Should I sell? Should I buy?

The pros and cons, ups and downs, pluses and minuses of old or used cars…

"Should I keep my ''88 325i or sell it and take the plunge for a new 330i?"

"My 540 is a great car, but the costs to maintain it are starting to get substantial."

"A new 545i is an unbelievable car, but business has been terrible for two years now and I can't afford a $65,000 purchase, plus higher insurance."

"I like older cars. There's a certain mystique about driving my '99 740iL. It was elegant when I bought it, and it still is. But a new Lexus comes with everything, and I'm tired of what it costs to maintain my vehicle, although I still enjoy it."

What's the right answer? There is no right answer, there are pros and cons to every choice.

PRO: Any new car has the advantage of the most up-to-date technology and safety features. There is no question that airbags (SRS) and four wheel anti-lock brakes make cars safer. Advances in electronic engine management, ride comfort, climate control, and sound systems make these new models very pleasurable.

CON: These advances are great as long as they work. They involve complicated electrical control units, relays, and wiring harnesses that are susceptible to contamination. Most component parts have to be replaced (not repaired) when they fail, and they are expensive.

PRO: There is something special about a new car. The fit and finish, both inside and out, look and feel great. Hopefully there are no rattles and everything works the way it's supposed to. But best of all is that new car smell that makes the car seem so special.

CON: Even the least expensive new car today will cost nearly $25,000. The goal of upgrading to a larger, more comfortable and sophisticated model could double or even triple that price. Insurance for a new car is often twice as expensive as it is for a used car.

PRO: Keeping an older model that is still fun to drive means a much lower financial burden. In the tri-state area, older models are less likely to be stolen and vandalized. Therefore, insurance premiums for comprehensive coverage can be much less.

CON: Older cars require more frequent service. The longer cars are driven, the greater likelihood that components will fail or wear out. Sometimes it takes a little longer to get the parts. This can become frustrating, for both the owner and the shop, especially when these mechanical failures happen at an inconvenient time.

PRO: Parts and labor for older models are usually less expensive because the components are less complicated than they are in new cars. They were built with heavier body panels, and there is less use of plastics.