Sold my clown car today!!!!

[the_fixer]

Bouncing back and forth between excited and a feeling of oh $hit what did I just do!

Part of our plan for the year was to get rid of one of our cars, we still owed money on my car so it made the most sense to get rid of my Subaru WRX.

I originally purchased it for commuting but got a new job shortly after that provided me with a company car that I can use during the week. The Subaru pretty much sat during the week and was only used on the weekend when we were doing different activities.

It sold for $5000 less than I paid for it new ~ 2 3/4 years ago sucks but not as bad as I thought it would be. I walked away with 11K after the payoff and that is going directly into a roth for the wife and other investments.

Additionally by getting rid of the car we should free up around $550 per month that can go directly towards savings.

Hopefully it will work out we will be using a combination of ride sharing, rentals, public transportation and our bikes dependent on who needs the car at that particular time. 

[Capt j-rod]

While we call it a clown car it is pretty awesome that you held that much residual value. Other cars like a chevy impala or taurus would have been worth less than half. I drive a Toyota Tacoma that I work out of every day for my company. The resale on these trucks is ridiculous. My 2009 had 185k on it. I got back 60% what I paid new six years later. After the mileage deductions I basically got paid to drive and own it. I was going to keep driving it but they were changing the model and my accountant told me I needed to buy something. Ain't 'murica great? Either buy a new truck or pay a bunch of taxes! I'm getting a tool list ready for this year. Congrats on the sale!

[tj]

Either buy a new truck or pay a bunch of taxes!

Not understanding that one. That's definitely not in the personal income tax code.

[sequoia]

Either buy a new truck or pay a bunch of taxes!

Not understanding that one. That's definitely not in the personal income tax code.

My guess is he owns his company and can deduct his truck, his tools/equipment, etc.

[Capt j-rod]

Mr sequoia would be correct. It is a wild system that we call taxes!

[KarefulKactus15]

I *believe* there is a special section for vehicles GVW 6,000 LB or more.

I think land rover and other manufacturers push certain SUVs just to hit that mark.

https://www.landroverusa.com/corporate-sales/tax-advantage.html

[MightyAl]

It has always baffled me how well Scoobies hold their value.  I have owned 2 and did well when I sold both.  Good on you for getting rid of it.

[the_fixer]

Thanks everyone,

Been 3 weeks so far and everything is going well so far :)

[sequoia]

I *believe* there is a special section for vehicles GVW 6,000 LB or more.

I think land rover and other manufacturers push certain SUVs just to hit that mark.

https://www.landroverusa.com/corporate-sales/tax-advantage.html

Yes there is a tax break if you own certain vehicle with certain GVR, but I dunno about manufacturers on purpose "fattening up" their SUV's to qualify for tax break in the US. They have to sell these SUVs around the world too, tbh not sure if there are tax break everywhere for these big SUVs, so on overall scheme, there is no benefit to make these SUVs carry more weight. The most current topic in car world now is to reduce mpg, and more weight means less mpg.

[acroy]

Congratulations OP! Badass!

dam tax system - always leads to resource misalocation - SMH

[401Killer]

I bought my first 06 Subaru STI in 2008ish for $25,700. Kept it almost 2 years and sold it for $25,000 due to automotive market tanked and drove my 2002 Jetta Diesel. Picked up another 06 STI in late 2011 for $17,000, put 30,000 miles on it and sold it this year for $17,500!

They were both second car toys. =D

[tj]

The most current topic in car world now is to reduce mpg, and more weight means less mpg.

Why would an auto manufacturer want to reduce mpg? Shouldn't it be the opposite?

[sequoia]

The most current topic in car world now is to reduce mpg, and more weight means less mpg.

Why would an auto manufacturer want to reduce mpg? Shouldn't it be the opposite?

I meant increase.... typo!