Should I or Shouldn't I Sell?

MetzgerMeister

Hi all,

I was made redundant yesterday after 5 years in this job. I've been debating whether or not I should sell my car and get one that's cheaper to run.

I own the car outright and owe nothing on it. My insurance came down considerably too. Thing is, I don't know if I can afford to pay for petrol and future insurance on it.

What to do?

Swampy

What's the car?

dr.fuzzenstein

Depends on your running cost, if it's a pre 08 maybe you could buy a post-new-tax-regime car and dramatically lower your tax, if it's in the A band.

MetzgerMeister

It's a 2004 Mazda RX8 6 Speed.

I must also add that I can't afford to buy a post 2008 car. If anything, I'd be going down the 1.4 route in an older car.

bazz26

I'd say you will find it tough going trying to shift the RX-8. Lots of people are in the same boat as you and the running costs of the RX-8 will scare them away.

You may well be forced to let it go very cheap and replace it with an ecobox.

thirtythirty

Ugh, that's sh1tty man.

If it was me, the rotary driver in me would say nay,

but my wallet would be saying "aye". Mainly in order to offset any 'potential' high-end expenses you might unexpectedly incur, as is the nature of our cars....

It'l be extremely hard to choose something to step down to, but unless you reckon you can get a job inside 5 or 6 months, then you're risking an unnecessay cost by holding on to it.

Not the rationalisation you prob wanted to hear I'm afraid!

unkel

bazz26 wrote: »

You may well be forced to let it go very cheap and replace it with an ecobox.

Or if you can't afford the running cost (but don't desperately need a few grand cash a fire sale of the car would generate - even if you only get statutory redundancy, this should keep you ticking over for a few months), take the RX-8 off the road and buy a cheap small engined banger to keep you mobile until the time when you can afford the running costs of your RX-8 again

Sorry for your troubles BTW

MetzgerMeister

Thanks bazz. Although I'd prefer to hold onto it if it comes to that. I'd rather struggle with it than let it go cheap because the only thing I have to pay for in the long term is petrol and since my journey back and forth to work every day is out of the equation, I can save that money at least.

si_guru

If you only need local travel - park the RX8 in your garage and buy a push bike whilst you get a new job sorted!

Atomic Pineapple

Rx-8's are making nothing these days, so you should only sell it it your situation becomes desperate, you never know you may find work quicker than you imagine.

MetzgerMeister

spottyelephant wrote: »

Ugh, that's sh1tty man.

If it was me, the rotary driver in me would say nay,

but my wallet would be saying "aye". Mainly in order to offset any 'potential' high-end expenses you might unexpectedly incur, as is the nature of our cars....

It'l be extremely hard to choose something to step down to, but unless you reckon you can get a job inside 5 or 6 months, then you're risking an unnecessay cost by holding on to it.

Not the rationalisation you prob wanted to hear I'm afraid!

I know what you mean. Thing is, I have been doing any maintenence work on it myself for a while now and I'm very up on what needs to be done so that's not a problem for me.

It's not the rationalisation I wanted to hear but I also don't want to be deluding myself. Truth hurts!

unkel wrote: »

Or if you can't afford the running cost (but don't desperately need a few grand cash a fire sale of the car would generate - even if you only get statutory redundancy, this should keep you ticking over for a few months), take the RX-8 off the road and buy a cheap small engined banger to keep you mobile until the time when you can afford the running costs of your RX-8 again

Sorry for your troubles BTW

The fire sale idea is, to be honest, not an option. I love the car too much to do that and I've put too much work into her for that. I have the cash to renew my insurance in december for the year so the only thing that'd be bothering me besides tax next september would be petrol. I'd only be driving around town so would the dole cover me for this do you think?

no1beemerfan

Sorry to hear you were made redundant.

Don't make any decision now but see over the next month or two if you can afford to hold on to it. You probably won't be using it as much now I presume and since you owe no finance on it its worth more to you than the next fella who will probably get a bargin. Also you know this car and you could end up with a car that needs work.

MetzgerMeister

si_guru wrote: »

If you only need local travel - park the RX8 in your garage and buy a push bike whilst you get a new job sorted!

This is Ireland, a garage to park a car in was a luxury, even in the "celtic kitten" era and isn't something I have

draffodx wrote: »

Rx-8's are making nothing these days, so you should only sell it it your situation becomes desperate, you never know you may find work quicker than you imagine.

Tell me about it! That's why I don't want to sell it. I hope I do find work soon though...fingers crossed!

TestTransmission

Keep the car (you obviously love it cause you never shut up about it )

Who knows,come a few weeks you might have a new job and will regret selling it.