The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Jaguar Paw on August 16, 2016, 09:53:06 AM
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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!
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Never own a car you don't need.
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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.)