How stupid is it to buy a new car, and then sell it 2 months later?

[dxkj]

Just curious.... bought a car for my 170 mile commute each day, and now found a job 2 miles from home that i can just ride a bike/drive our beater to..



Bought car for 17k +1500 taxes and fees + 1200 extended insurance, 19,700 total

Retail value with 7500 miles

$20,860

Private party

$18,230

Trade in

$15,125

 

[MetalMat]

Why not keep it anyways? No use in takin that much of a hit

 

[meltdown75]

you won't use it for other things... besides going to work? why not keep it anyway?

 

[nakedfrog]

If you manage to not lose money, it's fine, but good luck with that.

 

[alocurto]

I'd keep it. U got a garage?

 

[Bozono]

Very stupid, but you couldn't foresee the future. If you're not gonna use it you may as well sell now and keep your loss to a min.

 

[JinLien]

Keep the car for grocery runs/travel/rainy day, and ride a bike to/from work.

 

[acemcmac]

what kind of car?

 

[Lonyo]

If you can keep the hit low ($1,500 or less) and deal with that, then there's no point in wasting that money when you could invest it somewhere/have a nice little sum to be there in case of an emergency.
$18k in a car that will depreciate even more and that you won't use sucks compared to $18k savings which won't go down, but may go up (even if only very slightly from interest) and can be there in an emergency.

 

[everman]

What are the insurance costs?

 

[DeadByDawn]

If you're really not going to use it, sell it. The amount you lose now will be insignificant to a couple of years depreciation, even if you aren't putting miles on it.

 

[illusion88]

Originally posted by: JinLien

Keep the car for grocery runs/travel/rainy day, and ride a bike to/from work.

 

[Metron]

Precisely why you shouldn't buy a new car, though you had no way to predict the future. If you'd looked around for a reasonable deal on a 1-2 year old used car, you would be able to sell it for as much (or possibly more) than you paid for it.

 

[dxkj]

2005 Hyundai Tiburon


Its a really hard situation for me to wrap my head around

If I sell it, I take a hit, If I keep it, its value goes down, and Im paying 350 a month for a car that I really dont need at the time, and I will need to keep making these payments for a while.

I got the extended warranty to 100k miles, thinking that I would be putting a ton of miles on it in the next 3 years, but now its the opposite. So that is basically 1200 of my loss.... otherwise I could come close to breaking even

 

[necine]

I'd sell it, just make sure the loss is under 1500

 

[The Pentium Guy]

Hyundai? Sell it. Those things lose their value like water. Sell it, get some cash back, go to work, get some more cash, and get a better car

 

[dxkj]

Originally posted by: Metron
Precisely why you shouldn't buy a new car, though you had no way to predict the future. If you'd looked around for a reasonable deal on a 1-2 year old used car, you would be able to sell it for as much (or possibly more) than you paid for it.

yeah... i was planning on keeping this car for a while, and the used car options were kind of weak at the time.... in hindsight I would have gone with a 3 year old camry or something

 

[sygyzy]

What person would buy a car with 7500 miles for a mere $2k in savings over a brand new one, off the lot? I think your private party estimate might be inflated.

 

[dxkj]

Originally posted by: The Pentium Guy
Hyundai? Sell it. Those things lose their value like water. Sell it, get some cash back, go to work, get some more cash, and get a better car

I dont need a better car.... its a 2 mile drive, I have a beater for that



But seriously, have you driven this car? If not don't make judgement calls on it. Hyundai has about the same number of problems per 100 as honda does.... they might not last 300k miles, but for the cost of a mid end civic, the Tiburon was a funner option for me....


fully loaded for 17k, alloy rims, moon roof, v6 , good sound system, leather interior, ABS, airbags, etc etc etc

 

[dxkj]

Originally posted by: sygyzy
What person would buy a car with 7500 miles for a mere $2k in savings over a brand new one, off the lot? I think your private party estimate might be inflated.

Brand new off the lot, 21.5k



18.2 = 3.3k savings


this is KBB... /shrug

 

[Metron]

Given your situation, I'd look for a friend or relative who would appreciate the good deal and sell them the car. The Hyundai is a great car... if I did buy a new one, that would be one I'd consider. Worst case, sell the car and write the loss off to wisdom you've gained.

 

[dxkj]

Originally posted by: Metron
Given your situation, I'd look for a friend or relative who would appreciate the good deal and sell them the car. The Hyundai is a great car... if I did buy a new one, that would be one I'd consider. Worst case, sell the car and write the loss off to wisdom you've gained.

Hehe, Ive been making a lot of those lately....

 

[vrbaba]

Originally posted by: Metron
Precisely why you shouldn't buy a new car, though you had no way to predict the future. If you'd looked around for a reasonable deal on a 1-2 year old used car, you would be able to sell it for as much (or possibly more) than you paid for it.

:thumbsup:
exactly

 

[0roo0roo]

sell. money in your pocket now is good if the car is unecessary. hyundai+tiburon = sh*t resale

 

[JulesMaximus]

Keep it. You'll lose thousands if you sell it.