What should I do with my car?

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icouldbuyu
Posts: 254
Joined: Sun Oct 24, 2010 3:52 pm

Re: What should I do with my car?

Postby icouldbuyu » Fri Feb 11, 2011 1:11 pm

JakeL wrote:$450 a month?


Sorry, but you got taken for. You can get a fully loaded g37 awd for that. Or even a 328 xi coupe.

too old for this sh*
Posts: 124
Joined: Mon Feb 08, 2010 9:48 pm

Re: What should I do with my car?

Postby too old for this sh* » Fri Feb 11, 2011 1:14 pm

caveat: the following comes from one at the other end of the spectrum, with three paid in full vehicles.

How much is still owed on the vehicle and what is book value that you could expect to receive if you sold?

Personally, I don't see the issue with the $450 unless you got it down to that by stretching the loan out to one of the insane five year (60 month) or longer terms where you are upside down from the get-go.

If it makes sense to sell and get a beater, your insurance will likely drop as you could then get away from the requirements for collision (I still keep comp even when I drop collision though)...and for the younger drivers, collision seems to be a big chunk of the insurance bill. Other issues will involve how registration fees are determined...some States really gouge owners while others (ie. Texas) get somewhere between $50-80 for most vehicles. It makes no sense to pay large registration fees on a vehicle that won't be driven...

MyManKanye
Posts: 96
Joined: Mon Feb 07, 2011 2:11 pm

Re: What should I do with my car?

Postby MyManKanye » Fri Feb 11, 2011 2:01 pm

Cars in snow are over rated. I have an old camry with no limited slip diff and no ABS and I've never had problems in snow driving. If the weather is so bad you actually need AWD than its too bad to be outside in.

I'd look into the individual schools more than anything. Some schools (particularly large ones with substantial UG populations) have next to no parking that will be available. These schools (as well as most schools located in major metro areas) have good public transportation. I live in one of these areas and the only thing I use my car for is going to the grocery store. I don't drive to class because Its $1 an hour for parking. That would be 20 dollars a week just to park. Plus if you want a spot at your apartment it will run 500-1000 dollars or more depending on the location.

Unless you're going to a smaller school in a rural area I'd sell the car. You can probably use zip car or something equivalent for those times you actually need one, or just make friends with someone who has a car. The fact is cars depreciate so badly that by the time you graduate and your parents have paid $16,000 for your car, its not going to be worth even that much and you won't want to drive to your new firm in a Forester.




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