I’m trying to decide whether I should sell my car, and I’m pretty torn.
I have a 2022 civic SI. I owe $12k still and a quick quote from carmax shows I’d get roughly $25,4k. I might be able to get more from a dealership or private party, but I’d be getting roughly 13k from selling it.
My fiancée has had some health issues recently and hasn’t been able to drive for the past few months and likely won’t be able to for another 2–3 months. She’s also been on reduced hours at work so cash has been a little tighter. She does have her own car, though. I’ve been the one driving her around anyway for the past few months and her car has just been sitting in the garage mostly. We can definitely make it work to share one car going forward.
Part of me is thinking I could sell my car now, save the money, and then maybe get a fun car again in a few months once she’s able to drive. But I’m also worried that I might regret selling it, or that buying another car later could end up being more expensive or a hassle.
I’m also worried about a coming recession, and would rather sell the car to keep my cash reserves up incase things get bad.
Posted by Ckirbys
3 Comments
If you’re going to sell your car just to buy a new one a few months later, then there’s no point in selling.
Buying a new one later will definitely be more expensive since you’ll have to pay for inspections, sales tax, registration, etc. Also if you sell your car for $25k, buying a new one identical to it will cost you close to $30k. Seller needs to make a profit too.
Since you know you’re probably going to need a car again in just a few months, I’m not sure how doing this makes much sense.
Since cash has been a little tighter because of her reduced income you might want to rethink the idea of a fun car. Do you have an emergency fund? Have you incurred any medical debt? What if either of you get sick and can’t work?