Post # 1
Welp, here’s the long and short of it…
I am thinking about selling my car so that I can splurge a little on our big day. FI (who’s a car guy) says I could probably get $10-$13,000 for it.
Things to keep in mind (before responding that I’m crazy ):
- We live right on the train and across the street from a major bus depot. This takes me directly to work, grad school, social functions, the airport, etc. Thus, I don’t really drive any way (and it’s just racking up insurance money sitting there in its pretty little parking spot).
- We have almost all the amenities we need (grocery, gym, department store, restaurants, bars, liquor stores, car shops, etc.) within walking distance. Which is probably why our rent is so high, hmm….
- FI owns (and will keep) his 4WD truck and motorcycle. We decided his were the ones to keep, because of snow/weather/icy roads. Oh, and because motorcycles are sexy 🙂 So we will still have transportation.
- We still don’t know if/how much any family members will be contributing. We haven’t had those conversations yet.
- Our wedding is still over a year away, so we do have time to save.
- We’re planning on setting some of the money (from the sale) aside to pay for a less-expensive, more gas-efficient vehicle in the future, as well as any other small bills we can squeeze from it.
- We still want to stick with a wedding budget around $10,000.
Post # 3
Since it looks like you’ve got your bases covered for transportation, I’d say go for it.
Post # 4
I think this is a really bad idea. I’d take out a loan before I’d do this. You realize how much more your fuel will cost when you have to do all your traveling in a 4WD pickup, right? My parents have one to haul their boat, and I think it tops out at like 14mpg.
Post # 5
I would sell it, but not just to finance the wedding – more because it really sounds like you don’t need it. Better save the money and use them for some better purpose.
Post # 6
Worst idea since leg warmers….
The train ain’t going to take you to the hospital, or your dying Aunt’s house at 3 in the morning…walking home from the grocery store SUCKS….sharing a car with anyone is horrible…remember being 16 and dying for a spin in your Mom’s station wagon???
“That’s one of my all time favorite memories”…said no person in the history of the Earth.
I would sell a car to pay for a medical treatment, taxes or the mortgage, otherwise it’s an asset that functions, and selling it so you can drop more cash on flowers and photos and hot passed hor de vours is lunacy…especially if you own it outright.
Post # 7
@jwdesiree: why not wait and see if anyone is going to contribute???
Post # 8
- Wedding: August 2013 - The Liberty House
I would have the conversation with your family about them contributing before I did this.
Post # 9
I’d sell it. If you’re going to sell it eventually anyway, you may as well sell it sooner to get more money out of it. Only if you were planning on keeping it until it died, then I would keep it.
Plus you have all the ammenities within walking distance, transportation, and another vehicle? Sounds like a no-brainer to me!
Post # 10
I’d wait to see if anyone contributes! But if you’re planning on selling the car anyway, I’d say go for it, use like 5k to buy a different car, and put the other 5k towards the wedding!
Post # 11
Sell it, but keep some money aside like you said. I have just sold my car, my FH has got a company car recently so i use his as its more economical than mine. So mine was just sitting there loosing value and costing me money on tax and insurance so i sold it. Half the money will be going on the wedding and half in a savings account incase we need to buy a run around 🙂
Post # 12
I wouldn’t. FI and I each have a car, and I also have a truck from my work that I drive to/from work.
Even though we have 1 car that’s hardly ever used, we won’t get rid of it because we’d be screwed if one of our vehicles broke down. Plus, it’s nice having a truck for picking up large items, an suv for long trips, and a car for short trips.
I guess if you’re SURE you won’t need that extra car, get rid of it. I’d be too afraid of an emergency for the truck breaking down though!
Post # 13
1. Do you have an emergency savings – as in 3-6 months worth of living expenses socked away and used only for that? (this is separate from wedding savings).
2. Would you sell the car anyway, even if there were no wedding?
Only if you answered yes to both, then I’d do it. Why? If one doesn’t have adequate emergency savings in event of a job loss or an emergency, then one should probably not be spending $10k on a wedding. Selling a car to beef up your wedding is not someting I would do. If you truly don’t need the car, use the sales to make that emergency fund instead.
Post # 14
While it does sound like you don’t need to have 2 cars and a motorcycle. I would probably sell the truck or the motorcycle. Those are the least practical in my opinion. But then again, I have no idea what car you are trying to sell.
Post # 15
I’d sell it. We have one car and similar local transportation/amenities and its totally fine. You also save on car insurance.
Post # 16
- Wedding: August 2013 - Brookfield Zoo
Regardless of whether you put the money towards the wedding or not, I think it’s a good idea to sell. You already have 3 modes of transportation (ok so maybe only 2 for half the year) – you’re right, your other car is just eating up insurance payments and possible maintenance/repair fees. Personally FI and I also only have one car, motorcycles (which pretty much only he rides), and the train, our stores are not within walking distance, and it works out perfectly for our lives.