Moved downtown - what to do with cars

Sidekicknichola

Senior member
Feb 7, 2012
425
0
0
I recently moved to downtown Minneapolis (right downtown). A new job for my fiance and I have us renting for the next 9+ months downtown until we buy something out and away in the near future. We're young and trying to save like crazy for a down payment to hit that magic 20% number as well as pay for the wedding in September... which having two cars when one sits unused seems like a large waste of money

Info:
* She works 2 blocks from where we live so she walks to/from work everyday and we only have one parking space in our building

*My car: 07 IS250awd w/ 115k - I owe 4k still - $300/mo payment
*Her car: 03 Honda Accord with only 60k miles - she owes 4.5k - $300/mo payment
*Still have insurance and maintenance costs on both cars too (for both including maintenance around $250/mo.)
*~$850/mo. spent on cars

.... most any option I can come up with involves selling the IS250 (as much as I don't want to)
Option 1: Sell IS250 ~15k - pay off both cars, pocket 7k, and drive the accord for the next year / til we buy

Option 2: Sell IS250 for ~15k, sell Accord for ~7k, pay off loans, leaving ~14k for different car that I would enjoy driving more than the Accord.



.... for sheer money saving sake option 1 seems most logical, seeing as we could add around $600/mo. towards the down payment contributions and pocket 7k.

... option two means I could find something used that would be a lot more fun for me to drive than the accord - mazdaspeed 3 / acura rl (could keep awd) / S4 (don't know if I want to deal with that maintenance though)


Any suggestions ?!
 

nerp

Diamond Member
Dec 31, 2005
9,866
105
106
Option 1 looks good. Just go down to one car for a while, pocket the savings.
 

NutBucket

Lifer
Aug 30, 2000
27,033
545
126
Don't sell both just to buy another used car. Why not option 3: sell the Accord and keep the IS? That's what it seems like you really want to do anyway.
 

_Rick_

Diamond Member
Apr 20, 2012
3,932
68
91
Consider if you absolutely need even one car.
Grocery stores doing deliveries and internet orders is becoming more common, and if you live close enough or can make do with public transport or two wheeled means of transportation, selling both cars might be an option.
If you can be without a car for 7 months or so, you can then start slow-shopping for a car, so you've got one when you're out looking to buy a home -- where a car does come in handy. I'd save the maximum for the home, simply so you can be more flexible, and get a better deal on that. Once you've made that choice, you can evaluate your finances, and then decide on a car.
It may actually be attractive to put the "car money" on the down for the house, and take a loan on a car, depending on the offers. Also, by the time you have a house, you'll know more about whether your car has to conform to certain newly discovered limitations and demands.
 

NutBucket

Lifer
Aug 30, 2000
27,033
545
126
Also, you could simply park the car you keep and not insure it (register it non-op) for a few months. Then when you need it again just get it insured.
 

Throckmorton

Lifer
Aug 23, 2007
16,830
3
0
Keep the IS250. Yes it's more expensive but it's also a lot newer and I would think more reliable, and of course probably safer. Then when it's time to get a 2nd car you can give your wife the IS250 and get yourself an M3
 

EagleKeeper

Discussion Club Moderator<br>Elite Member
Staff member
Oct 30, 2000
42,591
5
0
In the city; you should have the option of public transportation and/or cabs to get around.

As others stated; some stores will deliver groceries; or use the above options.

If a vehicle is needed for a short time - then rent one. Week-ends would be between $50-100 for 2-3 days use.

Dump both vehicles - not having payments and/insurance/maintenance will increase your savings considerably.

Option 4 is best - Option 2 but not personal vehicles until needed.
Down the road, if you get a living space in the city where you may need a vehicle; then get one.
Not having the payments over you will help when house hunting time comes.
If you absolutely need a vehicle before purchasing a residence; get an older one with no payments of payments that will expire in less than a year.
 

Sidekicknichola

Senior member
Feb 7, 2012
425
0
0
Consider if you absolutely need even one car.
I work like 15 miles in the south suburbs, so I need a car (bus route takes like 90 minutes) and with me driving it is about 20 mins.

Also, you could simply park the car you keep and not insure it (register it non-op) for a few months. Then when you need it again just get it insured.
Thought about his but that really only opens up like $100... which at that point, is it worth it...
Freeing up almost $1000 would be the sweetest part.
Right the cars are costing us like $850/mo., rent is $1650/mo. + bills, while trying to save $1500+ give us a limited to budget to "have fun on"... which I know sounds stupid, but it is nice to have extra cash to go out and do things.

Why not option 3: sell the Accord and keep the IS? That's what it seems like you really want to do anyway.
We listed both cars at the same time and had almost NO action on the accord, and as of 20 mins ago, the IS sold, so that is out the window I guess.... I'm going to miss it.
 

T2urtle

Diamond Member
Oct 18, 2004
3,432
3
81
what you want to sell and what people want to buy are going to be diffrent.

I would list both cars for sale, even if you want to keep one or the other and see what bites.

List the IS for a little more since you rather keep that. You stated you expect 15k for the IS, what happens if someone offered 16.5k.

I list my car up every now and these JUST to see if someone would be interested in buying at my LISTED price. Its kinda like reverse tire kicking. But all ive gotten is lowballs. To me as much as i love my car, it has a price. Its a common car, nothing limited or extremely custom on it, I'm attached to it but i know i love the idea of a NEWER car better.

I dont know how you see $15k for that IS, but its a lexus and all. My 05 G35AWD w/72k would sell for maybe $11.5k-13k, i wanna say thats pretty equal. VS your 07 w/115k
 

halik

Lifer
Oct 10, 2000
25,696
1
0
I would think that low milage 03 accord would be worth more than 7K, people pay stupid money for those things.
 

Sidekicknichola

Senior member
Feb 7, 2012
425
0
0
I dont know how you see $15k for that IS
IS sold yesterday morning for 15k even (actually $14,980 - he lost a $20 somewhere in there)

My brother was kind enough to deliver the accord to me so I didn't have to rent a car to go back to Wisconsin to get it.

.... and it took exactly one fresh snow for me to really miss the AWD... the Accord sucks in the snow (could just be the tires) compared to the IS. Oh well.

I think I may see if I can find a used, but taken care of, G35x or RL-sh and trade/sell the accord for that.
 

Sidekicknichola

Senior member
Feb 7, 2012
425
0
0
I would think that low milage 03 accord would be worth more than 7K, people pay stupid money for those things.
Looking at similar cars, you might be right... they seem to be holding value quite well, more-so than I would have thought.
 

Jimzz

Diamond Member
Oct 23, 2012
4,399
190
106
IS sold yesterday morning for 15k even (actually $14,980 - he lost a $20 somewhere in there)

My brother was kind enough to deliver the accord to me so I didn't have to rent a car to go back to Wisconsin to get it.

.... and it took exactly one fresh snow for me to really miss the AWD... the Accord sucks in the snow (could just be the tires) compared to the IS. Oh well.

I think I may see if I can find a used, but taken care of, G35x or RL-sh and trade/sell the accord for that.

My old RWD CTS went through DC's 100 year snow storm just fine with good DWS tires. Get some DWS tires or a seperate set of cheap rims with snow tires. Will make a hugh differance.
The accord should do just fine with good tires.
 

Sidekicknichola

Senior member
Feb 7, 2012
425
0
0
The accord should do just fine with good tires.
I'm sure it is probably "fine" by most standards.... I had a few civics before the IS and never had issues with snow, I think I've just been spoiled the last few years.

I miss blueooth so much too, something I thought was stupid before having it.
 

Jimzz

Diamond Member
Oct 23, 2012
4,399
190
106
I'm sure it is probably "fine" by most standards.... I had a few civics before the IS and never had issues with snow, I think I've just been spoiled the last few years.

I miss blueooth so much too, something I thought was stupid before having it.


AWD, IMO, is over rated. It will help you get moving but will not help you stop. I say that even though I own a AWD E-class Mercedes.

Just last week my mom got her AWD SUV stuck in mud. And that was even after I bought her 2 new rear tires that are very highly rated for snow/mud. AWD just gives people more confidence to do stupid things.

The bluetooth thing can't help on that. I never had a need/use for it. If it has power windows, AC/Heat, and run/stops i'm good. :)
 

Sidekicknichola

Senior member
Feb 7, 2012
425
0
0
Things I'll miss that I never thought I would:
Bluetooth
Navigation
Cooled seats
Push button start / finger print entry (never touching the FOB is so nice)
back camera


I had an E550 as a rental not to long ago, AWESOME car.
 

amdhunter

Lifer
May 19, 2003
23,324
219
106
Things I'll miss that I never thought I would:
Bluetooth
Navigation
Cooled seats
Push button start / finger print entry (never touching the FOB is so nice)
back camera


I had an E550 as a rental not to long ago, AWESOME car.

Wow. What color was the IS? $15k seems like a steal.
 

Sidekicknichola

Senior member
Feb 7, 2012
425
0
0
Wow. What color was the IS? $15k seems like a steal.
It was the smokey granite mica (dark metallic grey)

It had every option besides the ML sound system.
408951_807838340182_925638568_n.jpg
 

Scarpozzi

Lifer
Jun 13, 2000
26,389
1,777
126
The only downside of selling/buying cars is that you will have to pay sales tax on any new cars you buy. That can be anywhere from hundreds to thousands of dollars depending on where you live. One plus side...I just bought a 2009 pickup truck and scored 1.49% interest through my credit union. It's a good time to finance vehicles....and yes...the pickup truck has Bluetooth. I know exactly what you're talking about. It was what sold me on that truck.

Cars definitely are added costs and they depreciate fast enough that getting rid of them sooner rather than later may save you some cash by increasing what you can get out of them and not having to pay to park them.
 

SSSnail

Lifer
Nov 29, 2006
17,461
82
86
Depends on where you live and parking situation, but if this was me, I'd sell the Accord and keep the IS. You will need a car, even if you don't drive it much. Also call your insurance to adjust your rates if you don't drive more than 5k miles a year.
 

Sidekicknichola

Senior member
Feb 7, 2012
425
0
0
What are you using the bluetooth for?
Phone and music

if this was me, I'd sell the Accord and keep the IS.
IS sold the other day. Might still try and sell the Accord and see if I can find myself a used (50-75k miles) Acura RL, G35x, or S4 (maintenance scares me a bit though).... something AWD with some zing.
The sale of the accord + what I pocketed would give like 14-15k to play with without having to touch any savings or get a loan.
 

who?

Platinum Member
Sep 1, 2012
2,327
42
91
Get something with traction control and stability control and 2wd works fine.