To sell or not to sell
Looking for some guidance. My son (just turned 18 and has had his license for about 3 months) recently inherited his grandfather's BMW E46 2001 330i with 36K miles on it. It was literally driven by a grandpa who was the original owner and took immaculate care of the car, with regular services and full paperwork/documentation on the car.
The kid has no real knowledge of or passion for cars and could really care less what he drives. But I know that obviously this is a pretty special vehicle. I know there is value behind it and it would probably be better off with someone who loves the E46 and truly wants to drive it. I've proposed the idea of selling it sooner than later, while the miles are still low and he hasn't wrecked it yet (God forbid). But, since it was passed down to him from his grandpa who has recently passed, he is feeling an emotional connection to it and would rather keep it, even if it is one of the more expensive cars to drive (maintenance, premium fuel, etc.) - all on a starving college students non-existent income.
I'm trying to weigh out the options of either convincing him to sell it, and buy a cheaper, more economical car to get him around town from point A to point B, or just let him roll with it and pray he doesn't get into an accident. My insurance already doubled just adding him and the car onto my policy, and that's with just the minimum for liability, so no comprehensive/collision. I know all the stats on new teenage drivers getting into at least one accident early on in their driving years, so I'm just nervous about losing value on the car if that were to happen.
Anyone have thoughts on selling it vs. keeping it given this situation?
Looking for some guidance. My son (just turned 18 and has had his license for about 3 months) recently inherited his grandfather's BMW E46 2001 330i with 36K miles on it. It was literally driven by a grandpa who was the original owner and took immaculate care of the car, with regular services and full paperwork/documentation on the car.
The kid has no real knowledge of or passion for cars and could really care less what he drives. But I know that obviously this is a pretty special vehicle. I know there is value behind it and it would probably be better off with someone who loves the E46 and truly wants to drive it. I've proposed the idea of selling it sooner than later, while the miles are still low and he hasn't wrecked it yet (God forbid). But, since it was passed down to him from his grandpa who has recently passed, he is feeling an emotional connection to it and would rather keep it, even if it is one of the more expensive cars to drive (maintenance, premium fuel, etc.) - all on a starving college students non-existent income.
I'm trying to weigh out the options of either convincing him to sell it, and buy a cheaper, more economical car to get him around town from point A to point B, or just let him roll with it and pray he doesn't get into an accident. My insurance already doubled just adding him and the car onto my policy, and that's with just the minimum for liability, so no comprehensive/collision. I know all the stats on new teenage drivers getting into at least one accident early on in their driving years, so I'm just nervous about losing value on the car if that were to happen.
Anyone have thoughts on selling it vs. keeping it given this situation?