According to KBB.com, the trade in value of the Buick is around $5200 and the private party sales price is around $7000. Therefore, the actual price of the car may be okay. However, are you comfortable buying a car that already has over 100,000 miles on it? You will have to assume that there will be some repairs over the next few years. On another front, and this is really my opinion, but I think you should consider carefully if you want to owe money to your boss. It puts an interesting new dynamic into your relationship. In fact, at many companies, supervisors are forbidden from lending to, or borrowing from, their employees. As for the Cadillac, kbb.com says that it would have a private party sale price of just under $3,000. I would definately sell it or donate it to a charity for the tax deduction. Final note: I highly reccomend doing a Carfax check on any car you purchase. You can order a report from carfax.com.Best of luck!
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