Author Topic: Should I sell my car?  (Read 706 times)

bassplaya

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Should I sell my car?
« on: November 30, 2016, 09:12:51 AM »
So I have a 2014 Honda Accord sedan I've been thinking of selling ever since I found out about Mustachianism. I have an ad up on Craigslist and a few lookers I'm talking to, but I guess I have some anxiety about selling it. I think it will fetch around $12-13k.

Let me first talk about why I wanted to sell the car in the first place:
-I live 5 miles from work, and have been riding my bike successfully most days.
-If I do end up needing a car, I would rather have a hatchback. I have already moved across the country a few times with my sedan, and had to sell a lot of stuff that didn't fit into my car.
-Soon I will be going on a 6-month strategic rotation across the country during which time I will have a rental car. I figured the savings on taxes and insurance would add to the bottom line if I sold it beforehand.

At the same time, I think I probably will need a car at some point, and at least with my own I am pretty confident it will last a long time. Whereas with cars on Craigslist there is always that anxiety that there will be hidden problems lurking underneath the hood.

Is it worth it to sell my car, or is the price difference between it and a good, older used hatchback to small to be worth it?


Slee_stack

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Re: Should I sell my car?
« Reply #1 on: November 30, 2016, 09:56:56 AM »
You need to consider your transaction costs..both selling and when you buy a replacement.

If you bought it new, you've already paid the bulk of the depreciation that car will ever see.  A 2014 Accord might be a perfect buy for someone right now!

Hatchbacks are great, but you have other options to improve versatility of your sedan:  roof rack, hitch rack, trailer etc.


Ignoring desired body style, if you are simply looking to 'cash out', you can probably realize several thousand dollars just going to an older, cheaper vehicle.