So, our foster refugee kid was driving my old 2012 Hyundai Sonata. It only had about 40k miles on its new engine. Some gal broadsided him, and due to the age and mileage of the car, insurance will total it. Trying to decide between two options:
1) Take the money offered, then buy it back at its damaged value, and repair it and keep it under a salvage title (it only needs a new door and quarterpanel). We know that it's mechanically sound and has been taken care of with maintenance etc. And it's hard to find a good reliable cheap used car. It has something like 140k miles. Bit of a pain to do the whole pay me and I buy it back and repair it process, and will have a salvage title, but it's a daily driver, not an investment.
2) A friend is selling a 2013 Chevy Equinox with 170k miles. Will need to dig into it more, but it's been their car the whole time, they've maintained it well, etc. We'd get it checked out, but presume no mechanical issues at the moment. Can probably get it for just a bit more than we'll get back from insurance on my Sonata.
He's 16, he needs safe and reliable wheels to get back and forth to school and soccer. Maybe to get him up to his first year of college in a couple of years.
Any big thoughts on those options?