Can we talk about used cars, and the near future of the car market in the US?
I will admit this is somewhat of a selfish topic as I am struggling to make a decision about selling or keeping a used car I own. I have two vehicles, a relatively newer model crossover which is...
I will admit this is somewhat of a selfish topic as I am struggling to make a decision about selling or keeping a used car I own. I have two vehicles, a relatively newer model crossover which is our primary family car, and my daily driver when running errands with the baby. Our second car is an '06 Acura RSX which is a little coupe (although, it's quite practical and spacious for a coupe)
Our current situation is that my wife works less than a mile from home, and I am a stay at home dad. My wife generally walks or rides our electric scooter to work, while very rarely (extremely snowy or rainy days) we will load up and drive her down the road. The result of this is that the RSX sits unused a lot of the time, except for specific times like when she takes the baby somewhere on the weekend and I have errands to run as well, or when the crossover is otherwise occupied (oil changes, tire rotation etc)
For these reasons, we have been considering selling the RSX. Since used car prices have been spiking it would pay off all of our remaining debt on the crossover, and leave us with a few thousand in the bank. It's not a huge amount of money but it will save us a few hundred a month. We are not well-off on a single income, but we're not struggling by any means.
My hesitancy is basically two economic reasons and one personal:
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With the tariff insanity, used car prices do seem to be spiking and I don't think (or know if) we're necessarily at the price peak. I would regret selling it and having the price jump 25% a few months later.
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Because of the same reasons, replacing it in a year or two when I want to go back to work might end up costing us more than we made from selling it. My daughter is 18 months now and we'll probably be looking to get her into daycare by 2.5-3 years old.
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As for the personal reason, I just really like this car. I bought it outright from the insurance payment on my first real car getting totaled, and it has gotten me through some tough times in my life. I have done a lot of work on it to make it "my" car. I love the fact that it's from the era where cars were just machines, but its still modern enough for tech upgrades, and parts for it (both OEM and third party) are basically everywhere. It's cheap to work on and barely needs work to begin with. That being said, it does need a few things done that might be outside of my skill set in the next year or so. I might be able to manage a serpentine belt replacement, but the front control arm bushings are wearing out and it seems like you need a lot of specialized tools for that replacement so I'm not sure I'm confident in doing it myself.
As for the less "me specific" portion of the conversation, I'm just curious what the smart people of Tildes think about what's going to happen in the near/mid future in the US regarding the car market, used cars, the transition to electric vehicles, and what you're thinking about in regards buying, selling, or holding vehicles in these uncertain times.