I'm an analyst at my company and part of my job is gathering information on the key indicators of the economy, as it affects my company's current and future actions and financil results.
There certainly are positive signs of the economy picking up, especially in the automotive market. 3rd consecutive quarterly profits for GM and more for Ford is indication enough that auto sales is doing well. Even more so is that total auto sales to consumers (not fleet) has picked up in September and October. There is lots of pent up demand and that demand is beginning to show up in the form of sales. Also, sales to younger buyers have picked up, meaning the market and the more importantly, the lenders are loosening up enough to make loans to these higher risk buyers. Overall, everyone is optimistic that the auto market will continue its slow but steady upward rise. The downside is that there is still a great deal of inventory out there for new cars. Used car inventory is flooded even more. As new car buyers trade in their used cars, there will be a surge in used car inventory. That means, selling any used car is a bad idea and will continue to be so for a longer period than we all want. Probably at least for another 3-5 years. This is good if you're a buyer but bad if you're a seller.
In any case, if it's not costing you anything or costing you very little to keep the '84, keep it and drive it. It's always good to have a spare car! I'm doing the same with my '91. I would get reamed if I traded it in. Likewise everyone would lowball me, or I would not even get any interested parties if I tried to sell it myself. Most buyers of used cars out there are people who want to take advantage of the low, low prices and desperate sellers. Vultures! The same is happening in the homebuyer's market, only much worse! For the first time in such a long time it makes more sense to hold on to a used car than it is to sell.
