Author Topic: Should I sell my car?  (Read 1481 times)

fsohn

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Should I sell my car?
« on: May 15, 2017, 11:20:57 AM »
Hello Mustachians:

My sister, who is in need of a new-to-her car, has offered to buy my car from me, and I'm wondering if anyone has any advice to offer on whether it is a good idea.  Here are the details.

The car is a 2011 Honda Civic Hybrid.  I've had it for about 3.5 years, and have put less 7000 miles on it during that time, for a total mileage of about 43,000 now.  Most of that has come from a few odd road trips to visit friends in other parts of the country.  On a day to day basis, I drive to the grocery store twice a month, to visit my parents in another part of the city, and to pick up and drop off my dry cleaning.  All told, if I'm being efficient, I am driving less than 8 hours per month.  The car cost me about $17,000 all in when I bought it, and is currently worth about $6,000 based on a "good" condition trade-in price, which is what I'd charge my sister.

My expenses for the car are about $800 a year (gas+insurance+city/state registration), not to mention repair costs that occur when people hit me and don't leave a note (something that has happened twice and cost me over $1K in repairs since I've had the car).

My question is this:  does anyone have experience with actually living with a ZipCar-type service in lieu of a car in a big city?  How annoying is it?  What are your actual costs, and what do you think they would be in a situation like mine?  FWIW, I wouldn't plan to buy another car until electric cars become mainstream enough to make used versions affordable.

I am leaning towards selling it to her, but I would like to know what my fellow Mustachians think first.

Kroaler

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Re: Should I sell my car?
« Reply #1 on: May 16, 2017, 03:49:38 PM »
Sounds like a charity event if you are giving it to her for trade in value.

Other than that observation I have no suggestions.

acroy

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Re: Should I sell my car?
« Reply #2 on: May 16, 2017, 04:04:25 PM »
Good golly that's been an expensive car for you!
You sound like a perfect Uber/Lyft customer. I'd say go for it.

bigalsmith101

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Re: Should I sell my car?
« Reply #3 on: May 18, 2017, 12:43:47 PM »
Sounds like a charity event if you are giving it to her for trade in value.

Other than that observation I have no suggestions.

I second this opinion. If you sell it to her for "good condition" trade in value at $6k, you're taking a $1k-$1.5k hit on retail sale price (aka Craigslist), and she's getting a great deal.

With repair costs, it looks like your annual costs are about $1085, (and dropping every month you don't need a repair). Do you think you'll spend less than $90/mo on transportation should you get rid of your car?

You've already eaten the large majority of the depreciation on the value of the car. If it were me, I would keep it.