Keeping paid off car, or sell it and rent car when need it - Page 2
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Thread: Keeping paid off car, or sell it and rent car when need it

  1. #11
    Join Date
    Jan 2017
    Didn't know plate fees cost $300/year.

    I thought $120 in Ontario is already expensive.

    Now that you have cut it down to $730 (300 + 43), I would think it makes sense to just keep the car. Just like what I do with my 02 Honda Civic. But then I live in the suburbs where cars are essential.

    Won't two taxi cabs or rentals already cost $70/month?

  2. #12
    Senior Member
    Join Date
    Mar 2015
    If you consistently only drive that much, I think it would be worth it to sell the car and use rentals/taxis.

    But I guess you have to look at what the likelihood of circumstances changing are.

    I couldn't imagine not having a car, but Calgary must be very different than Montreal. If I had to take transit every time I went across town, I'd waste my whole life on it.

  3. #13
    Senior Member
    Join Date
    Sep 2013
    Quote Originally Posted by amitdi View Post
    i second this opinion. financially,it may make sense to sell the car. but what about convenience? but this is a non-financial decision IMO. you are basically paying for the convenience of having a machine in your possession that will take you anywhere anytime you want. for rentals, taxis, there is that wait and inconvenience of calling, going there picking up, etc etc. so its you who need to decide how much you want to pay for the convenience? in order to decide, the 1 month winter test will help for sure.
    All true. Same argument could apply to washer/dryer. Why own them, replace often or pay for repairs when you can find a laundry within walking distance in many locations. Probably not a good comparison, but same sort of decision.

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  5. #14
    Senior Member My Own Advisor's Avatar
    Join Date
    Sep 2012
    Interesting thread...

    We live in Ottawa but not near transit unfortunately...and given our jobs...need to be a work early and sometimes late, a car is essential for us.

    We have two. A 2012 KIA and a 2000 old beater Mazda (that baby is mine). Both are paid for.

    If we lived on a transit line, or future light rail in Ottawa, we'd probably just have one car.

    Back to you - on demand convenience is coming at a cost. Do a trial for a month or two. Do it soon. See how long you can last without it. A rental for your every 3 months travel to Toronto will likely do. Otherwise, a car-sharing service once per month is likely all you need.

    Good luck!

    Last edited by My Own Advisor; 2017-03-02 at 07:43 PM.
    Hidden Content - Working on a $1 million portfolio and $30k per year from it.

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