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If you have room for parking (and the photographs make it appear that you do), and enjoy driving it, why not keep it? It is nice to have a smooth, comfortable second car around, especially when the primary vehicle has a problem. Just be sure to drive it often enough to keep it running well.
Drop the insurance to the minimum. Here in the USA, we are required to have "liability insurance", which pays other people if we cause damage or injury with the car. In the "lawyer-infested" society here, I keep a large liability policy in force. But - what we here call "comp and collision", which is your insurance to repair or replace your car, is definitely not worth the cost on cars like mine (2003 S500) and yours. I paid for comp (short for "comprehensive", covering glass breakage, hail damage, fire, theft, etc.), and collision (obvious) for several years. Then, we hit a deer, and the insurance company totaled the car, and we got about $2500 for a 2003 S430 in really nice condition...
Keep or sell? It depends (I know that is a trite response--but read on)
Your personal economic circumstances AND philosophy and psychological needs should be major factors in the evaluation. It is HARD to 'be honest' with yourself.sometimes. But this decision is a major one.
IF a new smelling and looking vehicle satisfies your emotional needs to reinforce 'your success,' -buy something new. If your mantra is 'economical at all costs' keep it and run if forever, at all costs. But a more Spartan auto would be more economical. Consumer Reports will give you a thorough analysis and point out the most economical choice of car.
IF you want to own and drive a legendary high quality,very comfortable, safe, and extremely well engineered and built, true 'world class' in all respects, maintain the car and continue until a major repair (more than 50% of cash value as is) looms in view, When that major repair looms, sell it and purchase another one (newer and in Good or Better condition) and repeat the pattern. There are plenty of these fine autos that are in excellent condition at very reasonable prices. Many buyers of 'new' high Depreciation autos sell their Excellent Condition young cars because they are no longer NEW. You, on the other hand, purchase VALUE cars to fill your wants and desires. (The 10th row, center section seats at the OPERA are truly ' just as good as the front row' at half the cost.)
Mercedes SLR McLaren 722 S Is Extremely Rare Example Modified by McLaren
Slideshow: A one-of-one U.S.-spec Mercedes-Benz SLR McLaren Roadster became even rarer after a factory-backed transformation at McLaren's headquarters.
