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Pondering selling my car due to working from home/COVID-19
My wife has her own car but she's been told she may have to work from home until at least spring. I don't know when I will be asked to be back in the office again, but I'm expecting it to be in the fall at the earliest. I've been toying with the idea of selling my car as it has enough equity so I'm not upside down. I've only used 2/3 tank in the past few months. We definitely don't need two cars until we're both back at work and saving a few hundred bucks a month on financing and insurance would be nice. Anyone else pondered this or am I too sensible and boring?
My wife has her own car but she's been told she may have to work from home until at least spring. I don't know when I will be asked to be back in the office again, but I'm expecting it to be in the fall at the earliest. I've been toying with the idea of selling my car as it has enough equity so I'm not upside down. I've only used 2/3 tank in the past few months. We definitely don't need two cars until we're both back at work and saving a few hundred bucks a month on financing and insurance would be nice. Anyone else pondered this or am I too sensible and boring?
Nope. Never even thought that thought. I’ve driven no more than 40 miles since March. It just sits there gathering dust. I’ll need it one day so why not keep it?
My wife has her own car but she's been told she may have to work from home until at least spring. I don't know when I will be asked to be back in the office again, but I'm expecting it to be in the fall at the earliest. I've been toying with the idea of selling my car as it has enough equity so I'm not upside down. I've only used 2/3 tank in the past few months. We definitely don't need two cars until we're both back at work and saving a few hundred bucks a month on financing and insurance would be nice. Anyone else pondered this or am I too sensible and boring?
You know stodge, I felt the same way when I retired, but then again, we did not need to save pennies. It is a good thought however, but you will be the only one to correctly judge what you need to do. As for being too sensible and boring, yeah some would say that. :-)
Run the numbers and see what it’s costing you. Also factor per mile.
Then determine how much you’ll get for your car. If you own it outright, different from finance or lease.
my lease is way under water - good for me not for Nissan - and I can’t get anyone on the phone - so I’ll ride this out.
Can you just cancel the insurance on one of the cars until you need to drive to work again?
I've been WFH since March but I've been going on random drives whenever bored so I'm still using my car but I could see the appeal of selling if I didn't own it outright.
Can you just cancel the insurance on one of the cars until you need to drive to work again?
I've been WFH since March but I've been going on random drives whenever bored so I'm still using my car but I could see the appeal of selling if I didn't own it outright.
That's a good idea, I should really look into that.
Can you just cancel the insurance on one of the cars until you need to drive to work again?
I've been WFH since March but I've been going on random drives whenever bored so I'm still using my car but I could see the appeal of selling if I didn't own it outright.
If the car is financed, there will be a lien recorded on his title, meaning the lienholder requires insurance to protect them. Besides, is it really a good idea NOT to have insurance on something that valuable? What about storm damage, theft, fire, vandalism, etc?
On a related note, if you are having take out food delivered on a regular basis to your home, do you plan or selling your refrigerator because you are not using it as much?
I read cancel the insurance and my brain thought yeah! But yeah, that's a bad idea. I could try to change the policy for significantly fewer miles but I doubt it would be much cheaper.
If the car is financed, there will be a lien recorded on his title, meaning the lienholder requires insurance to protect them. Besides, is it really a good idea NOT to have insurance on something that valuable? What about storm damage, theft, fire, vandalism, etc?
On a related note, if you are having take out food delivered on a regular basis to your home, do you plan or selling your refrigerator because you are not using it as much?
lol that analogy is a little shaky but yeah you have a point. I've mostly seen people cancel insurance for old beaters and extra cars that they don't really care about and don't really use. I guess it doesn't really apply quite as well in this case.
I would hold on to it.. Used car market is horrible right now.. Nissan as you are aware.. has terrible resale value, and dealers are giving wholesale prices for trades..
Hold onto it.. This too shall pass and life will get back to normal.
lindros2...what do you mean by "my lease is under water"?
update - site was down, now it's back up.
Lease buyout = $32.5k
Car value = $26k (on a good day) => meaning, I'm $6500 under what it would cost to buy out my lease. Unless I'm a total moron and want to burn $6500 (I could buy hookers and booze instead).
**** Nissan is possibly the dumbest auto company - their finance arm is one step from jail. Multiple outages, now this - and good luck trying to get someone on the phone.
Last edited by lindros2; Jul 20, 2020 at 09:21 AM.
Lindros...in the past I have found that Nissan has shown NO flexibility in the buyout price at the end of the lease. Perhaps being "under water" might prompt them to show a bit more wiggle room. Or risk having the lessee walk for another option. I have 11 months to go on my '18 Platinum and am weighing my options. Thoughts?
Lindros...in the past I have found that Nissan has shown NO flexibility in the buyout price at the end of the lease. Perhaps being "under water" might prompt them to show a bit more wiggle room. Or risk having the lessee walk for another option. I have 11 months to go on my '18 Platinum and am weighing my options. Thoughts?
doubtful.
This is *why* I lease. I know it's a religious discussion (unless you own a business and it costs nothing or had one of those Leaf leases which PAID YOU)...
But I digress.
At the end of the lease, Nissan gets back my rattlebox Platinum Reserve, and I don't have to deal with felons, Chinese/Brazilian/Nigerian/other scammers and teenagers "highly interested in my car."
Lindros has it right. Nissans declared depreciation on the 2019 Max Plat is nowhere near what the actual street price is right now. I too will walk away from my 36 month 15,000 miles a year lease at the conclusion, though I still have 18 months to go. Right now my car has been solid with only 14K miles on the clock so far. Still, one of the best looking 4 door sedans out there.
Lindros has it right. Nissans declared depreciation on the 2019 Max Plat is nowhere near what the actual street price is right now. I too will walk away from my 36 month 15,000 miles a year lease at the conclusion, though I still have 18 months to go. Right now my car has been solid with only 14K miles on the clock so far. Still, one of the best looking 4 door sedans out there.
As opposed to those 2 door sedans, right? Just a little redundant.
Lindros has it right. Nissans declared depreciation on the 2019 Max Plat is nowhere near what the actual street price is right now. I too will walk away from my 36 month 15,000 miles a year lease at the conclusion, though I still have 18 months to go. Right now my car has been solid with only 14K miles on the clock so far. Still, one of the best looking 4 door sedans out there.
aside from the rattle and incredibly flaky infotainment system (Nissan just can't get it right after the 2008-2015 system), my car has been pretty good.
Mind you I could have gotten a Genesis G70 (2.0T, maybe 3.3T) for what I paid - if I wanted 6 months - but I didn't.
As opposed to those 2 door sedans, right? Just a little redundant.
So maybe you want to talk about your Lexus 350? >>Remind how we should have bought one of those instead? Also a 4 door sedan? Just another lightweight comment from our moderator, I for one would not miss.
Just a little redundant. 
