Financial Decisions...selling a car
- Thread starter Mentos
- Start date
Op, it's unfortunate to read about this dilemma but I am glad you are putting the family first in this situation.
If you are attempting to keep the car then perhaps look into doing a refinance for the loan. Hear me out lol. Maybe extending the loan with lower payments might alleviate the stress. My only issue with beater cars are the unknowns that come with it. The new purchase could be a ticking time bomb on wheels..
Hell, if you were closer to Cali I'd sell you my 2006 VW Jetta for a great price. Part of the reason why I haven't sold it is because finding an affordable, well-maintenance, clean title car with heat/ac for less than 3k seems unrealistic..
Although I live in an expensive state, maybe prices are cheaper in your neck of the woods.
Good luck Sir.
If you are attempting to keep the car then perhaps look into doing a refinance for the loan. Hear me out lol. Maybe extending the loan with lower payments might alleviate the stress. My only issue with beater cars are the unknowns that come with it. The new purchase could be a ticking time bomb on wheels..
Hell, if you were closer to Cali I'd sell you my 2006 VW Jetta for a great price. Part of the reason why I haven't sold it is because finding an affordable, well-maintenance, clean title car with heat/ac for less than 3k seems unrealistic..
Although I live in an expensive state, maybe prices are cheaper in your neck of the woods.
Good luck Sir.
wouldn't you want to keep that $4000 budget money in the bank? your $350 payment is almost a years worth of that budget money which is hard cash you have access to at anytime. if you were getting rid of both cars and had no payments I think that would be a different story. I guess I just look at it from a business perspective and never wanting to deplete cash flow.
My last 2 beaters were honda civics. Once you get over the fact that you're driving a Civic its good.
4.5K got me a 09 with 88K miles. My last 08 I sold to my brother for my Niece with 142K on the clock. Never laid a wrench on it other than maintenance and tires. Insurance is cheap as hell.
4.5K got me a 09 with 88K miles. My last 08 I sold to my brother for my Niece with 142K on the clock. Never laid a wrench on it other than maintenance and tires. Insurance is cheap as hell.
Now is a great time to sell a car. Have you seen dealers used car lots? Most are bare. I bet you could get payoff or make a few bucks. Dealer group I work for are having to pay over retail on some cars just to have something to put on the lots.
Bad news is, you will probably have to pay more for a good used car than you want to.
If selling the jeep doesn't put money in the bank, I would keep paying the note if it is only that much and keep cash in the bank.
Bad news is, you will probably have to pay more for a good used car than you want to.
If selling the jeep doesn't put money in the bank, I would keep paying the note if it is only that much and keep cash in the bank.
Minimize debt, get rid of what you don't need. Buy something that is cheaper, better on gas, and cheaper to repair... and hopefully you can turn a wrench. If not and you have length on your warranty... this might not be true.
If you are going to take a bath on selling something, and the vehicle has value to you... consider if you can afford to keep it. If you have money saved, that may still be a valid option.
If you are going to take a bath on selling something, and the vehicle has value to you... consider if you can afford to keep it. If you have money saved, that may still be a valid option.
If you dont mind the "stigma" try to find a Hyundai/Kia. I drove one for years to save a bit of money and the thing just never quit. Was extremely cheap to insure, cheap to maintain and cheap on gas. With a 5 speed manual and the standard 2.0L Beta II engine under the hood it wasnt half bad at putting around. I beat the absolute snot out of it, raced it, threw nitrous on it and eventually sold it when i had to do another clutch(car had 300+k miles on it). They will rust and they have some rubbish interior materials but overall a great beater vehicle which can be had in great shape for under $2000 in prime condition.
Thanks for the suggestions everyone.
I’ve settled on selling it. I’ve gotten an offer close enough to payoff that I feel comfortable with.
I do wrench on my own cars. Ive driven beaters for most of my life, so I know what to expect and what not to.
I’ll use some personal savings to buy the beater. I should be able to replenish the money spent pretty quickly (pending anything really unexpected).
At the end of the day, I will feel a little more at ease knowing most of my money is going into savings.
Thanks again SVTP.
I’ve settled on selling it. I’ve gotten an offer close enough to payoff that I feel comfortable with.
I do wrench on my own cars. Ive driven beaters for most of my life, so I know what to expect and what not to.
I’ll use some personal savings to buy the beater. I should be able to replenish the money spent pretty quickly (pending anything really unexpected).
At the end of the day, I will feel a little more at ease knowing most of my money is going into savings.
Thanks again SVTP.
Using this metric, Toyota/Lexus is light years better in every aspect for a little more money.
Toyota/Lexus make the absolute best ‘beaters’ on the planet. I know multiple friends/family members who got over 200,000 plus trouble free miles with various ones (4runner, camry, corolla, is300, RX350, Tundra, Tacoma,GX470) with just oil changes, tires and brakes and timing belt. Good gas mileage, too. Simply unbeatable.
Wife has a new Civic. I had an access cab first gen Tundra. Not suitable for a baby. Sold it to a friend, picked up a first gen Sequoia, and am repairing it/fixing it up. Was way way way better for the baby and at the sub 8k price point, space/reliability was what I needed with the baby.
Haven't touched the mustang in 2 months, so who knows with COVID and the economy I may find myself selling it to do other things. Plus save the insurance money.
But as far as reorganizing your life for the baby, that's absolutely a wise choice. It was one of the more helpful decisions I made proactively as it was able to be done on my time, not necessarily in a rushed panic.
Haven't touched the mustang in 2 months, so who knows with COVID and the economy I may find myself selling it to do other things. Plus save the insurance money.
But as far as reorganizing your life for the baby, that's absolutely a wise choice. It was one of the more helpful decisions I made proactively as it was able to be done on my time, not necessarily in a rushed panic.
I just bought an 06 Limited Sequoia 4x4 for 6,600, despite having 268k miles on it. All the maintenance was done, body and interior solid 8/10. Runs good, drives good. Just needs small stuff that I can do. These things pull 7-11k around here all day, despite miles. There's a reason Toyota is know for the long term "beaters" of the world. It's why I didn't hesitate at the miles on this thing.
Guy i work with has an older Seqioua and loves it. Has over 380k miles and has been dead reliable for him. Says he’s going to be buried in it lol. Its black and looks damn good, even by todays styling standards.
Little more money? Alot of the ones you listed are significantly more expensive. Save the Camry/Corolla everything else will command a premium.
And while i agree they are great cars, anything built within the last 10 years from Toyota/Honda/Hyundai are all going to be tanks. So, id find the best deal on the lowest mileage commuter car from any of them i could and run with it.
A paid off beater is allowed to "cost you in repairs" upwards of your current car loan monthly payment. Anything more then the beater was not a wise choice. Plus you are not paying interest on said car loan.
As long as you pick a car wisely, I don't see a beater costing you $350/mo in repairs.
Sell your car, pay cash for another car. Put money into her loan to get it paid off quicker OR stick the money in a safe at home to sit on it. You need at least ONE dead reliable vehicle in the family.
And I'd pass on the Lexus variants. Sure "for a little more money" you get fancy doodads with Toyota reliability, but IMO not worth it when dealing with a spouse out of work and an uncertain future economy. No time for "wants" and luxury amenities. KISS (Keep It Simple Stupid) a very reliable/cheap to fix/very popular 4 door sedan car should be top of your list. Fusion/Camry/Accord/Impala etc
As long as you pick a car wisely, I don't see a beater costing you $350/mo in repairs.
Sell your car, pay cash for another car. Put money into her loan to get it paid off quicker OR stick the money in a safe at home to sit on it. You need at least ONE dead reliable vehicle in the family.
And I'd pass on the Lexus variants. Sure "for a little more money" you get fancy doodads with Toyota reliability, but IMO not worth it when dealing with a spouse out of work and an uncertain future economy. No time for "wants" and luxury amenities. KISS (Keep It Simple Stupid) a very reliable/cheap to fix/very popular 4 door sedan car should be top of your list. Fusion/Camry/Accord/Impala etc
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Sell yours, drive a shit car and let wife have a nice car.
That's how me and my wife did it.
She has her company car which is a brand new VW and I drive shit cars.
But she now recently ended her employment and will begin a new job without company car so that will shift into just 1 nice car now.
That's how me and my wife did it.
She has her company car which is a brand new VW and I drive shit cars.
But she now recently ended her employment and will begin a new job without company car so that will shift into just 1 nice car now.
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