Need advice: As you all have seen, the used car market is absolutely ridiculous right now. I paid off my 2016 VW Passat Premium. It has about 80k miles and I’m a bit bored with it. Matter of fact, I can go without a car for a while as I live in a big city. My same car with this mileage is selling for $19k. Which is more than I purchased for at 40k miles. I was thinking about selling it now and possibly leasing a cheap brand new car ($170 a month). Then invest the rest or improve my finances.

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Why would you sell a paid off car and then give yourself a monthly payment? If anything, sell it but don’t get into a lease. If you can go without a car then do that.

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I’d sell it. If you don’t need a car, why even bother leasing. After gas and insurance you’re looking at about $300+/month. Can you go by with public transit and Uber for under $300?

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I’d double check the trade in value before getting too invested in this whole idea. Unless you can sell privately you won’t get anywhere near $19k.

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That’s actually not true. Car dealerships have paid top dollar for used cars over the past year. I got quotes on my 2018 truck from Carvana and several dealerships, each offering to pay me more than I purchased the truck for brand new. No trade required. I ended up getting $3,000 more than I paid for the truck 3 years prior.

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I’m married, and we sold one of our 2 cars to Carvana and are living without for a while. Cars aren’t assets. You’ll save on insurance. Likely the used car market will never be this good again. Probably will go electric when life tells us we need 2 cars again. Until then there’s Uber in a pinch.

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"I'm a bit bored with it"

I would look into this statement and figure out what's most important to you.

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Zipcar or other car sharing is a great option versus leasing or Uber

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Is the $$ saved worth it? Going grocery shopping, picking up a random kind of large package, going 30 mins out of the city, are all things I don’t do often, but are very annoying to do without a car.

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I completely forgot about my random food runs too. 😅

Thanks for your input folks. I’ve decided *drumroll* 🥁

I’m not selling!!! 🥳

Not worth the hassle.

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DONT DO IT!

likesmart

I sold my car for 4K over blue book went 9 months without a car and now I need one for busy season so I just bought a new car and laid 4K over MSRP so in the end it’s a wash but I saved on insurance for a period I didn’t need a car.

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If you can go without a car for 2 years, then sell it. Otherwise whatever you lease/buy next won't make it worth it.

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Absolutely sell

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I bought a new 4Runner in Feb 2021. I sold it in November 2021 for $7k *more* than I bought it for. It’s insane, and hopefully a situation that never happens again..

So, I’d say sell your ride if you don’t need one. If you can’t work on cars yourself, a VW approaching 100k will likely be a money pit soon.

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Cont. The car is 6-7 years old and has 80k miles. I plan to purchase a new car in about 2-3 years but will lease/go without until then. Should I just keep it or sell it? I really have no clue what to do 😭

Car market will be crazy for a while. Just be sure you won’t need to buy again in the next year or so

We took advantage of this and sold our extra cars...twice. My husband and I share one car. We are waiting to buy the second car until prices go back down. I'm not sure if this would have worked for me as a single person, but we pocketed thousands in cash so it's not a bad idea if you don't have transportation issues... Also there's no hassles to the actual sale of it. carvana makes it extremely easy. The only hassles would be your own personal transportation issues.

Carvana, Carmax, Vroom, see how much they’ll offer and go from there. This market won’t last forever!

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