Real life MMD: Should I share the profit with my mum?

Former_MSE_Penelope Former MSE Posts: 536 Forumite
edited 7 June 2011 at 3:45PM in MoneySaving polls
Should I share the profit with my mum?

My parents lent me money to buy a car a year ago and I am paying them back monthly. They are due to move abroad in a couple of months and my mum has said she will give me her fully paid-for car, providing they can borrow it when they visit. I'll therefore be selling my car and reckon I can make enough money to have a profit after paying back my parents. Should I give this extra cash to my mum as she is giving her car to me for free?
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  • ironlady2022
    ironlady2022 Forumite Posts: 1,544
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I don't think you need to give them any profit BUT I would tell them about it and offer them half say dpeending on how they view this.
  • Pmarmalade
    Pmarmalade Forumite Posts: 175 Forumite
    I don't get why they don't sell their car and just write off your debt if they want to do you a favour. Is your car less practical/reliable/desirable?

    Would you rather have their car than your own one? I'm guessing you chose your car to suit your requirements.
  • shellsuit
    shellsuit Forumite Posts: 24,749
    Part of the Furniture 10,000 Posts Photogenic Combo Breaker
    I've give all the profit for doing me such a good turn.
    Tank fly boss walk jam nitty gritty...
  • snowball2
    snowball2 Forumite Posts: 204
    Part of the Furniture 100 Posts Combo Breaker Uniform Washer
    She should share the profit.

    my mum gave me her car when she bought a new one as I couldnt afford a car at the time, later I was able to buy a bigger car for myself so sold the car she gave me. I split the money with her 50/50, she was really pleased and repayed her good turn to me :)
  • onlineo
    onlineo Forumite Posts: 46 Forumite
    If your mum needs the money then why not offer to to split the profit. If she doesn't then how about just buying her a nice leaving present.
  • snootyjim
    snootyjim Forumite Posts: 41 Forumite
    my mum has said she will give me her fully paid-for car

    Surely the clue is in the word "give"?

  • mr-tom_2
    mr-tom_2 Forumite Posts: 131 Forumite
    Show them your gratitude and *suggest* splitting any profit.

    The only basis for reconsidering would be if you made the extra money as a result of having done work on the car or something like that.

    At the minimum, make sure they get help from you in moving abroad and perhaps a bit of wine and some flowers when they reach their new home.
  • 967stuart
    967stuart Forumite Posts: 300 Forumite
    What car do you currently own, would love to know how you are selling a secondhand car and your going make a profit in the first place !
  • CLGoggin
    CLGoggin Forumite Posts: 11 Forumite
    hang about - you say you can 'make enough money to make some profit after paying back your parents'. Presumably you've factored in how much YOU have spent on the car (via your parents). Are you sure it's profit as opposed to just the value of the car which you have paid out?? if it really is profit then maybe you've come across a good money making scheme as I've never heard of selling a decent car on for more than it was bought for!

    If you're parents want to give you a car and you've fully paid them back what you owe, then it should be more about what help you can offer your parents in their move. Do they need the extra money (I would guess not given they are prepared to give away their car)? Is there anything else you could help with like organising flights/shipping funiture etc? I'm sure they will just appreciate the time and effort without expecting any financial!
  • JSS
    JSS Forumite Posts: 15 Forumite
    you're selling a car for a profit? for more than you originally paid for it?? Please tell us how, as I've never heard of anyone doing that before - always people lose money on a car!!
    however I suspect what you really mean is that when you sell the car, you will get more money for it than you still owe your parents. That's not a profit, that just means you've already paid for the inevitable depreciation in the car's value.

    It's still very kind of your parents to lend you the money, and your mum to give you her car. I'd offer your time and help with the move, as this will be far more needed than any money you can offer
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