Two paid-off cars, 220k combined miles, driving 30k miles/year. Keep them, sell one, or start over?
Looking for some financially sound advice on my current vehicle situation and what makes the most sense over the next 5–10 years.
I currently own two vehicles, both paid off:
2013 Lexus RX 450h
90,000 miles
Excellent condition, mechanically and cosmetically
Well maintained, no major issues
Averaging around 22–23 MPG on the highway
2014 VW Jetta SportWagen TDI
130,000 miles
Deleted with a RawTek diesel exhaust kit
Timing belt recently replaced
Approximately 100,000 of those miles are highway miles
Averaging around 42 MPG on the highway
Also just recently paid off
Here’s my situation:
I drive approximately 30,000 miles annually, much of it highway driving for work. I also need to maintain two vehicles for my household.
Both cars are paid off, which is obviously a great position to be in. However, I’m approaching the point where I’m wondering whether continuing to put significant mileage on aging vehicles is the most financially sensible strategy.
I’m not particularly interested in taking on car payments unnecessarily, but I’m also conscious of depreciation, potential major repairs, maintenance costs, fuel economy, and the possibility of getting ahead of expensive mechanical failures.
What would you do in my position?
Keep both vehicles: Drive them until major repairs make them economically impractical, banking the money I’d otherwise spend on payments.
Sell the VW: Take advantage of whatever resale value it has left and replace it with something newer, more reliable, and fuel-efficient.
Sell the Lexus: Cash out while it’s still relatively low mileage and in excellent condition, replacing it with something newer.
Sell both: Start fresh with two newer vehicles, potentially hybrids, that would offer better fuel economy and lower maintenance costs.
Something else: Is there a smarter strategy I’m overlooking?
I’m especially interested in the total cost of ownership, not simply monthly payments. With 30,000 miles of annual driving, fuel costs, maintenance, depreciation, insurance, and long-term reliability all factor into the equation.
Would you keep driving these vehicles for another 5–10 years? At what mileage or repair-cost threshold would you consider selling either one?
I’m curious what people who have been in similar situations, particularly those who drive a lot of highway miles, have found to be the most financially prudent approach.
TL;DR: Two paid-off, well-maintained vehicles: a 2013 Lexus RX 450h (90k miles) and a deleted 2014 Jetta SportWagen TDI (130k miles). Drive roughly 30k miles/year and need two cars. Keep both and run them into the ground, replace one, or sell both while they still have value? Looking for the smartest long-term financial strategy.