Keep it, Sell it or Trade it in?

[GSCJR]

My parents are retired and own two vehicles, but recently purchased a third, and I have no idea why; a 2018 Compass Sport with only 37k kms. I, on the other hand, just sold my old car and am in the market for a replacement, and am borrowing the Jeep until I find something. They offered me their Jeep at no charge because they realized they don't really need it, but I suggested they trade it in and upgrade my dad's old minivan instead. I really don't need to drive such an expensive vehicle to and from work, 20 kms. each day, 5 days a week, so they suggested I trade it in for something else and keep the difference. I've driven beaters for the last 10 years and have done all my repairs for the last 27. On the other hand, they got it at a good price and feel like I should just keep it and respect their wishes. What would you do? I'm torn.

 

[bruckus]

As an older guy I feel strongly about giving your stuff away if you no longer need it to someone that needs it or values it. Look at it as
a gift your parents feel you need and hopefully you respect their wishes and accept it. This whole life thing doesn't last forever. Accept gifts, give gifts, it will all come full circle. Take that Jeep, show them how much you appreciate it by taking great care of it and it will treat you well. Take them for a ride and a meal now and then, spend time with them and let them know often how much you appreciate their generosity. It's a great chance to save some money and maybe pay it forward to someone else.

 

[Nick1994]

That new and low of mileage, keep it if you like it. Less rust than anything else.

 

[Zee09]

I think your suggestion to have them upgrade their old van is the correct one especially if they are not well to do.

My parents had nice cars because I bought them. Why? They needed safe and reliable cars. You can take care of yourself.

 

[GSCJR]

Financially, my parents and I are okay. Their ratonale is that I'm independant where my sibling often relies on them so they want to reward me for never asking for assistance and keeping things fair between us.

 

[Zee09]

Financially, my parents and I are okay. Their ratonale is that I'm independant where my sibling often relies on them so they want to reward me for never asking for assistance and keeping things fair between us.

You are a good bloke
Your siblings unfortunately remind me of mine.

 

[atikovi]

They offered me their Jeep at no charge because they realized they don't really need it, but I suggested they trade it in and upgrade my dad's old minivan instead. I really don't need to drive such an expensive vehicle to and from work, 20 kms. each day, 5 days a week

Why don't you just pay them the trade-in value? An '18 Compass isn't exactly an expensive vehicle and most of it's depreciation has happened after the first 3 years so you would be driving it fairly cheap. 20 kms a day isn't going to drive it into the ground.

 

[Egg_Head]

You are fortunate to have been raised by such loving parents. As someone else said earlier, just respect their wishes.

 

[Andrew1972]

If there are any strings, obligations , feelings attached beyond grateful thank you then don’t accept it. Not worth it.

 

[GSCJR]

Why don't you just pay them the trade-in value? An '18 Compass isn't exactly an expensive vehicle and most of it's depreciation has happened after the first 3 years so you would be driving it fairly cheap. 20 kms a day isn't going to drive it into the ground.

My parents won't accept any money, the vehicle would be a gift. I can get around with a $1400 car, this is why they suggested I trade it for something else (14k Jeep trade-in value?), if I wish to do so. They paid wholesale price, almost 19k + tax just last month or so.

Here's a similar model, which includes an extra set of alloy wheels and 4x4:

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Find new, used and salvaged cars & trucks for sale locally in Gatineau : Toyota, Honda, BMW, Mercedes Benz, Chrysler, Nissan and it is all about driving your dreams.

www.kijiji.ca

 

[GSCJR]

If there are any strings, obligations , feelings attached beyond grateful thank you then don’t accept it. Not worth it.

No strings attached.

 

[tc1446]

Keep it. Stop agonizing over the gift that they've made clear to you. You will likely have plenty of chances to return the favor.

 

[krismoriah72]

Keep it, Sell it, or Trade it in? Yes, Yes...No.

Keep driving it, its free. If you are asking the question then obviously you want something different.

I would list it for top of the market value then keep driving it until you get the right buyer.

Take that cash and buy what you want..

Basically you are driving around free cash.

Trade in? Sure if you want to lose the buying power of cash. Car lots dont trade cars to lose money.... they get rich off of them.

 

[dcd]

Keep it. You need a car and it is a nice car.

A good friend of mine has family members that are always giving him nice things (smart phone to replace flip phone, nice TV, outdoor power equipment, etc). He is a multimillionaire, but lives in many respects as if he is broke. I think they are just trying to help him relax and enjoy things, so I give him the same advice to accept the gifts and enjoy them.

 

[GSCJR]

Thank you for all your responses.

 

[GSCJR]

After much deliberation, on a whim, I posted the Jeep for sale on a local website without their consent. With our local used car market in a frenzy, it paid off. Without being greedy, I listed the vehicle for the price may parents paid just 6 weeks ago and my phone went crazy! I sold the vehicle today without a hiccup in under 4 days to a dealer out of the city. The buyer's agent met my parents and their branch and the bank manager transfered the funds without incident back into their account. My dad is now without a vehicle because I'm "borrowing" his old van, and he can now look for a much deserved upgrade.