Selling a car to payoff debts.........

robbierude

I'm a newbie to this forum but was wondering if anyone out there has ever sold anything substantial to release monies to pay off debts.

For a couple of months now I have been toying with the idea of selling my car and down grading to a banger. This would release about £2,800 and pay a large chunk of my debts off.

Any thoughts anyone???????????

forsya

Hi

I haven't sold anything substantial to pay off debts, but did seriously consider selling my car, but after lots of umming and arrhhing and help from MSE I decided to keep it.

If you had a really expensive car now then I would definitly say sell it and get a cheaper one, but I think getting a banger could cause you more problems.

It also depends on how much you use your car, do you travel around in it alot? Coulld you go without a car even and use public transport?

If you feel this would be a great help, then worth thinking about, but with a bit of hard work and determination you could keep the car AND pay off your debts.

Let us know what you decide!

All the best xx

moxie_2

I'm selling mine tomorrow (already posted about how sad I am about it). But I don't really need it and it will release some cash that I really need for my daughter's uni fees.

aurora_borealis_2

moxie wrote:

I'm selling mine tomorrow (already posted about how sad I am about it). But I don't really need it and it will release some cash that I really need for my daughter's uni fees.

I'm in the exact same position (except I've got two at uni). I actually advertised it last week but I'm trying to hang on to it :rolleyes:

Ali-OK

I considered changing mine for something older to do the same, but I'm so reliant on it - school is 8 miles away and work is a further 5 - and neither on a simple bus route.

Also, it's very reliable, economical and fairly cheap on insurance and it's really luck whether you get a good runner or not.

So I'm sticking with it.

QueenB.

I think that sometimes selling a car or something similar can seem like the answer but it is something that has to be really considered, all the pros and cons, we just brought a car at the end of last year, it was second hand and a great deal and best of all we had the money to pay it of in one go. True could have used the money to pay of more debt but we really needed a new car. Old one was falling apart and just not big enough.

I know that we personally could not live without our car, though we are trying to cut back on its use. So selling for us would be counter productive.

Whatever you decide, i hope it works for you. Good luck

tomstickland

we just brought a car

Quite heavy things to bring.

Anyway, I've never paid more than £1200 for a car in 10 years and I've done +20K per year in that time. There are plenty of good cars for £1500 in the local paper, plus loads of cars with 12 months MOT for £500.

If your car is worth less than £1500 then I'd think carefully about selling it though.

QueenB.

tomstickland wrote:

Quite heavy things to bring.

Anyway, I've never paid more than £1200 for a car in 10 years and I've done +20K per year in that time. There are plenty of good cars for £1500 in the local paper, plus loads of cars with 12 months MOT for £500.

If your car is worth less than £1500 then I'd think carefully about selling it though.

LOL, can't believe i wrote that :rotfl:

liuhut

We had a car that was costing a fortune to insure, we sold it for £1900 and the money that we saved on the insurance bought a new car and the insurance for the year. the £1900 paid off all my debts - it has made a real difference to me. Good luck with what ever you decide to do

tomstickland

I sold a car that was averaging me 22mpg and too much money in maintenance/tuning etc and bought another one (which I like even more) which I spend nothing on and does 32mpg. I save and smile the whole way.

gibboking

Hi
Think very carefully before selling your car!
Before I even met my husband he was very passionate about cars (he says it in his blood).
Since we have been married I have seen various cars come through our lives, He has done modifications to them then moved on to the next and every time it was a heart wrench for him, but he always moved on to his next project and had something else to put his mind to.
But when he lost his job last xmas and was in and out of various jobs (and feeling quite depressed) we fell deeper in to debt.
I sold loads of my items, jewellery, royal doulton pieces anything that would help keep a roof over our heads really.
Things were still bad, so my husband decided to sell his beloved VW Corrado which he did a 300 mile round trip to get!
He has not been the same since, he was driving a battered old van (which is now dead so he is now car-less) and completely lost his sense of self.
I feel really guilty that yes at the time the money was needed but it hasn't really improved things (financially yes but emotionally no).
i cant help but feel guilty that he sold his car and we cant afford to buy anything that will float his boat again for a long long while.

What I am trying to say is how much does your car really mean to you, and are you prepared for the fact that bangers are exactly that........... bangers!!
Be careful and think hard!
Good luck with whatever you decide to do.

Vicky