Should I sell my car??

[Plugging Along]

In terms of if you should sell your car. This is really a question of whether you need the car or not. In terms of selling it to make money, the answer is no. If you don't need a car, then sell, if you do need one, then keep it.

I believe you are in Calgary. There is Car2Go which is really good if you live downtown. You can find those things everywhere, no maintainance, no gas, and even no parking if you do it right.


Also, if you do plan to sell it, please pm me. I am looking for a car for my nanny.

[Tom Dl]

My dad who is pretty wealthy kept his Camry for 16 years. He hit a post in a lot, or something, and while the damage was low, the value was low, so it was a writeoff. They wouldn't fix it for him. Boy was he mad. He finally got his agent to go to bat for him, and he got it fixed. Shortly thereafter, it packed it in. So, a 5 year old Camry with 48K on it is probably not even at the point where it needs it's first tune up.

[thompsg4416]

You could also look at downsizing to an older smaller used car especially if you don't use it very much. You'd certainly come out ahead with regards to the principal while still maintaining the convenience of having a car. You'd probably save a bit on insurance/gas as well although not much.

[Spidey]

Interestingly, being in the market for a 2nd vehicle, I just did a cost comparison of owning a Camry versus a Corolla. The Camry has very low insurance costs. The difference in insurance costs almost exactly cancels out the difference in fuel consumption (based on average consumption tables). The trade would likely be a net loss when trade costs are factored in.

[brad]

The difference in insurance costs almost exactly cancels out the difference in fuel consumption (based on average consumption tables).

Worth considering that a more fuel-efficient car offers better insulation from gasoline price shocks. If fuel prices rise significantly next year (always a possibility), the equation might not be quite so balanced.

[thompsg4416]

Interestingly, being in the market for a 2nd vehicle, I just did a cost comparison of owning a Camry versus a Corolla. The Camry has very low insurance costs. The difference in insurance costs almost exactly cancels out the difference in fuel consumption (based on average consumption tables). The trade would likely be a net loss when trade costs are factored in.

I wouldn't have thought that...interesting!! Regardless who says he has to go with a camary. Some cheap reliable 4 door Korean car might be a different story. They aren't as expensive and I'm sure the insurance on a Kia or a Hyundai is cheaper then on a corrola. Not as cool as a Toyota but when your driving your car once every couple weeks who cares.

[jamesbe]

Did you just call a toyota cool? The most bland vehicle you can buy? Lol

[SheaButters]

i'll buy it :-)

bike/walk you live downtown!

exercise > money
but exercise + money = i dont even want to imagine!

[kcowan]

We tried living without a car a couple of years ago. We drove our vintage SUV to Mexico and left it there. We were using a car about twice a week. Taxis would have been a better financial approach. We decided to get another car because we could afford it, but not because it was justified. So decide what you need. Insurance, parking and depreciation are the costs that will eat you up.

[JustAGuy]

I live primarily car free. I walk to work and to most places I go, and if time or weather doesn't permit it, then I take public transit, or worse, a cab. I take about 2-3 road trips a year, and usually share the costs with whomever I travel with. The day trip I just took on the weekend for example, cost me $45 as I shared a car 2 go rental with someone else. So probably less than $500 a year on transit...


If you need a car for a weekend, probably something like budget is better
If you need a car for a day, and it's just yourself or one other person, car 2 go is better
if you need a car for a day or less or it's more than 2 people, zipcar is better