The other day, I was perusing the forum (car related questions mostly), and I found one about a member buying a BMW on the cheap.
I am a regular member of many car forums and am used to the craziness people have when it comes to spending on cars... But here? I was a little surprised to see so many "car" folk chiming in. Glad I'm not the only one!
Getting to my point. I may need an intervention and maybe a few facepunches as well.
Here's the deal. I have a "car" problem. Not to say that I have a broken car (I fix my own stuff- as much as I can). My issue is more along the lines of the quantity of cars and my reasons for keeping them. Let me also preface this conversation by saying that I do not anticipate ever being able to ride a bike to work (It would be cool but it's not likely) So, I will always have a few cars floating around.
Up until recently, I had 7 cars. 2 dd's 2 toys, 2 suv's, and one project.
I've been wanting to thin the herd but it's been rather tough.
I recently sold one of the SUV's and essentially gave it away. (Still painful)
Anyway, I'm down to 6. I have the 2 DD's (230k and 174k respectively), the suv (105k used to tow on occasion), the project which is almost finished, and the two toys. I'm wanting to sell the toys (not really, we do derive pleasure from them- but I think it's the best decision for now)...
I estimate the value at around $18k a piece but the market is such that people are giving their cars away ( around $12-13k)so, my valuation is viewed as too high. (That is not to say that higher price cars of the same model are not selling, just not very quickly) I could easily sell the toys if I were to give them away at fire sale prices and it seems like what I might have to do (considering that my "investment" is already a sunk cost)
I'm just apprehensive about leaving money on the table if I don't have to. (potentially $10-12k for the pair)
Side note: I am negative in net worth at this time- student loans and a mortgage put us over $500k in debt. So, every penny is valuable to me.
I have some friends who are not "car guys". They say to just dump the toys for whatever I can get and move on. Others suggest that I hold out as there is an "ass for every seat". While I am piled high with debt, and it would be nice to make a dent however small, it doesn't feel like taking a hit on my toys will make much a difference to my debt situation (or investment situation). I'd like to minimize the beating I take when I liquidate.
So, what do you all think? What am I missing?