Should I sell

S

Skinny Posh

Guest
I have a 2002 Corsa, it has about 40,000 miles registered and it is in perfect working order....

I bearly use the car since i've moved to dublin and usual just drive between Dublin and Drogheda with the odd trip outside the Leinster area....

Should I sell and use the money to pay off a loan that I have or should I keep the car for longer....

I'm afriad of it depreciating anymore beacuse I should be able to receive between €5,500 and €6k for the car according to websites i've viewed?

Thanks :confused:
 
1) Do you need a car?

2) Can you afford it?

If you answer yes to 1&2 above dont sell.
 
I think you are being a little optimistic with your valuation, but if you have no use for it, I would sell it.
 
Caveat said:
I think so too. More than a little. What people want and what they actually get price wise can be very different.
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Well, if thats what they are being sold for? Whats the problem!?

I don't always need the car, not as much as when I first purchased it two years ago, I can afford it. Its paid for and i just have insurance to pay and tax.

But is there much of a market out there?
 
Skinny Posh said:
Well, if thats what they are being sold for? Whats the problem!?
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There's no problem - but how do you know they are selling for the prices you mention? Just because they are advertised at this price?

Sure, there is a market but I very much doubt you would get anywhere near €6000 for an 02 Corsa, that's all.

If you can completely do without the car, sell it of course, but if as you say you can afford to run it and may need it from time to time I wouldn't sell unless you need the money.
 
If you are not finding it difficult to make the repayments on that other loan you mention, then I would hold onto the car.

It's handy to have a car in the driveway that's always available in emergencies etc. It should also last you at least 10 more years if you look after it.
 
If you barely use it, get rid of it. Does you partner have a vehicle? Use public transport to go to Drogheda or further a field if they are only odd trips.

But don't forget though that your existing no claims discount may expire in a few years of not being insured.
 
thanks for all the advice guys, if i could even get what i paid for it well, i'd be doing okay... i wouldn't make a loss on the car so I'll have to decide what to do, its nice having it there, although, i'm using it about once a week and it got broken in to recently in my nice "supposedly" secure car-park!!!

Thanks again.
 
if you don't use it, sell it and buy an old beater for a few hundred quid for the occasions that you might need a car. Or buy a moped for buzzing about.
 
`Remember too the depreciation, which is basically money lost, should be added to your loan interest. Cars are expensive items that eat up funds without you knowing it. First the big interest rate on car loans, then the fact that it devalues month on month, year on year. If you don't REALLY need it, sell it adn be happy and fitter!
 
Skinny Posh said:
thanks for all the advice guys, if i could even get what i paid for it well, i'd be doing okay...

Thanks again.
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if you can get what you paid for it two years ago..you would be doing a lot more than ok......and also you would be getting headhunted by the biggest car sales garages in the country....Good luck!!!!
 
Skinny Posh said:
I have a 2002 Corsa, it has about 40,000 miles registered and it is in perfect working order.... I should be able to receive between €5,500 and €6k for the car according to websites i've viewed? ...
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Not a hope. I'd say €4k on its best day. Drive it 'til it stops or bite the bullet and take the hit now as its unlikely to improve with time.
 
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