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

Mumto2

Definately offer any profit.
We had very similar circumstances when my parents moved abroad & needed car for short term use when back on holiday (although we didn't have a car to sell).
5 years down the line, the car needed selling & replacing (11 years old). We offered them the part-exchange value. They declined :T, but I wouldn't have felt happy about not offering it to them.

Jaffa_Cake_UK

I'd give her all the profit, in order to show your response to her willingness to give so freely to you. Instead of giving her car to you, no doubt she could have sold it for a tidy sum, hired/ borrowed one when visiting, and just left you with your existing car.

pennypinchUK

Why are you asking? Yes. Next question.

(She'll probably refuse the money, but that's beside the point - do you really want to be making money off your parents?!)

robpw2

if your mum won't take the money which is likely buy them something for their move ::)

Valor

I think you owe her at least all the profit!

But first I'd double check your maths, it's very rare to make money on cars

elizabethhull

I feel sure Sheepster has hit the nail on the head with this quoted explanation. It isn't really profit, though it feels like it.
You have thoughtful and kind parents. Be thoughtful and kind in return. Whether you actually tell them or not, you should help if you can with their move, use eg Interflora to have flowers arriving shortly after they settle in their new house. Has their current house been sold already or do they need someone to look in occasionally, forward post, water the garden & so on ?
Oh and send a photo by mobile or email of your Mum's car 'enjoying itself' with you!!

You could divide the £1000 'profit' into 3 sections: one to use on the horrid cost of petrol on a day-to-day basis, one other to help pay for things you do together when they visit, (maybe you'll be putting them up, that costs in extra food), and the third to start saving for your next car. In fact, I'd save £500 straightaway.

Sheepster wrote: »

I'm going to guess that perhaps what you say is "profit" is really spare cash after selling as per this example -
You paid £4000 - £4000 "free" loan from parents.
You've paid them £2000 of this already.
You sell the car for £3000.
You give parents the £2000 you still owe them, and are left with £1000.

It isn't profit of course, the car has depreciated £1000 as cars do, but you've got back £1000 - but this is money you've already paid off your loan. It's your money really and you'd be using it to get another new car if your parents weren't giving you their old one.
QUOTE]

shazpea

could you keep the money as a 'car money' pool? A little nest egg to keep the car in good shape and have it full of petrol when they come to visit? that way you're sort of sharing the extra cash but both benefiting from it. Especially if something were to happen to the car, they want to use it, you have to fork out to fix it.

drsquirrel

Although there is £1000 cash in hand, you still have a "loss" of £1000.

You paid out £4000, you received £3000.

If you give away that £1000, you will have paid out £5000 and only received £3000.

Thundercatsarego

No - you have kind parents - my mom is the same. Maybe buy her something nice as a token... but if she has given you the car then it's a gift and you don't need to make up for her kindness... just be grateful.

madanna

m&d have been kind enough to help with a loan - so it should be automatic to offer them the money back. if m&d need the cash they'll take it; but as they had spare in the first place - it's likely they'll tell you to keep it.