I just inherited a 2005 Prius with only 23,500 miles. I am trying to decide whether to sell it or keep it. mid blue book is around 15k. We don't really need the money and investment return on that amount would not be much over the next 3 years. 3 years is when my son turns 16 and will need a car. We have 3 other cars but the one he would get already has over 100,000 miles on it. I am trying to balance the cost of insurance with the savings on gas and the loss of resale value against having a reliable low mileage car in 3 years when my son needs it. Any opinions would be welcome.
Most likely what bisco wrote; but the question can't really be answered without knowing about the other cars.
Asking a bunch of Prius owners if you should keep a free Prius is like asking a bunch of mice if what they would do if someone gave them 3 years worth of gourmet cheese! It's pretty certain what all us mice will say? More to the point... If you keep the Prius, by the time 3 years rolls around you'll most likely want to trade in your non-Prius-cars for a new Prius or two and your son can have the one you inherited... Best way to decide is to calculate how many miles your family will drive in the next 3 years and figure out how much that will cost you at 50mpg rather than the usual 25mpg. Once you realize how many thousands of dollars you save I'm sure you'll see it our way!
