So did my procrastination pay off? I've got way too many cars, and have been planning to sell my '89 Volvo 740 turbo for the last few months. I just haven't gotten around to it. I figure I'd be lucky to get $1000 for it, even with ~ $300 of spares. I've had it for years and kept it registered and insured this whole time. I hadn't heard about the clunkers program until this thread. After doing some reading, I'm not a fan of the program from a big picture point of view. Still, though, if the program's enacted, maybe I should take advantage of it. The Volvo's kind of a neat old car and I wouldn't like to see it shredded, but I'm not THAT sentimental about it.
I don't really want a new car, though. The reason I was going to sell the Volvo is because I have too many cars. Maybe I can trade in the Volvo for something that gets over 28mpg (Volvo's rating is 18) and that has demand and relatively little initial depreciation (Mini? Smart?) and turn around and resell it immediately. I haven't fully thought this through, but I'm ballparking that if I did it right, I could net ~3K$ after taxes, dealer prep, discounted resell and everything. I'd pay cash, so no interest cost. I'd have to pay insurance, but most of that would kind of be offset by no longer having to pay for the Volvo's insurance. Oh yeah, I could also keep the spares and ebay 'em. There's definitely some risk involved, but am I missing something here, or is this a feasible idea? In any event I'll continue to procrastinate while I think this through and watch what happens to the bill and the program.
