Car Sale

From: "mike morehouse" <mikemore@hotmail.com>
Subject: Car Sale
Date: Thu, 31 Dec 1998 13:31:01 PST

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I have an unusual question for the listees. Our 2 children 19 and 21 
have been sharing 2 cars (alternating every 2 months)over the last few 
years. A 1987 Nissan Sentra and a 1995 Mazda Protege. The Mazda is 
definitely the nicer car as it has power windows, locks, cruise and it 
only has 47K miles while the Sentra has 125K. They buy gas and my wife 
and I own the Sentra outright and we make the payments on the Mazda. 

My daughter and her fiance want to purchase the Mazda from us when they 
marry in Mar. 99. My wife and I are trying to come up with a fair deal 
for all parties. It is complicated by the fact that if they purchase the 
Mazda, we would probably be buying a 95-96 used car for our 19 year old 
son as he won't have access half the time to the nicer Mazda anymore. 
Whatever we purchase once we sell the Mazda will probably be purchased 
by him when he graduates college in a couple of years. Not sure what we 
will do with the Sentra yet.

The avg. retail blue book value of the Mazda is $8200. Our present 
payoff on the loan (we have about 29 payments left at $225.00/mo.) is 
$6095.00. We've paid to date about $6500. Do any of the listees have an 
opinion on a fair deal for all parties. As I have never sold a car to a 
relative before, I don't know if asking the avg. retail is too much but 
I don't want necessarily want to sell it to them for the payoff as then 
we would have no cash to put down on the next vehicle.

Any advice would be most welcome.

TIA

Mike Morehouse
mikemore@hotmail.com

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