3 years ago, I bought this car new (
https://alserrablog.files.wordpress.com/2012/08/spark_32.jpg), and it costed me my entire year's salary (at that time). I wasn't very mustachian then, and especially after coming from a bad experience with a used car that left a sour taste I decided I needed to buy new. Bought it on payments but company reimbursed most interest. Also, I paid it off in 2.5 years although it was originally for 5 years.
However, today, 3 years later, the car has only run 15000km (9320miles) which is about 5000km (3106miles) per year. Basically, the car is highly underutilized. I tested the used-car market and asked around and found that at current market rates I'd get back 55-57%% of my car's initial purchase value, if sold now.
I recently had to spend on a new battery and another full year's insurance so they're taken care of for a while, but I'm just wondering if I'm throwing away money by simply letting the car idle and depreciate in my parking lot. Not only is it not doing me any good sitting there, it is also licking away my money.
I live in a city with easy availability of rickshaws (alias three wheeled taxis) and cab-on-call (proper car) for all intra-city travel. Traffic in the city is horrific and parking is a nightmare. Plus, I don't travel out of the city much often, and when I do, I usually catch the train or flight because our highway systems are tragic.
What do you guys suggest I do with the car? I had originally bought it for my 40km roundtrip commute, but I soon realized how horrific and stressful it was to drive across the city. I have a 9 y.o commuter motorcycle that does its job well of taking me around at city speeds so I really feel that would be sufficient for now. FYI, I'm single and not in relationship so I don't have a family that needs to be driven around.
I know it was a bad idea to buy a car at all, forget buying new, but what do you think? The math seems to be easy and tells me I should get rid of the car, but my heart doesn't seem to understand. I probably need a few face punches.
P.S: Btw, even if I moved closer to work, I'd still not drive, I'd just take my bike out.