Big decision coming up. . . what should i do?

Store it, or Sell it??

  • Store it

    Votes: 5 41.7%

  • Sell it

    Votes: 7 58.3%
  • Total voters
    12

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Unless you have some sort of extreme emotional attachment to the car, like you lost your virginity in it or something, sell it.
 
when i move into my house next month, you can keep it there.... if i get a set of keys :D
 
UPDATE.

If my current line of thinking continues, the car will be on Ebay by early next week. Ill need some time to take updated pictures.

I will probably be asking around 8k firm for the car, as i want to sell it quickly.
 
Never store anything. Get a Civic hatch (Smartest car on earth) and a bike (Funnest thing on earth).

If you have no time for autocross, like me, then the bike makes up for it.
 
Well, a good rule of thumb (for large purchase items like cars) is, never sell anything that you will be buying again within two years.

So if you are considering storing it for more than 2 years, sell it!
 
phyregod said:
Well, a good rule of thumb (for large purchase items like cars) is, never sell anything that you will be buying again within two years.

So if you are considering storing it for more than 2 years, sell it!
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Yeah thats the way i feel now.

I dont plan on leaving NYC untill either one of the following happends:

1.) NYC gets played out (probably wont happen)
2.) Atomic terrorist attack occurs (will kill me cause i live here)

Ill be here for a while xD.
 
phyregod said:
Well, a good rule of thumb (for large purchase items like cars) is, never sell anything that you will be buying again within two years.

So if you are considering storing it for more than 2 years, sell it!
Click to expand...

Poor general financial advice for automobiles.

A car does not constitute a usual "major purchase". Cars depreciate over time, so owning without using means you are absorbing the cost of depreciation while incurring the cost of storeage.

Lack of use + cost of storeage + cost of maintenance does not equal a sound investment, it equates to paying for the loss of value on an item you did enjoy the benefits of use from.

In terms of homes and other major purchases this advice may hold true, but not for vehicles. Sell it, let someone else absorb the costs of ownership and then buy in the future at the depreciated cost.

If we want to be technical here, the best advice is sell the car, invest the money, and see a return on that money instead of the loss you would have realized if you continued to own the car.

Your strategy is good at killing debt, but poor at wealth accumulation.
 
totalburnout said:
A car does not constitute a usual "major purchase".
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Huh?!?! what do you consider major? A major purchase is anything that makes you think twice before tossing money at someone. Buying a $2000 television? notice that rush of adrenaline when you check out? Its a major purchase. Hell, to me, a major purchase is anything over $300.

Cars depreciate over time, so owning without using means you are absorbing the cost of depreciation while incurring the cost of storeage.

Lack of use + cost of storeage + cost of maintenance does not equal a sound investment, it equates to paying for the loss of value on an item you did enjoy the benefits of use from.
Click to expand...
Cars are not "investments". Well, not turbo nissans, anyway. There are exceptions, but they are in a whole other ball park. You are correct about cost of storage + Depreciation, not to mention the damage done to the car by letting it sit for any extended period of time.

In terms of homes and other major purchases this advice may hold true, but not for vehicles. Sell it, let someone else absorb the costs of ownership and then buy in the future at the depreciated cost.

If we want to be technical here, the best advice is sell the car, invest the money, and see a return on that money instead of the loss you would have realized if you continued to own the car.
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He isnt trying to kill debt or build wealth. He's trying to figure out what to do with an un-needed vehicle. Thing is, he likes the car, but has no use for it, and doesnt forsee any use in the near future. Selling sounds to me like the best option.

It wouldnt be the best option if he was planning to build another toy vehicle exactly like it a year down the road, because he'd be certain to lose money on buying all the parts and doing all the work all over again vs storing the car for a year.
 
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well no matter what, the decision is up to Cashizslick's as to what he wants to do with the car. i hope it works out for ya whatever you decide man.
 
BodyDroppedNikes said:
well no matter what, the decision is up to Cashizslick's as to what he wants to do with the car. i hope it works out for ya whatever you decide man.
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Thanks a lot BDN . . and everybody else who has been adding their 2 cents. This is a HUGE step and I really appreciate it.



As of now i am leaning heavily on the "sell side". Hopefully this weekend I can get up and take some new pics & setup an ebay auction.

I will price it to go quickly as I stated earlier. Some other events have been transpiring this week which make this an issue which needs to be dealt with quickly. . .
 
phyregod said:
Huh?!?! what do you consider major? A major purchase is anything that makes you think twice before tossing money at someone. Buying a $2000 television? notice that rush of adrenaline when you check out? Its a major purchase. Hell, to me, a major purchase is anything over $300.
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In financial terms, a car differs entirely from typical "major purchases" such as a house, etc. The price of a car may constitute a major purchase, but the properties associated with a car in comparison to other purchases such as a house are entirely different, which was the point I was making.

Cars are not "investments". Well, not turbo nissans, anyway. There are exceptions, but they are in a whole other ball park. You are correct about cost of storage + Depreciation, not to mention the damage done to the car by letting it sit for any extended period of time.
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You go on to describe my point. Many purchases are "investments" but a car is not a good investment. The fact that a car is a utility to either derive pleasure from or aid in generating income just illustrates the idea that a car is an investment in the greatest sense of the word.

He isnt trying to kill debt or build wealth. He's trying to figure out what to do with an un-needed vehicle. Thing is, he likes the car, but has no use for it, and doesnt forsee any use in the near future. Selling sounds to me like the best option.
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Virtually all of us are trying to kill debt or build wealth. Generally there's three stages; wealth accumulation, wealth preservation, wealth distribution. The age demographic on this forum puts virtually every person in the "wealth accumulation" period of life.

You can use whatever term you would like to describe his situation, but the fact is he's trying to free up assets so he can spend them, or invest them if you will, in other aspects of his life.

Did I miss the mark here, Caz or was this your goal?

It wouldnt be the best option if he was planning to build another toy vehicle exactly like it a year down the road, because he'd be certain to lose money on buying all the parts and doing all the work all over again vs storing the car for a year.
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Not necessarily true. I don't think you have any idea the cost of storeage in a place like NYC, the cost of maintenance, and depreciation.

What would make your statement true would be if he sold the car for either a low price and couldn't find another car for the same price, or if he took a bath on the taxes.

Personally, I wouldn't buy a vehicle unless I thought it was a deal. Sell high, buy low. I just put $565 in my pocket, literally less than an hour ago, on parts that I bought for $450 a few months ago.

When the situation all boils down, the cost of owning a car in NYC, especially a car like his, is simply not worth it.

Storeage is insane, parking could easily range from $100 (cheap, sleazy place) to $500+ (normally still sleazy), and insurance costs in NYC are far more costly than other states like Texas.
 
totalburnout said:
Did I miss the mark here, Caz or was this your goal?
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Actually you and PhyreGod are both correct - you are just looking at my situation from different angles.

Thanks again for your input!

Basically, ive got to get rid of it - i have no money saved at all, thats what the sale price of this car will go for. . . i need a reserve because i anticipate some problems coming up for me very shortly.
 
TurboMirage said:
so who did ya get pregnant? :)
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I've built myself a prison - the bars & lock of which are a 1br appartment that is 15 mins from NYC, and a sweet car i rarely use . . .

. . ive got to decrease my bills. Too much money goes out the door now and it sux. I have no reserve for a problem, and not as much disposable income as I could have.

I dont plan on leaving NYC, in fact, i want to get a place in the city. The car is the largest thing that holds me back from that goal.
 
well unless you make mayor $$$$$$$$ you dont own a car in new york trafic is a b======== and parking well fuck that, one night it took me 2 hours to find parking 5 blocks away in winter hell no not again. and you have to wake up in the morning for the street cleaner to pass by and than you have to double park and you cant get out couse some one double parked next to you. the train runs all the time the same with the buss. parking is about 150 per month and insurance and cigs about $7 no car for me up there i feel you on the selling it part
 
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