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Need advice: Thinking of Selling my 3rd Car

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Old 05-18-2013, 08:14 PM   #1
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Need advice: Thinking of Selling my 3rd Car

A year or more ago my wife and I bought a 1990 Mazda Miata, I have put a ton of work into it getting it up and running, it still needs paint, and could use a roll bar, but I dont want to put anymore money into it. We also just had our first kid and moved, so the car is useless to take my new son around in, but it is great for driving to work and running out to the store, or when I down my truck for a few days to do something, like suspension or what not. Having a 3rd car is great, but can be a hassle.

I found a buyer for the car, and my wife wants it gone... I still like it (you can see the build link in my signature). My wife said if I sell the car I can get a plate bumper for my Tacoma, a air compressor and a nice gun safe that I need now that we have a little one, and still have some left for savings.

I am talking myself into selling it, but not sure, having a beater car, a spare car, and a convertible is great. I also just finished suspension, clutch, timing belt and wheels/tires, so it has a lot in it.

Thoughts?


I have my Tacoma ('06), and my wife has a CR-V ('08) and we share the Miata ('90).
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Old 05-19-2013, 05:06 AM   #2
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Mike

Having this 3rd vehicle is a tremendous advantage. I also have a "extra" vehicle and it makes things so much easier. If the vehicle is yours outright then the things you mentioned is to much of an advantage to let go. The hassle of trying to get to work at different times or areas and main vehicle repair is gone. I know it's not a super practical car however just think what happens if one of the others go down. Of course if finances are an issue then it's a no brainier. All I can tell you is as long as I could get away with having it. I would hold on to it.
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Old 05-19-2013, 05:17 AM   #3
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A third vehicle still needs insuring, registering, fueling, and maintaining. As much fun as it probably is, it's still an expense and if someone wants to buy it (and the price is right), I'd sell it.
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Old 05-19-2013, 06:19 AM   #5
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Your wife wants it gone, you better concede and hand over your balls.

Or try showing her this thread later with people advising you to keep it and see how that works.
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Old 05-19-2013, 07:35 AM   #6
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Originally Posted by worthywads View Post
Your wife wants it gone, you better concede and hand over your balls.
Not really a question of handing your balls over at all.

I had a second car I rarely drove. Cost me $500 a year to register it, another $700 to insure. At the time I sold it, it could have used a new set of tires and even though I didn't drive it much, it still needs things like oil an change and what not.

Now admittedly, my example wasn't a Miata but my point is the same. You own a car that you throw money every year and get little use in return and its value declines each year you own it. If you didn't have to register or insure it and the cost of ownership was $0, you might want to keep it.

For me, I have the value of the car in cash and a couple grand a year in extra cash. I kept my balls too.
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Old 05-19-2013, 07:38 AM   #7
goufcustom [OP] goufcustom is offline
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Originally Posted by Tacoma Mike View Post
Mike

Having this 3rd vehicle is a tremendous advantage. I also have a "extra" vehicle and it makes things so much easier. If the vehicle is yours outright then the things you mentioned is to much of an advantage to let go. The hassle of trying to get to work at different times or areas and main vehicle repair is gone. I know it's not a super practical car however just think what happens if one of the others go down. Of course if finances are an issue then it's a no brainier. All I can tell you is as long as I could get away with having it. I would hold on to it.
True, the Miata is completely paid off, bought it out right ($2500), and financially I dont have any issues. My truck has 1 payment left, and my wifes car has 3 payments left.

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A third vehicle still needs insuring, registering, fueling, and maintaining. As much fun as it probably is, it's still an expense and if someone wants to buy it (and the price is right), I'd sell it.
Making the Miata my primary vehicle over the Tacoma actually reduced my insurance, registration is low at $32 per year, but you are right there is always something to fix about it. But it gets double the MPG of my Tacoma.

The other issues I have with getting rid of it is that I just finished doing a ton of work to it, I know I wont ever get any of that money back, and I dont really want to keep fixing it.
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Old 05-19-2013, 07:47 AM   #8
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I'd say you probably break even over time. Think if something breaks on one of your other cars, having the 3rd gives you some breathing room to fix it yourself instead of having to take it in to get fixed immediately so you can keep going to work.
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Old 05-19-2013, 08:30 AM   #9
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I'd say you probably break even over time. Think if something breaks on one of your other cars, having the 3rd gives you some breathing room to fix it yourself instead of having to take it in to get fixed immediately so you can keep going to work.
So a 1990 Miata is worth between $2,000 and $9,000. The average selling price is nearer $6,000. It would be worth knowing whether the car is appreciating or depreciating in value. Miata.net implies it's a classic but I don't know enough to say whether that's true or not-if it is, the car should appreciate in value and you'd probably have to keep it for a long time to get any real money out of it. However, if you want to keep it as a classic, you probably also don't want it for a DD and you might even want to restore it.

Hard to say without running the numbers but I'd suggest calculating the the real cost of driving it per mile then compare that to the truck. If you really are saving money driving the Miata, consider keeping it but I doubt that you are saving much when you look at the true cost per mile to drive (I could be wrong).

Definitely run the numbers.
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Old 05-19-2013, 11:50 AM   #10
goufcustom [OP] goufcustom is offline
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Quote:
Originally Posted by ian408 View Post
So a 1990 Miata is worth between $2,000 and $9,000. The average selling price is nearer $6,000. It would be worth knowing whether the car is appreciating or depreciating in value. Miata.net implies it's a classic but I don't know enough to say whether that's true or not-if it is, the car should appreciate in value and you'd probably have to keep it for a long time to get any real money out of it. However, if you want to keep it as a classic, you probably also don't want it for a DD and you might even want to restore it.

Hard to say without running the numbers but I'd suggest calculating the the real cost of driving it per mile then compare that to the truck. If you really are saving money driving the Miata, consider keeping it but I doubt that you are saving much when you look at the true cost per mile to drive (I could be wrong).

Definitely run the numbers.
I doubt it is saving me money, compared with selling it and using that money for Tacoma gas. The car is worth between $3k and $4k, it needs a paint job, but has little to no rust. It has not appreciated much, the pluses are that it has had all of the major 120k miles work done (by me). I needs a timing belt every 60k miles, so it is good to go for another 60k. I wont restore it, it isnt worth it, would rather get a muscle car to restore, and I am not that good at restorations.

It will likely go if my interested buyer is serious.
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