How can I value it? It has an engine that runs OK but, needs oil every once in a while. (It burns some as extra fuel.) I’ve heard some people tell me just look up the blue book value. Some have said I need to know the miles per gallon. There seems to be as many opinions on the value of my car as there are people.
I started the post by asking the question of how much a car is worth. It was partially a rhetorical question. My answer is as follows:
My 207000 mile year 2000 mini-van is worth more than the blue book value or what I can purchase it for on the used car market. The beast is worth more than the car was when the original owner purchased it in 2000.
In 2000 the mini-van’s suggested retail price was $24,600. I purchased it for $2700 in 2009 with 155000 miles on it. In 13 years the retail price decreased by almost ten fold. Yes, the cost to operate the mini-van is crazy expensive. I look at it like a stock mutual fund investment: one that has many fees. The mini-van is worth to me the price of transportation to get to work to enable me to increase my income.
The increase of income will be because I have transportation to work that is higher paying then employment in my local area. The value of my car comes not from the value it can obtain on the open market but, how I use it as a tool to reach my goals.