youre ready to buy, already has slightly. You will get more for the Malibu now and will get more for your money in two years.

I'd probably try to cash in on it now if there's any demand for it. I would think with gas prices that it would be easy to sell small vehicles that get good mpg. It feels like demand is all around trucks and SUVs but that will likely slow with gas prices as of late. My truck was valued at $18k over what I paid for it in 2020 and I'd sell it in a heartbeat if I had another vehicle sitting around I could use for a couple years to wait this out. If I were in your shoes, I'd sell it now while market is hot and buy back in when the the recession hits.

I faced a similar situation a few years ago with keeping my old BMW until my son could drive or selling it. I chose to keep it. Do keep in mind that in 2 years, your Malibu will be 14 years old and even if it's not driven between now and then, it will be worth less money. The used vehicle market is not likely to remain as hot as it currently is once the chip shortage subsides.

You will also be paying insurance during that time, as well. And technically, you need to pay for inspections/registration (although I did not). As my old car sat unused, the battery would consistently drain down, which caused some other electrical problems (common with BMW). So even without driving it, I still had a pricey repair. Tires can start to crack/wear, too. And you have to be very mindful to keep checking for rodents under the hood...they love a vehicle that never moves. It also took up space sitting in my garage, and then eventually out in front of my house.

Just things to keep in mind. If I did it again, I would have sold the car esp. since I was almost never driving it.

If you dont sell it, you have to warm it up once a week and drive it once a month.

Personally, I think we are headed into a recession. I think that we are going into a repeat of 2008. My guess is that the used car market will make a correction, and the prices are going to be more reasonable in 2 years. I really hope that's the case as my son is 13 currently, so I will be in the market in 2-3 years myself.

You're hoping for a repeat of 2008, the worst economic disaster of the last 90 years, in order to save a few thousand dollars on a starter vehicle?

I would sell the used car and wait for the impact of the current recession drive prices down and buy then….

If not going to continue to drive it for 2 years, sell it now and get the best $ you can and then be wise with the $ you receive.

off topic, but I kind of am. Our dollar is worth crap right now, and we need to stabilize our currency and the market. We all complain about it daily on here. I think of a recession as a good burn -- it's going to rejuvenate the landscape, as long as it's a controlled burn..

If your hoping we hit a recession and millions of people loose their [censored] in the market and go broke so you can save a few bucks speaks volumes about your mentality. I’m hoping you worded that wrong and you really don’t mean it so I’ll give you the benefit of the doubt. I bitch about the ways things currently are myself but I’d never wish a recession on my worst enemy, it very well may be coming however planning for it and wishing for it are two totally different deals.

Yeah, that's pretty F'd up hoping for a recession considering the fallout from the last one. The 9 million people who lost their homes, their 8 million who lost their jobs, their vehicles, their savings, the folks that were so close to retiring and had to keep working for years, the college grads that had move back home w/ their parents b/c there were no jobs, the corporate bailouts from the government, the $19 trillion in household net worth gone....and on and on.

I never said I wanted one of the scale of 2008, but yes, we need to fix where we are headed otherwise whatever you think you have of value in your retirement fund is going to be just as worthless. There are more job openings out there now than there are people, so tell me how many people would lose their job if it's a small correction. And as for the bank bailouts, I was in the camp that we should have let the SHTF and we wouldn't be in a $26 trillion debt.

We drive by the local auto auction barn 2 3 times a week. Theinventory from week to week is slowly increasing. Not back to normal pre pandemic times but slowly recovering
Less pickups than before, but just a guess on my part

Same.