Author Topic: Too many cars?  (Read 3782 times)

ethilo

  • 5 O'Clock Shadow
  • *
  • Posts: 32
Too many cars?
« on: May 05, 2014, 09:51:46 PM »
So I have a situation, I ended up with 2 cars to myself.  Here's the scenario
I have a 1986 Mazda B2000 pickup truck with 180k miles that I bought for $500 10 years ago. I've done all the maintenance myself, I love the car, it still runs amazingly. One of the best investments I've ever had.

3 years ago, my grandparents were moving into assisted living and were downsizing a lot, giving away most of their possessions. They wanted to give away their 1990 Acura Legend but wanted to keep it "in the family." Nobody wanted it, so I thought what the hell, it'll be nice of me to take it off their hands. It has 188k miles, my grandmother was the sole owner, and took care of it the way an old person with lots of money did. It has a 3 year old transmission, timing belt, and water pump. It's in stellar shape. It was free.

The insurance on both of them is around $47/mo a piece.

So now, I have these 2 cars that are awesome cars that won't be dying anytime soon. But I am JUST ONE MAN! It's kind of a pain to have 2 vehicles. Nevertheless, I'm 27, will probably have a family in the next 10 years.  I'm moving to Portland and don't know what to do with these things.  If I had to sell one it would be the acura, because the pickup is so practical.

But I've been told by some of my older, wiser, mentor friends that I should hold onto both because they really are great investments since I know their whole histories and they are well taken care of.

Thoughts? What is a boy to do.

ethilo

  • 5 O'Clock Shadow
  • *
  • Posts: 32
Re: Too many cars?
« Reply #1 on: May 05, 2014, 09:59:23 PM »
BTW, I'll add that when I move to Portland I will be going by bike like 95% of the time. I'm a huge cyclist, just moving to the promised land.

homeymomma

  • Bristles
  • ***
  • Posts: 335
Re: Too many cars?
« Reply #2 on: May 05, 2014, 10:04:51 PM »
Can you "rent " one out for some side income?

ethilo

  • 5 O'Clock Shadow
  • *
  • Posts: 32
Re: Too many cars?
« Reply #3 on: May 05, 2014, 10:08:14 PM »
can you do that? Explain.

homeymomma

  • Bristles
  • ***
  • Posts: 335
Re: Too many cars?
« Reply #4 on: May 05, 2014, 10:29:15 PM »
Don't know how legit this is, but they have a snazzy website: https://relayrides.com/list-your-car

Or you could post on Craigslist for someone looking for a car for a summer/internship/trip/whatever. Only problem is you'd have to somehow work it with insurance- that would probably be the biggest hurdle if you did everything yourself.

homeymomma

  • Bristles
  • ***
  • Posts: 335
Re: Too many cars?
« Reply #5 on: May 05, 2014, 10:32:03 PM »
Portland especially is such a hip city... Maybe there is someone out there who would want to have access to it occasionally and you could list on insurance and they would pay you for the privilege of having a car to drive without having to own it themselves? Cheaper than a car payment...

Greg

  • Handlebar Stache
  • *****
  • Posts: 1449
  • Location: Olympia, WA, USA
Re: Too many cars?
« Reply #6 on: May 05, 2014, 10:55:19 PM »
Keep the truck, sell the car.  Bank the cash.

CarDude

  • Pencil Stache
  • ****
  • Posts: 611
  • Location: Chicago, IL
  • Beep Beep!
    • The CCD
Re: Too many cars?
« Reply #7 on: May 06, 2014, 06:07:51 AM »
Keep the truck, sell the car.  Bank the cash.

Yeah, agree with this.

schimt

  • Bristles
  • ***
  • Posts: 308
  • Age: 33
  • Location: New Jersey
Re: Too many cars?
« Reply #8 on: May 06, 2014, 07:01:18 AM »
But I've been told by some of my older, wiser, mentor friends that I should hold onto both because they really are great investments since I know their whole histories and they are well taken care of.

This is a common reply i hear from friends of mine. Not so wise IMHO.

A) A car is never an investment unless it is a collector car
B) Investments don't cost you money (insurance, registration, inspection, opportunity costs which are minimal due to the small value)

If it is annoying to have 2 cars, you bike 95% of the time, pretty sure you answered your own question and are just looking for reassurance. Unless you have guilt selling a gift from your grandparents.

Sell it!

MissStache

  • Pencil Stache
  • ****
  • Posts: 710
  • Age: 37
  • Location: Washington, DC
Re: Too many cars?
« Reply #9 on: May 06, 2014, 07:11:00 AM »
I'm not sure how you can classify a car from 1990 as an investment.  Even in perfect condition, a car that old and with that many miles on it can't possibly be worth very much and it is worth less every single day.   I'd sell the Acura and put the money into a real investment account.  At the very least you'd be saving the monthly insurance costs!