should I sell ?
 

I've come to a cross roads with my car and money I owe which is close to 35 gran just bought a house and some of that money went to that
now I got my 81 targa mint condition best car I've ever had but my common sense is its gonna prob take me a good 5 years to pay this off or sell the car for around 22 gran here in Canada and take most of this debt off my mind
I got the car last year for 17000 as a great deal I'm torn on what to do
I'm a car guy so if I sell it I'll prob get an old subaru to work on etc but I really don't wanna sell it but my mind is telling me it's the make sense thing to do
should I keep it

Sell it. Nothing compares to the peace of mind that comes with being debt free. Pay off your obligations and then pay cash for another.

I'm at the same crossroads as you . As much as I love my 930, I have come to the realization that selling it , clears off all my debt, and I am off the hamster wheel, at the ripe age of 45. I go back and forth daily ... It is a tough call, if the market keeps going like it is, you , and I may never get another.

Once upon a time I sold my 968 to get together the money for a down payment on my house. Do I miss that car? Hell yes I do! But I know that I made the smart decision for my family. It's paid off in spades. There are always other cars. You can't put a price on solvency.

ya I think its the right thing to do I've told myself that if I don't get at least 22000 I won't let it go and just keep paying down my debt Slowly I guess who know what the value of these cars will be in 5 years but oh well

you owe 35 g for the car?

you have a picture of the car? mint 911SC are not that easy to find..man..i might keep it.

not part of it was to buy the car but the rest was for other things like I said just bought a house and had to spend some on that

I did something similar 10 years ago. I am back in a Porsche now for 2 months. It was definitely worth it for me, but you sound like you are in a better position than I was at the time.

Like I tell my kids ... 'It's stuff...work for it, enjoy it, but don't think you can't live without it. It can always be replaced or upgraded.'

keep the car, you bought it for a reason.

stop living in the past and start living.

if you're riding the ragged edge..buying the 911 was the wrong decision..but now that you have it..keep it. dont make two mistakes :)

One way to look at it....if you had 22k in your pockey, would you buy a 32 year old pcar toy or would you pay down your debt to a reasonable level? There's your answer.

it's a tough call I think if I can get 22000 out of it I could let it go then take a year to be debt free
there is no good sc 911 in ontario right now and the 86 and up people are asking close to 30 gran
I will keep it until I get what I want if not then I think it's worth keeping

intheGRANschemeofthings35GRANisreallynotatonofmone yireallythinkyoushouldkeepthecarinafewyearsyouarer eallygoingtoregretsellingitANthenyouaregoingtowant toreplaceitANitisgoingtocostyoutwiceasmuchtoreplac eit

Ah yea! that is soooo much easier to read!

:)

Pfffffft! Wine out nose.

You're not going to get $22,000 for a 32 year old SC......it will probably yield enough to pay off half your debt load of your lucky. $12000-16000 would be a reasonable figure.

I disagree the market is what it is but if that's the case I guess I'll keep it

Only basketcase SCs are going for that money nowadays. Drivers with a lot of hassles, or very nice cars with engine issues.

Decent SCs have been trading hands in the 20s for a while now. Some exceeding 30.

$12-16k was two years ago.

You should bet him...you sell it for 22 large and he has to pay you 5 large but if you can't get that for it in say a month then you have to pay him 20% of what you do sell it for...

I'll broker this social experiment for say 2 pts!

You don't own the car. Give it back to the bank. :)

Seriously, if you can't buy reliable transportation cash, that's one thing, if you can't buy a toy cash - pass. IMHO you should have never financed this in the first place. I always voice this opinion when people finance their classic Porsche ..

G

I agree- to an extent. When I bought my car I had the liquid available to do it. I also flipped cars for money and used my liquid as working capital.

I called my bank just to see what I'd be offered as a rate on the car. I was REALLY surprised at what they offered me. So, I opened a small line of credit for a small interest rate, put a chunk of cash down and used the rest to make much more than I'll pay in interest fees. I also bought with about as much equity as I paid in total. It was a no-brainer for me.

I got to add an extra line of credit to build my report (as a young person, it's helpful) and if anything went terribly wrong, I wouldn't have been up a creek.

Sometimes it's not an awful idea to let someone else foot the bill up front.

This is what worked for me, and is certainly not a rule I would teach someone in a different circumstance.

sure not Metamucil?SmileWavy

This.

You don't want to buy toys on credit. Not even if people owning similar model of toy say it appreciated...

I don't know what your circumstances are, or what kind of interest you are paying on that loan.

If you can't pay down the principle, because interest payments are eating up your money, you need to get out of it. However, selling a 911 at the end of the season is when people like to haggle. Put it up for 24 and if you get no takers, put it up the first nice week of Spring for 26.

Only you know what you need to do.

Keep it. As much as I like the idea of being debt free I really don't think there's any such thing. You'll always need food, shelter, clothes, transportation, fuel, etc. even if you own your car (I do - I hate car loans) you still have to buy tires, oil, gas, maintenance, etc. even if you own your home you have to pay upkeep, utilities, insurance and taxes (you don't ever own real estate the government does - if you don't believe me don't pay the tax bill and see what happens). You need health insurance coverage (unless you're VERY foolish and rolling the dice going without), etc.

Maybe some wouldn't consider those things being the same thing as "debt" but I don't. They're all things that keep one having to work and "on the treadmill" unless you've got a huge inheritance or astonishingly good investment revenue to cover all that, or are retired and on borrowed time hoping to die before your money runs out.

Yes there's something to be said for having LESS that you have to come up with each month but there's simply no such thing as being entirely free of it. In that context I say do what makes you happiest and don't fret the money bit so much.

I've had s line of credit for over 10 years it's just there
I don't have problems paying it down it's just gonna take me around 5 years to pay it all off I didn't use most all of that to buy the car like I said I had to do some things around the house I bought and that quicky went up
it just weighs so much on my head knowing I owe that much

I respectfully disagree Jeff. I purchased a new Jeep CJ5 (when I was 17 with my dad cosigning) to "establish credit", and I borrowed 'bout 25K for a new Supra Turbo in my 20s (making good "coin", and having a blastl :)). Then around 30, I got "serious" about not being on the "treadmill" (or having to "option" to hop off) by the time I was 50. One can be essentially "debt free" (if you've got everything "covered" that you mention above with appropriate "income streams") without being a slave to "work" and actually increase one's net worth while doing so. Just takes some planning and diligence (and NO divorces :D). Knowing "what I know now", I would NOT have borrowed to purchase that Supra back in the day...YMMV.

Took the option to "retire" back in the fall of '08 (at 48) rather than be outsourced to a large corp. that I simply would not work for for ANY amount of $.

"Debt Free" = :);):D:p imo....but you typically don't get there without "a plan".

Fresh out of college...I had nada (but NO debt)...

Only the OP knows which "priorities" are best for him though....YMMV

I only owe on my house thanks to years of conservative living. That made getting laid off in April a much less stressful situation. If we had another $1000+ in monthly payments, it would have gotten ugly quick. Having money in savings provided me with the ability to start my own business. I don't know how people that live month to month stay sane.

I have long been debt-free except for a mortgage (and mortgages on some of my rentals). Any cars that I buy are with cash. I did finance one back in 2001 for 0% interest...but that was just a matter of simplicity.

When I was younger and did finance a couple of cars, i made sure they would last (and I would be happy with them) long after they were paid off. I kept them over 20 years.