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Question/rant-Sell the car?

December 16th, 2013 at 05:11 pm

HI All.

Quick question.

I have two cars ..2011 Hyundai Genesis 4.6 (26k miles), 2008 Chevy Tahoe (85k miles)..Both have full warranties up to 100k+ miles.

Tahoe is paid off.
Genesis I owe $18786 which I am paying off at 3.15 interest at $1008 a month (actual payment due is half that. I am making doublepayments..payoff 7/15)

KBB says Genesis is worth $25600 if I sell it myself. instant offer (same website) gave me an offer of $18,900.

I have two cars because one was bought in part for the snow (Tahoe) and because I ran a not for profit which I am closing next month (Tahoe was paid for in part by the not for profit).. I need the Tahoe (4x4) but the Genesis gets better gas mileage.

So.. been kicking myself for a while here having this big expensive non 4 x 4 car.. and these loan payments are high... wanting out of them. I have mixed feelings w selling the Genesis as the Tahoe is older and the Genesis gets so much better gas mileage. I had to use the 4x4 function last week due to snow though. I have been tossing around selling the Genesis for a while and have been hanging out to it in my indecision.

Any thoughts?

I owe $18k on the Genesis. if the house offer goes through I will have more incentive to let it go .. esp if I need cash... jusst wish I did not owe so much on the Genesis!

I plan to keep both long term and keep them well maintained.

5 Responses to “Question/rant-Sell the car?”

  1. Xtreme Thunder Says:

    That's a tough one, it really depends how often you actually need/ use the 4x4. If you were to get rid of the Genesis, would the increase in fuel costs out-weigh keeping both? With one car you may have reduced auto insurance costs. Do you actually need 4x4? i.e. driving down un-plowed roads at 12" deep snow? How often a year though? 5-10 days total? It is nice to have a larger vehicle of such, if you actually utilize its intended purpose more than 60% of the year, but only you would know of your actual usage.

    You could get rid of the Tahoe and use the proceeds to pay down the Genesis and decrease your amortization on the note. I would suggest dedicated snow tires for this option. All-season tires are satisfactory in everything, but not great in anything. Using dedicated snow tires on a sedan does wonders. My wife and I own 2007 and 2010 Honda Civic Sedans, I have dedicated snow tires on my 2007, (we live half way between Albany and NYC, we get our share of snow accumulation) I've never had an issue. That that is one possible choice. In addition, however, I swap the tires/ wheels myself (I had the snow tires mounted on base model appropriate Honda Civic base model steel rims; $384 total and after 4 winters, tires are still good) and have a place to store them during the other 3 seasons when not in use.

  2. LuckyRobin Says:

    If you are talking about dropping down to just the Tahoe and becoming a one car person/family, you will save more than enough on insurance to make up the difference in extra gas from the higher gas mileage. The majority of your insurance expense will be from the newer car. I think sometimes we are sold the idea that gas usage is the end all and be all of what to look for, but we have found, as a one car family, that having the larger, more comfortable vehicle with plenty of haulage space is far more able to fit our needs than something small, uncomfortable, but with better mileage. And if you need 4 wheel drive, then you need it. Snow country, farm country, mountain country, etc., often make that a necessity.

  3. creditcardfree Says:

    I would definitely pick one car, the one that has the most benefits of use. Get rid of the other.

  4. TashaC. Says:

    At one time I had 2 cars. My beater and a brand new one. I figured I would keep both to keep miles down. I never drove the beater. I sold it a few months later realizing I was paying tags and insurance on a car taking up driveway space. I say go down to one car. Make it the car you prefer driving.

  5. snafu Says:

    I too suggest you write out a pro & con list for each vehicle. What percentage of your driving requires hauling items that won't fit in a sedan? I was surprised when a delivery service brought my new, full size washer & dryer in an SUV [Hyundai Santa Fe].
    BTW, the 4 wheel drive advantage doesn't wash here in Canada where 35 million of your northern neighbours mostly ride/drive regular sedans. We live in the Rockies, more snow October - March than you'd ever want to see + the joy of Chinook black ice freeze - thaw conditions. While front wheel drive is a big advantage in our hilly, mountainous terrain, carrying a bag of kitty litter is more important and a defensive driving course is most valuable of all. You don't enjoy the fun of a sport car in snowy road conditions, but it's delightful most of the year.

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