Recently, I took my car to the dealership to have some maintenance done. Prior to my appointment, I got a message asking if I wanted to get an appraisal done on my car towards a possible trade in.  Considering I’ve already been thinking about a larger car since two kids have already made my current one feel like a Ford Festiva sometimes, I figured why not?  I was already going to be waiting there so there was no harm in seeing what my current value was.

Especially right now, where the car market is as volatile as the housing market and there’s been lots of speak about how used cars were supposedly netting way more than people were owing on them.  I’d gotten emails and snail mail over the recent months claiming that my car would be worth well over $20,000 which was amusing to me considering I still owed around $13.5 on it. 

I figured such estimates were bullshit and that there was no way my car would fetch that much once I were to get it officially appraised.

Well turns out that it’s not that much bullshit, because the dealership estimated my car at $24,000 to trade in.  It’s a 2019 with under 20,000 miles and in fantastic condition because I take care of my shit and the pandemic really prevented me from doing any real hardcore driving.

So, despite me not being that serious about switching cars just yet, these kinds of numbers make it very interesting towards the possibility of doing so now.

I get that the car market is similar to the housing market right now and I read the news too; I’m aware that the car business has been hit with staggering inflation right now and that cars effectively have become haggle-proof.  The demand for cars versus inventory means that if someone tries to be cute and haggle too much, the dealerships can pass and someone will purchase it for less trouble.

In “normal” circumstances, I would look in two years when my car were to be paid off, and I’d hope to appraise for like $4,000 and then haggle the shit out of 2-3 dealerships before hoping to get $4,000 down from a not-so inflated sticker price.

However in two years, my kids will be older and probably be in command of a whole lot more shit than they have now and I could already be too late in needing bigger then; especially when I have the opportunity now to potentially upsize and be ready for the future.

So what I’m looking at right now, is the opportunity to have nearly 8-9k in equity to put towards a new car, which is more than I’ve ever put down in the past.  Sure, it restarts my clock of payments back to the start for the next 60-72 months but frankly car payments are about as certain as death and taxes, and it’s really the exception to be without them.

I’ve been casually looking at numbers and basically $8-9k towards an inflated sticker price still seems like a more attractive option than waiting for then car market and it’s potential trade market to cool and hope to look for a bargain and that my car doesn’t appraise for peanuts in two years.

Currently, I could flip my $30k car and aim for a $40k+ car but only needing to finance like $35k~.  I feel like there’s no guarantee I’ll be able to do such if I were to wait.

However on the flip side, I’m concerned about the future of gas prices considering how easy it is for the price at the pump to flip on a whim, and mythical wife and I have had discussions about the disadvantages of owning a car that isn’t gas powered.

And that’s where I am now. Leaning hard towards capitalizing on my car’s current trade-in value and upsizing to a more famiry-friendly dadmobile, but hesitating on what exactly to change to.

Waiting and standing pat doesn’t seem as appealing because my car now already feels too small and capitalizing while the market is volatile seems like a good idea. I just don’t want to make a rash choice that I might regret, but time doesn’t exactly feel like it’s on my side.

Getting an appraisal was clearly a mistake, lol