A friend and I were discussing this very topic the other day which lead me to investigate it further. I thought I'd share what I found:
Checking out When to downsize your car is the place to start.
For more discussion however you'll want to check out
from Consumer Reports Car Blogs
If you don't want to read all that here's the bottom line conclusion from
"Bottom line on downsizing Over the course of an article and several blogs, we have seen what the numbers can do. Ultimately, it boils down to the following:
Don’t rush into downsizing without considering all the owner costs of your current vehicle, including depreciation and finance charges.
Understand your goals with downsizing (environmental concern, fuel savings, cost savings), and be sure your strategy will meet these goals.
Realize that the biggest rewards come with the greatest sacrifices, such as transitioning from a large SUV to a small car. At the same time, make sure the new model will satisfy your financial and lifestyle goals for years to come. If you have a family, remember, kids grow and need more space.
In northern regions, consider using your SUV as a winter-only vehicle, especially if it enables you to buy an efficient, front-wheel drive car, rather than an all-wheel drive model. Be sure to adjust your insurance accordingly.
Conversely, if, for some reason, you really want/need a large SUV, this could be a great time to purchase a relatively new, low-mileage example. Both new and used SUVs (especially the monstrous ones) are sitting on dealer's lots—you can practically get one for a song."
Don’t rush into downsizing without considering all the owner costs of your current vehicle, including depreciation and finance charges.
Understand your goals with downsizing (environmental concern, fuel savings, cost savings), and be sure your strategy will meet these goals.
Realize that the biggest rewards come with the greatest sacrifices, such as transitioning from a large SUV to a small car. At the same time, make sure the new model will satisfy your financial and lifestyle goals for years to come. If you have a family, remember, kids grow and need more space.
In northern regions, consider using your SUV as a winter-only vehicle, especially if it enables you to buy an efficient, front-wheel drive car, rather than an all-wheel drive model. Be sure to adjust your insurance accordingly.
Conversely, if, for some reason, you really want/need a large SUV, this could be a great time to purchase a relatively new, low-mileage example. Both new and used SUVs (especially the monstrous ones) are sitting on dealer's lots—you can practically get one for a song."
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