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Old 08-02-2007, 11:57 PM   #1
Join Date: Aug 2007
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Sell my 99' corolla now?

Hi all,

I am going to be a medical student and my college car is a 99' corrolla with 68,000miles. My parents purchased it for about $6700 in 2003 @ 40,000 miles. I am a guy and i just dont feel the corolla is a good fit for me and would like to upgrade. Kelly's blue book says private party value for an excellent car of this quality is: $6275.

Most dealerships are selling for about 8,000+ with a lot more miles. I am at a point where if I do not buy a car now I will not buy one at the end of medical school with 120k debt!

Right now I have some leverage and can sell my car for profit..of which i have used for 4 years! I will only put in 4 years about 20-25k miles on any car i drive because my school is only 4 miles away.

What is the most logical thing to do....

1. Keep the car and buy another car after medical school.
2. Sell the car while it has more value than what you paid and get a used accord (20k budget)

If I sell the car...whats the best way to approach this sale! Thanks guys!
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Old 08-03-2007, 08:56 AM   #2
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I would say keep the car. In that age, the corolla engines were damn near bulletproof. That car would last you through and beyond school, with the added benefit of great gas mileage and low maintanence costs(even though you don't really need the mileage). Hold on to it until it's financially feasible to buy a car that's more "suitable" to your profession. You'll thank yourself in the end.
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Old 08-03-2007, 05:54 PM   #3
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Why buy a more expensive car and pay more money if you are going to be in debt as it is already.

Finish medical school. Start making serious money. You'll be able to slowly pay off your debt and soon buy a car that blows the Accord out of the water.
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Old 08-03-2007, 05:55 PM   #4
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I agree, hold out until you're done with med school.
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Old 08-03-2007, 06:15 PM   #5
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I wouldn't sacrifice reliability for anything, especially when you are going to get into a considerable amount of debt in the near future (as they said previously). I'm confused as to how you are making a profit on the car as well.
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