# Should I sell my car??



## snowbird (Jun 14, 2012)

I am currently stuck with a 2007 Toyota Camry after a divorce. It was purchased brand new in 2007. It has about ~48,000 kms on it today.

The car is only used for running errands on weekends and getting around to visit friends who live far away. Most of my other activities are within the downtown corridor which is where i also live.

I was wondering if i should sell this car and buy something smaller. I would buy a smaller toyota or VW. However, i am wondering if this trade-off will result in a net cash gain or would even be worth my while. I will do some research but i know nothing about cars:hopelessness:

Is there any point in doing this or should i stick with this car (which is reliable and i never have to worry about it)


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## jamesbe (May 8, 2010)

You will not net cash gain on this, as you'll have to pay taxes and you won't get much for your car... at least not enough to buy something new. Camry is a decent reliable car that is good on fuel the difference to a smaller car will not be significant enough IMO.

Just keep it. Unless you plan on selling and using the funds to rent cars instead of buying another. Then it may benefit you financially but you have to factor in the convenience , depending on how often you would require it.


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## Four Pillars (Apr 5, 2009)

Agree with jamesbe - Not sure if it would be worthwhile to downsize. You may not use it much, but having a smaller car you don't also don't use much isn't going to change things.

I think a better question would be is it worthwhile to sell the car and just use a combination of auto-sharing/renting for your transportion needs? [edit - I just realized james said the same thing]


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## the-royal-mail (Dec 11, 2009)

Wow, first time I hear someone say they are "stuck" with a late model Camry. Seems like a contradiction in terms haha. Anyway, jamesbe is right. You will get very little for your used car but will have to pay taxes and everything on the "new" smaller car. In the end I bet it'll be a wash and you'll have an inferior car. 

If you don't believe me and want to research on your own, check the selling prices on autotrader.ca for an average price range for your car and deduct 10-20% from that if you take it to a dealer. Dealers sell for a significant markup and will always get their markup no matter how much time you spend driving around to various dealers across the countryside. 

It's up to you but Camry is one of the best cars out there. You should keep it IMO.


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## brad (May 22, 2009)

No point keeping a car you don't use, though. 

If Zipcar or something similar is available in your area, look into it. You could sell the Camry and use the proceeds to pay for quite a few years of Zipcar rentals and taxis. Plus you will save big on auto insurance: with car-sharing you pay insurance only for the kilometers you actually drive. Also no maintenance costs, no need to go to the garage, no repair costs.


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## snowbird (Jun 14, 2012)

Good to know. I just assumed i would be saving some cash if i downsized to a smaller car.

I agree then that the question would be 'to own or not to own'. I say i'm 'stuck' with the car because i personally don't like to drive much, and since moving downtown, i've hardly driven it all summer. It just sits there in the parkade for weeks on end. I know i'm going to drive even less in the winter BUT i've never been without a car before so i'm hesitant to part with the convenience of my own car.

We do have a car sharing company that just started in my city so i think i'll look into that. 

Thanks everyone.


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## brad (May 22, 2009)

snowbird said:


> BUT i've never been without a car before so i'm hesitant to part with the convenience of my own car.


That really is the key consideration, and it's the only thing that has prevented me (so far) from selling my own car and just using our version of Zipcar. The main complaints I've heard from friends who use car-sharing have more to do with the need to get the car back by a certain time (e.g., you're at a party with friends and having a good time, but you have to leave because you reserved your car for a set period of time) than they do with loss of convenience or spontaneity in general. And there can be occasions where the cars in your immediate neighbourhood might already be reserved and you have to go farther afield to snag one.

But, considering that you never need to shovel your car out of the snow, never have to take time out of your day to go to the garage, never have to budget for repairs or buy snow tires, etc., there are also big conveniences to not owning a car. Plus if you figure out how much your car costs you every year in maintenance, repairs, insurance, registration, and then divide that by the number of kilometers you drive per year or the number of hours you drive per year, it can be pretty sobering. 

When I figured out that it was costing me $70/hour to watch television (because we were paying $35/month for cable but hardly ever watching TV), I cancelled our cable on the spot. Doing that same kind of calculation for your car might make you realize how much you're paying for the convenience. But it doesn't mean you have to give it up --- convenience is worth something after all. ;-)


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## bayview (Nov 6, 2011)

I agreed convenience is most important for me especially in Canada. Unless I cant afford it or cant drive I will keep a car, especially in the context of a family setup. To me without my own car is like being paralysed. Most importantly I think of the worst case scenarios - may or may not happened but why risk it eg going to a hospital coz of an emergency.


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## Spudd (Oct 11, 2011)

When we decided to give up our car (almost 2 years ago now!) we did a trial run for a month first. We still had the car, but vowed not to use it for a month. After the month, we hadn't felt overly constrained, so we went ahead and got rid of it. We now do car rentals & Zipcar when we need a car, and bike/walk for everything else. We've missed it a few times but we enjoy the money more!


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## brad (May 22, 2009)

Spudd said:


> When we decided to give up our car (almost 2 years ago now!) we did a trial run for a month first.


That's our plan as well -- we're going to get a membership and try it out for a few months to see how it goes, while still keeping our car.

I have friends here in our city who've been car-free for 20 years or more. The combination of taxi, car-sharing, rentals, and public transportation works just fine for them.


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## Plugging Along (Jan 3, 2011)

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.


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## Tom Dl (Feb 15, 2011)

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.


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## thompsg4416 (Aug 18, 2010)

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.


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## Spidey (May 11, 2009)

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.


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## brad (May 22, 2009)

Spidey said:


> 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.


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## thompsg4416 (Aug 18, 2010)

Spidey said:


> 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.


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## jamesbe (May 8, 2010)

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


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## Butters (Apr 20, 2012)

i'll buy it 

bike/walk you live downtown!

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


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## kcowan (Jul 1, 2010)

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.


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## JustAGuy (Feb 5, 2012)

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


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## blin10 (Jun 27, 2011)

damn, some people here with no car try to justify how good it is... you can't save every penny and take it with you, make your life more comfortable, you need a car no matter where you live (even in downtown) unless you want to be bored to death and not go anywhere other they grocery store beside you. What if you want to take a girl out? or go to the beach ? or go to different mall? or visit your friends? or go to the cottage? etc etc, you can't ride a bus all the time


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## Spudd (Oct 11, 2011)

Damn, some people here with car try to justify how good it is... to each his own, I say. We're much happier with our extra money than we were with a car, for others the reverse may be true. If you live in the city, transit/biking/walking/Zipcars/rental cars can be even more convenient than having your own car. It all depends on your habits and how often you really need a car.


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## blin10 (Jun 27, 2011)

must be nice living in a kilometer radius 



Spudd said:


> Damn, some people here with car try to justify how good it is... to each his own, I say. We're much happier with our extra money than we were with a car, for others the reverse may be true. If you live in the city, transit/biking/walking/Zipcars/rental cars can be even more convenient than having your own car. It all depends on your habits and how often you really need a car.


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## Spudd (Oct 11, 2011)

It is, very. :encouragement:


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## MoneyGal (Apr 24, 2009)

:encouragement::encouragement::encouragement::encouragement:


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## JustAGuy (Feb 5, 2012)

Spudd said:


> It is, very. :encouragement:


quoted for truth.


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## Square Root (Jan 30, 2010)

We own a condo in downtown Toronto. We could easily live without a car except when we visit our parents or go to our cottage. If you work and live downtown it is easy to be car free. Short walk to the subway makes getting around pretty easy. The idea that being carless keeps you wihin a kilometre distance is ridiculous. Zip car would also be a solution if you only needed a car infrequently.


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## riseofamillionaire (Feb 23, 2012)

I would keep the car. That Toyota should last a long time and if you ever need to travel or drive out of the city to golf or something, you don't have to plan or worry about transportation. Unless you are more of a home body and rarely leave the dt core, than it my be worth it to sell and use the cash and insurance savings for investments or w.e.. Depends on how often you plan to leave dt


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## sprocket1200 (Aug 21, 2009)

not owning a car and breathing in tons of smog, classic!! i think everyone should do it!!


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## snowbird (Jun 14, 2012)

Update on Car...The recent Calgary floods took the decision out my hands. lol. 
Even though i wasn't keen on keeping the car, this was not the way i had wanted to part with it. Anyhow, i am now getting an insurance settlement amount that is only a few hundred dollars less than the initial purchase price in 2007. Swweett:encouragement:
Funds will be going into MBA tuition fund for next year. I will not be rushing to buy a new car. I will live car-free for a year - using car2go to get around the city and rental car/car pooling for when going out of the city.
P.s. it is absolutely possible to get around (including outside inner city) and still do all the things i like to do without a car.


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## Hawkdog (Oct 26, 2012)

snowbird said:


> Update on Car...The recent Calgary floods took the decision out my hands. lol.
> Even though i wasn't keen on keeping the car, this was not the way i had wanted to part with it. Anyhow, i am now getting an insurance settlement amount that is only a few hundred dollars less than the initial purchase price in 2007. Swweett:encouragement:
> Funds will be going into MBA tuition fund for next year. I will not be rushing to buy a new car. I will live car-free for a year - using car2go to get around the city and rental car/car pooling for when going out of the city.
> P.s. it is absolutely possible to get around (including outside inner city) and still do all the things i like to do without a car.


well that worked out nice! 

No way we would do without a vehicle but it all depends on where you live and what you do, it would be great not to have one but i would have to give up way to much and life is to short for that.


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