I have a 2009 Jeep Patriot on which I owe about $11,000. I would like to downsize to a more affordable vehicle and would appreciate any suggestions regarding this. Thanks!
What should I do about my car?(13 posts)
Take the plates off, put a brick on the gas pedal, let it drive itself off a bridge?
Set it on fire?
Welcome to the forum.
As to your question, some answers:
1. Read Jacob's blog, to begin with.
2. If you don't find answers to most ills-of-consumerism, then read his book (which I am yet to get still! Hoo-Boy!)
3. Or read this post:
A used car has already been built once and does not require additional factory resources and raw material. It is more ecologically sound to buy a used Hummer than a new Prius. The same goes for furniture.
May not be bad to keep it after all, unless you want to go for a slightly older hatchback instead of the said Jeep?
What is it worth (i.e. are you above or under water?) How tight is cash? What do you use it for?
@AlexOliver: I am LMAO at the last two of your suggestions!
@ Surio: Thank you very much for the welcome. You suggestion: "May not be bad to keep it after all, unless you want to go for a slightly older hatchback instead of the said Jeep?" is what I am thinking of doing-with the hopes of keeping it for at LEAST 10 years
@dragoncar: It is probably worth around 9-10K. Cash isn't too tight at the moment. I am saving a lot right now with the hopes of ERE at 45 (I am currently 34) I use the car only around town to go to work.
So you'd have to pay 1-2k up front to get rid of the Jeep, but will save X/mo by not having it? Hopefully X is positive... without the car, you may have additional transportation expenses.
Since you have the ability to dump it, I'd say do it as long as the alternative transportation is reasonable (both in cost and effort).
The best thing would be to sell it and not buy another car.
Barring that, I would calculate how much you'd save on a per-year basis by downsizing. If you drive rarely, the difference between an efficient vehicle and an inefficient one isn't that big, so often the cheapest thing to do is keep whatever you have. Which is consistent with the bit about the Prius and Hummer.
In case you do buy something else, the cheapest routes seem to be either 1) a crude design that's easy to work on and has cheap junkyard parts, e.g. a carbureted domestic land yacht or air-cooled VW, or 2) a very reliable economy car that will probably never need service, e.g. Civic or Corolla. Also, the ERE book suggests buying classics to avoid depreciation.
Sell it. Buy a DeLorian. Get it up to 88mph. Go back in time and never buy the Jeep in the first place.
Did you buy it new? If so, you need to keep it, to offset the whuppin on depreciation you have taken. But that is just me.
Otherwise, if you don't want a car, you could probably sell a clean. low milage Jeep for around 10K. They are pretty popular.
If I had your ride, and owing 11K, I would opt to keep it. I would double up on payments and get it clear. Now you ERE people are wanting rid of car expenses and I understand that. Get a grip, most people need a car. Unless you live in Tokyo or London or NYC, you "need" a car. You will find that out later on if you get rid of it.
ERE sin #1--own a car, especially one your paying interest on a loan on. Yeah, I get(got) that.
Nonetheless, "most" people need, not want, a car.
OK blackball me for this, but I hold to my guns.
11K on a 2009 ain't all that bad! Pay it off and enjoy having a car.
@HSpencer Cars are just not necessary in a lot of places. I currently live in a town of 800 people in the middle of a national forest and we have excellent free bus service to anywhere in the county (http://summitstage.com/). I can walk to the grocery store, post office, thrift stores, and plenty of other useful places even though the temperature is rarely above freezing this time of year. If I want to go to the nearest large city (1.5 hours away) I can take the greyhound bus or rent a car for the day. I also lived car-free easily in a large city that was not known for being pedestrian friendly (Atlanta) for 4 years with no car. It's definitely possible to live in many kinds of different places without a personal vehicle. I don't think owning a car is always a bad thing (I lived out of one for about 6 months this year), but they are definitely not a requirement.
HSpencer, the prior depreciation is essentially a sunk cost and should not be taken into account looking forward. I know where you're coming from, as I have to fight this urge all the time. Example: "I've got to hold this tanking stock, because I've already lost so much!"
There's one factor that may make some sense to consider. If you've taken really good care of the car, you have "insider" knowledge that it's "worth" more than what you could sell it for on the open market (car buyers assume vehicles are poorly maintained by default)
I'm in the same boat as you. I'd like to sell my 2006 vehicle which I owe 7,000 on. I would suggest 1 of 2 options. Obviously, as most would suggest, getting rid of the car and biking/walking/public transportation is the cheapest option. If that's not possible in your situation than I would put it on the market and see what you can get. Craigslist, Autotrader and CarMax are all very low cost or free options to get a handle on what you would get for your car. If it's very close to what you owe, then look for a car in the $3,000 range that's reliable. An old Honda would do. It'd be cheaper in gas and you wouldn't have to have collision on it. That would save you a lot in the long run. If you can't get close to what you owe than keeping it would probably be the best option.
Thank you so much. I greatly appreciate all of the advice! You have giving me a lot to think about as I travel this road to ERR. As for now, I do in fact need a car in the area that I am in and will probably keep it for now.
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