Author Topic: Store or Sell vehicle during short term move to NYC?  (Read 2440 times)

phwadsworth

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Store or Sell vehicle during short term move to NYC?
« on: May 10, 2015, 09:53:30 AM »
I have too much emotion and family issues tied up in a decision to be able to clearly see what the most logical financial play is, so I came here for help.  The basic question is, should I "loan" our vehicle to my Father-in-Law for a year+, or should we sell it?

My wife and I are moving from VT to Manhattan for 1 year minimum, so she can attend surgery fellowship.  We currently have a pickup that we love.  We sleep in the back for ski/bike vacations.  It is a special model year, not made anymore, and with NO options which kept the price down and makes maintenance much cheaper (no electrical doodads).  We own it outright.  We could sell it for about $12k.  It would be pretty hard to find another like it, it took us many months to find this one, and if we don't luck out in the future and have to buy a newer model year with more usual package options it will cost $16-$25k, ugh.

My FatherInLaw is under-employed, but drives long distances in northern rural Vermont to work everyday of the summer.  He *needs* very reliable transportation.  His vehicle is dying and he's trying to scrape together money for a new one.  We are considering "loaning" him our truck for however long we'll be gone.  This will give him a vehicle, and enable us to keep our favorite truck so after we leave the big city we can get it back.
The other side-benefit of this deal is that my wife has never lived without a car and she wants to bring the truck to Manhattan!!!  This is obviously a bad idea, so I'm looking for wife-friendly ways to not bring a vehicle to NYC.  The loan-to-dad plan is OK with her, the sell-it plan will be a bitter pill for her.

So...Is there any value in keeping a paid-for vehicle around so we (maybe) don't need to pay more for a vehicle in a year+?  Or, are we wasting a chance to liquidate a depreciating asset?  Am I setting all of us for bad family tensions by involving lots of money in a family loaner?  I really want this "leave the truck in VT" plan to work, but the voice in my head is nagging me that I should just sell it, and if I still want to help my FatherInLaw out I can do it with cash and not worry about possibly trashing a truck I was planning on getting back.

thanks for all thoughts!  Peter

 

BikeFanatic

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Re: Store or Sell vehicle during short term move to NYC?
« Reply #1 on: May 10, 2015, 10:01:07 AM »
In NYC you will have to pay to park that truck. More good money wasted.  I think it is reasonable to  leave the truck with him,
make your wife happy,and be clear in advance you will take it back in a year and expect it to be in decent shape.

Of course I dont know your family,  and if you suspect they are moochers then do not do it.

frugaliknowit

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Re: Store or Sell vehicle during short term move to NYC?
« Reply #2 on: May 10, 2015, 10:28:40 AM »
If you really want to help your uncle out, and you are pretty sure he is not going to pout when you ask for it back, then go ahead and lend it to him.

However, from a practical and financial standpoint:  Dump it.  "Fagetaboudit!".  It's just a truck. 

Syonyk

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Re: Store or Sell vehicle during short term move to NYC?
« Reply #3 on: May 10, 2015, 01:05:13 PM »
I've loaned a few people vehicles for periods of time.

In the case of loaning it to a friend of mine who was quite mechanically skilled, it worked fine.

In all other cases, the vehicles came back pretty well beat up, needing mechanical work, filthy, etc.

So if someone abusing your truck for a year sounds like it wouldn't be fun, don't loan the truck out.

phwadsworth

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Re: Store or Sell vehicle during short term move to NYC?
« Reply #4 on: May 10, 2015, 04:00:36 PM »
Thanks for the responses all.  2 out of 3 so far think it's not entirely fiscally stupid to try to hang on to this vehicle....which kind of pleasantly surprised me.  I was bracing myself for a flood of "dump it!" responses.

My father-in-law is a great guy, definitely not a mooch.  The truck will be worn hard, so I do need to get it into my head that the vehicle I'll get back will NOT be the same one we lend him.

Argyle

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Re: Store or Sell vehicle during short term move to NYC?
« Reply #5 on: May 10, 2015, 04:04:12 PM »
Maybe you could rent him the truck for a cheap rate?  Like, he pays for all insurance, any maintenance and deductibles, plus $100 a month, or something?  A win-win kind of deal?

Syonyk

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Re: Store or Sell vehicle during short term move to NYC?
« Reply #6 on: May 10, 2015, 04:09:30 PM »
Maybe you could rent him the truck for a cheap rate?  Like, he pays for all insurance, any maintenance and deductibles, plus $100 a month, or something?  A win-win kind of deal?

*snerk*  If the person actually pays it.

norabird

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Re: Store or Sell vehicle during short term move to NYC?
« Reply #7 on: May 11, 2015, 02:41:11 PM »
Quote
Maybe you could rent him the truck for a cheap rate?  Like, he pays for all insurance, any maintenance and deductibles, plus $100 a month, or something?  A win-win kind of deal?

+1.

Josiecat

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Re: Store or Sell vehicle during short term move to NYC?
« Reply #8 on: May 11, 2015, 05:08:57 PM »
I don't like the idea of someone driving MY vehicle. What happens if he has an accident or wrecks it?  You are the one in trouble since you're the owner. The liability would make me nervous.

Also, you guys will NOT need a truck in NYC.  It is very, very expensive to park it and you don't want to drive in the city.

I'm leaning towards selling it.