What should I do here?

[Mirkz]

Hey all,

I've been thinking about selling my car, however I'm a little unsure if I'm just rushing things or if I'd be doing something 'wrong' financially by doing this.
I'm not looking for 'fk the cage buy a bike' bs.. I want informed thought out answers plz.

Here's the scenario.

Have had the car for about 15 months now.
for the last 12 months I've dropped over 8k on it doing various things (fixing things/modding etc).
Now I'm thinking of selling so that I can:
a) pay out a loan
b) save money on fuel/insurance/loan payments etc
c) put money away for a bike and get one probably within 6-12 months.

The downside would be that I'd probably get 10k max for the car even with the money spent so far so I've obviously spent a lot of money that I'll barely make back.

Cheers for any feedback about this.

[kenty]

what kind of loan is it
what kind of car is it
can you live without a car or bike for that long?

[Mirkz]

It's only a personal loan, car is a VT SS 5L V8 and I've got the gf's car to use most days if I had to and my bro can give me his car every 2nd week as he is FIFO.
I live 2kms from work so it's push bike-able, but the gf parks at mine every day and buses from mine to work so I can use her car if it rains etc.

I enjoy the car and it's convenient having it, but I've had just a bike previously without a gf who had a car etc so I'm sure i'd live if I had to do that again down the track.

I just don't want to rush into selling it, only to lose money for no reason when I could keep the car, pay it out if I seriously knuckled down into saving within a year or so and then save for a bike down the track and then have the convenience of both vehicles.

The car has about 270,000kms on the clock. Still drives fine etc but I'm thinking if I keep it, I'd love to modify it further with trans rebuild/shift kit, stroker and motor freshen up and a new diff. (so that's probably another 10-15k or so at some stage).

[Mirkz]

I kind of think that if I was to sell it'd be a waste of my money and the next guy is going to get a huge win with the car being that so much has been fixed up etc.
So I'm not sure whether I should just hold tight, pay out the loan and just hold onto the car for a good time longer.

[shan]

Get a cheep poxy 4 cyl city gay wagon car thingy
The car is not worth worrying about
Make sure your bike has street cred
Win Win.

As far as finacial ho har, I am not the one with any idea.
I do know how to live though, and you cannot enjoy your saveings when your dead
Your dead along time.
so whilst your on this plannet
Enjoy your time

EDIT= asking on a bike forum car or bike might get a biased vote

[Desmo]

Your girlfriend is old enough to drive?

[Mirkz]

Jelly Desmo ?

[browncow]

I'd keep it.


Sent from my mobile via the buggy tapatalk app.

[Commander Keen]

If you've been capable of spending $8k on mods for the car in the last year surely youre capable of saving a similar amount without having to sell?

2 minute noodles are your friend.

[apples]

Sunk cost. What you spent on the car is completely irrelevant (it’s hard to divorce yourself from this I know). Market value is market value and its going to sting. The 8k is spent and keeping the car for longer doesn’t really improve your chance of recouping this.

What’s more relevant is what the car is costing you to keep and if you include insurance, registration, maintenance, loan interest and depreciation you might be pretty surprised what that VT is actually costing you week to week and all for something you’re not sure you even want.

/2c

[kenty]

id look at selling it, sorry but you live 2km from work, i would pushie this, its better for your health and wallet, your not going to have to pay for rego, fuel, interest on the loan, and of course depretiation if i didnt live 30 km from work i would have sold mine already :/

[fractoid]

You'll never get back the cash you spent on upgrades, that's just the way it is with cars. That said, apples is spot on with the sunk cost comment.

If the car has sentimental value, then keep it. If it doesn't, then put it this way - for the money you spend on rego alone (what, $500 a year?) you could hire a rental car 3 times for 3 days each time. If you only need four wheels a few times a year then this is the go.

Edit: Also consider taking out the upgrades you bought and selling them separately, if you still have the stock items. You can sell the parts of a car for way more than what you can sell the whole item for.

[jmoore]

plan on keeping the car, and write a list of your financial obligations, your goals and how you are going to achieve them.

If they are seriously unachievable without selling the car, then thats what you will have to do.

If you will have to cut back on going to the pub, switch to cheaper food brands and perhaps cancel a holiday in order to meet your obligations, you will have to make the decision as to whether or not you want to take a lifestyle hit in order to keep your car.

I recently sold one of my cars which has a large amount of sentimental value to me as well as a large amount of money sunk into it, and the person who bought it got a bargain considering the amount of work that had gone into it. I did it so that I could maintain my current style of living with rising costs.

[ninjaa]

Edit: Also consider taking out the upgrades you bought and selling them separately, if you still have the stock items. You can sell the parts of a car for way more than what you can sell the whole item for.

Yeh this, rip off as many bolt on upgrades & sell separately, if you've got the stocker though.
Get rid of the bad debt - loan

If i were in your shoes, id prob hold onto her for 6mths as it'd shit me with the amount you've put into it to then sell it.
Or sell it for an A-B car & save a shitload on fuel (and avoid further depreciation on the commadaw) - saying you're buying a cheapie compared to your current car

[BigTim]

Sell the car for whatever you can get for it.
Ride your pushbike the 2 minutes it takes to get to work.
Consider sharing a house with someone to get rent down to <$200/week.
Stop buying kites, lego, and other kid's toys.

I reckon you'd be able to buy a nice bike outright in less than a year.

[SOLID]

Was in a similar position a few years back, ended up going the bitch box. If you can do away with the ego then there are an innumerable amount of benefits, whichever way you choose to go.

[gongzee]

If you can do the pushie, then do the pushie. Pushies are awesome.

[Rich]

Weight it all up Mirkz...

Write a list of Pros and Cons...

Write a list of the true costs of owning and running it...

Work out what the true price you can get for it...

Personally at 270,000km it is very long in the tooth and you could be up for any number shit things going wrong...

If you and the missus can get by with the one car and using a pushy and public transport, then it may be in your best interests to get rid of it...

Oh and what Tim said...cut back on the little toys to save for a big toy...

As a matter of fact buy Tims bike...it's not like he's using it...

[emrys74]

if your atached to the old girl just keep it
I over spent on my 4x4 bought it near new and just started bolting bits on it
was going to sell and it wouldnt pay out the loan never mind recoupe any of the costs so I kept it.
I figured i would only buy another 4x4 or car and do the same.

[Rich]

Yes..but yours was "near new"...

Not 270,000km...