Author Topic: Sell my car or don't sell my car?  (Read 1110 times)

Jaguar Paw

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Sell my car or don't sell my car?
« on: August 16, 2016, 09:53:06 AM »
I just got a company car (sweet) so am wondering if I should sell my used car, or it it's worth keeping it? Used car is a 2008 Ford Mustang with  138K miles on it in average condition. 2 year old transmission and alternator. Company car is for a position that I recently got, and do not envision leaving anytime in the near future. The position has had "free" cars for 4 years now. (Free is put in quotations as I pay $180 a month but get free gas and pay no maintenance or insurance).
Rough estimates put me getting around 2,500 or so for the car give or take. Do I save the car just in case my position changes? Do I save the car for 16 years to give to my daughter? We don't "need" extra money now. I have zero emotion attached to the car but it's a half way interesting situation.

Thanks!

frugaliknowit

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Re: Sell my car or don't sell my car?
« Reply #1 on: August 16, 2016, 10:04:06 AM »
Never own a car you don't need.

Jack

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Re: Sell my car or don't sell my car?
« Reply #2 on: August 16, 2016, 10:06:03 AM »
Sell the car but keep $3000 or so in relatively-liquid investments (e.g., don't put it in your IRA, but buying stock index funds in a taxable account is good enough) so that you can buy a replacement on short notice if you get fired or something.

Do I save the car for 16 years to give to my daughter? ... I have zero emotion attached to the car.

Definitely not. (Some cars might be worth doing that for, but your Mustang doesn't sound nearly special or sentimental enough.)