Sell It or Keep It?

clg7067May 29, 2008

I got this old car, it's a 91 Honda Civic, gets 30-40 mpg and I've kept up on the maintanence and even bought a new engine a couple of years ago. I'm the original owner.

Then, I got into dog showing. I bought a used minivan that gets more like 20-25 mpg. The intention was to drive the MV on weekends and use the Civic for daily commuting. But I'm starting to really prefer driving the MV. The Civic doesn't have power steering and that's the main reason I don't like driving it. That, and I have to "fall" into it, and I'm not getting any younger. So, I've been thinking of selling the Civic all year as I find myself driving the MV more and more.

I drive about 10,000 miles per year. If I do the math at $4 per gallon using the optimal scenario of driving the cars 50/50, I spend $1667 per year. Without the Civic, $2,000 per year.

Savings on insurance is minimal. I spend about $150 per year on the Civic - yes, that's per YEAR. Annual tags are around $40 per year. I don't count maintanence because I figure it's a wash. I'll aways be driving one car, so the car that gets driven most will be in for maintenance more than the other.

Finally, I'm thinking I could get $1300-$1500 for the car. It is in good shape.

Hmm. After looking at these figures, I think I might come close to even if I sell the Civic, plus have the windfall of $1500. What do you guys think?

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My inclination is that owning one car will be more cost effective than owning two. (Ins, tabs, maintenance).

I suggest re-running the math projecting "what if gas goes to $5/gal) - if it works for you, then I'd sell the Civic. (Do remember to factor in any multi car discount you currently get on insurance - as you will lose that)

    Bookmark   May 29, 2008 at 12:30PM
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How reliable is the MV? How old is it? If it breaks down and needs a costly repair you have cheap transportation available to you with the Civic. On the other hand, if you sell the Civic, you'll have $1500 to use for maintenance on the van, when needed (assuming you've saved it, of course).

    Bookmark   May 29, 2008 at 1:18PM
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But ... just think ... the cost of the physical exercise in turning the steering wheel is nil.

If you want to lift weights instead, no doubt you can find a couple of bricks to use, so cost is practically nil ... except that using them takes more time.

If you sign up to a fitness club to help get needed exercise ... not nil cost.

Do I get the feeling that we're doing a bit of falling in love with the new girl on the block, and rather spurning the old one?

As for social responsibility ... a gallon of fuel saved is a gallon more available in a few years' time (when prices will have almost certainly gone even higher).

ole joyful

    Bookmark   May 29, 2008 at 3:34PM
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