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

  1. #1
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    Keeping paid off car, or sell it and rent car when need it

    So i live in Montreal, 15 min by metro from down town, using the car to do groceries1 time a month, go to TO every 3 months and get my son for check up every 3 months, ever thought the car is paid off , it costs 300$ year in plates fees ,and around 700 $ a year in insurance+ gas here and there, say 1500 a year.is it worth keeping it or just sign up for. Like communauto, 8$ a month membership fees, + im not sure how much for mileage, and for long distance just rent a car.any opinions out there? What are u guys do?


  2. #2
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    Given the low frequency or your vehicle usage, my personal inclination would be to look into a car sharing service, and rental for longer trips. My advice would be to estimate your usage and try to work out how much it would cost to go the car sharing/rental route + some additional cost to account for unforeseen instances where you need to rent unexpectedly. At the end of the day, you have to decide whether you can afford to give up the freedom of being able to hop into your own vehicle at any time to go somewhere.

  3. #3
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    Fair enough.thanks.

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  5. #4
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    Vehicles don't like to sit idle for long periods. You might get surprised how much more you end up spending on repairs and maintenance for a vehicle with such little use.

  6. #5
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    I would get rid of it.

    When we lived in downtown Toronto for four years we did not operate a car. We had subway and bus within five minutes. We sometimes rent a car on the weekend at weekend special rates. No car insurance, no repairs, no parking fees, no gas, no hassle. We found it to be very liberating. We shopped the car rental agencies for Friday night-Sunday night weekend specials.

    Try parking your car for a month and see how much you spend on taxis or rentals.

    The car sharing service can substantially more expensive than 'saving up' your trips and renting a car for the weekend every so often.

  7. #6
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    Soooo funny.as we carry this conversation, i just checked with other insurance company and they offer me 50% less than what i paid now for my car!!

  8. #7
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    Definitely do a test run without your car for a month especially in the middle of winter (a real good mental test). Perhaps an alternative could be done such as e-bike (don't knock it) rather than car-sharing.

  9. #8
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    You do however have to watch your car insurance though. If you are uninsured for over a year and then re-apply for insurance, you start at a much higher risk category with a higher cost.

  10. #9
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    Yes i know , now however, this new company offered me 430$ a year insurance instead of 800$ , now thats something.

  11. #10
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    Quote Originally Posted by NorthKC View Post
    Definitely do a test run without your car for a month especially in the middle of winter (a real good mental test). Perhaps an alternative could be done such as e-bike (don't knock it) rather than car-sharing.
    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.


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