My dad wants to sell me his 2015 BMW for $5k – I don’t know enough about cars.
My dad asked me if my fiancé and I are interested in his car. I have a 2009 Mazda 6 with around 150k miles – it appears beat up from city driving but passed inspections after an accident this summer. My fiancé is paying off his 20?? Hyundai Elantra (honestly I might be wrong, I never see his car b he parks it at work and I’m uninformed about cars) this spring and then getting rid of it because it’ll be too expensive to pass inspections in the state he moved to. We don’t plan to replace his car because we rely on public transportation for work.
My dad is deciding what to do with his 2015 BMW X1 and offering it to us for $5k, which is what he owes. It has 102k miles and a private blue book of $12.5k.
He gave me a few other options.
“Or I sell it for full price and use the money for wedding, band, vacation, etc” He already offered money for the wedding – dunno if this supplants or increases that. Inb4 wedding finance discussions – we’re not going into debt for the wedding.
“I could also keep it and if you need it down the road, we will have it” My car isn’t at the end of its life yet but we’re getting to a point where we’ll want a bigger car for kid carting. I lean towards this.
My fiancé says upkeep on a BMW is significantly more expensive and isn’t keen because of that. How true is that?
What’s the best move financially? For more context my student loans are 3.5k, pay off CC every month, but I would need my emergency and wedding savings to buy this car from my dad. Fiancé’s student loan debt is bigger, cc debt is 5k, his car will be paid off and gotten rid of this spring.
Edited to add more info from my dad below.
“It’s a good car…I will keep it for you if we don’t need it. We can figure out money later.
XYZ does most of my work now and they are reasonable. Premium gas does add some cost.
—I just replaced brakes and tires are pretty new…have 25,000-30,000 miles left on them. It will cost about $650 for four new tires, but it will probably take a while for you to drive that distance.
—Oil change is same cost-synthetic oil costs $85 but good for 15,000 mi.
—no problems with mechanical systems.”