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I bought a used car in March 2013, and have since moved closer to reliable public transit and would like to ditch it in favour of autoshare & bikeshare programs, and taking transit to work. I paid about $15,500 + tax, and my biweekly payments are $183 for 4 years. Insurance has risen to $225/month after moving, and I estimate that I spent about $125/month on fuel when I take both transit and my car to work depending on the day. Parking is also $80/month, and ideally I will rent the spot if I sell my car. I currently owe $11500 on the car, and have it posted online for this price. Nobody is biting, and I've been lowering the price with no luck. I realize I need to be patient, but if it sits for another 6 months then I'm still making payments and paying parking. A dealer has offered me $9500 best case for the car - however it's worth around what I currently owe (but nobody wants to buy it after 3 weeks of being posted online). I've calculated that by the end of January 2015, I will have spent over $2000 on gas/insurance/parking/payments. And that is with only driving the car until Oct 31, and letting it sit over the winter. If I keep the car insured, then I will have spent closer to $3000 by that point. So BFC - Do I sell the car for a loss now, or hold on? I would like to ditch my car as I'm currently spending approximately $850/month on it, not including maintenance or transit tokens that currently get me to/from work half the time. The price of an autoshare and transit pass works out to be about ~220/month, and this gets me 4-8 autoshare rentals a month to get to hockey & baseball etc. Since moving downtown, the car has become much less necessary. I have a plan in place to clear my 10k debt regardless of whether or not I'm paying for a car, but this will help speed things up big time. Thanks!
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Oct 8, 2014 23:36
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| # ¿ Apr 27, 2024 12:46 |
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Car is a 2010 Mazda 3 GT-E Sedan. Manual transmission (I think hurting the resale) with just under 100,000km. Car has every option available and a few scrapes/dings which might lower the price a bit too.
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Oct 9, 2014 00:13
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Payments are biweekly (one comes out tomorrow, bringing the amount owing to 11500), and insurance is taken out at the beginning of each month. Parking is paid through my rent monthly and I would ideally rent the spot out. Not spending much on gas while I primarily take transit to work, but having the car makes me tempted to drive. Stupid tax absolutely - at the time I bought the car I had received a new job/sizeable raise, but transit wasn't an option. In the grand scheme, 2k doesn't matter and I'll feel much better being debt free even if it means giving up my sweet sweet car.
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Oct 9, 2014 00:30
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My bad, totally forgot about this post! I'm going to see a dealership in the city tomorrow in hopes that they'll buy my car and I won't have to take a trip to one about 150km away. I really hope that they'll give me a decent amount, around $950,0 seeing as how they've made money off me already, and will make money again when they sell it for more. I'm in Toronto, and live downtown. My insurance went from $160 to $225 because I moved into a much more dense neighbourhood and it's right across from Canada's largest community housing block. 29 years old and I've had at fault accident at 17. I'm from Manitoba and as a result, my driving history didn't carry over. Ontario is a lovely province if you want to own a vehicle.
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Oct 16, 2014 18:13
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And I forgot again! I ended up selling the car in late November for just under $9000. The initial deal was for $9k, but then as you predicted, they told me that they had to machine the wheels, and fix a couple other things that even I didn't notice. I countered their offer and we were good to go, but part of me wants to drive out there to see if they really did machine the wheels. The car went up for sale for $13,999 which was only about 500 less than I paid for it, and at a higher interest rate. It's down to $12,999 now and I'm still happy I got rid of it. I'd say I'm about even now for the loss I took, and I don't regret selling it at all.
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Jan 23, 2015 20:18
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| # ¿ Apr 27, 2024 12:46 |
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Nope, the wheels had some curb rash and they wanted it fixed before they sold the car. Most of the damage was there when I bought the car and I know I didn't care too much.
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Jan 24, 2015 21:40
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