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  • mayling03
    • #2
    • 7th Jun 11, 8:37 PM
    • #2
    • 7th Jun 11, 8:37 PM
    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
    • By Pmarmalade 7th Jun 11, 9:06 PM
    • 159 Posts
    • 134 Thanks
    Pmarmalade
    • #3
    • 7th Jun 11, 9:06 PM
    • #3
    • 7th Jun 11, 9:06 PM
    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
    • By shellsuit 7th Jun 11, 9:08 PM
    • 23,017 Posts
    • 41,912 Thanks
    shellsuit
    • #4
    • 7th Jun 11, 9:08 PM
    • #4
    • 7th Jun 11, 9:08 PM
    I've give all the profit for doing me such a good turn.
    Tank fly boss walk jam nitty gritty...
    • snowball2
    • By snowball2 7th Jun 11, 10:55 PM
    • 198 Posts
    • 124 Thanks
    snowball2
    • #5
    • 7th Jun 11, 10:55 PM
    • #5
    • 7th Jun 11, 10:55 PM
    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
    Trying to do it the OS way

    Gave up smoking 1 April 2006
    • onlineo
    • By onlineo 8th Jun 11, 1:09 AM
    • 42 Posts
    • 10 Thanks
    onlineo
    • #6
    • 8th Jun 11, 1:09 AM
    • #6
    • 8th Jun 11, 1:09 AM
    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
    • By snootyjim 8th Jun 11, 1:28 AM
    • 41 Posts
    • 44 Thanks
    snootyjim
    • #7
    • 8th Jun 11, 1:28 AM
    • #7
    • 8th Jun 11, 1:28 AM
    my mum has said she will give me her fully paid-for car
    Surely the clue is in the word "give"?

  • mr-tom
    • #8
    • 8th Jun 11, 6:14 AM
    Generous Parents = A Great Start In Life
    • #8
    • 8th Jun 11, 6:14 AM
    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
    • By 967stuart 8th Jun 11, 7:49 AM
    • 291 Posts
    • 403 Thanks
    967stuart
    • #9
    • 8th Jun 11, 7:49 AM
    • #9
    • 8th Jun 11, 7:49 AM
    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
    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
    • By JSS 8th Jun 11, 8:41 AM
    • 15 Posts
    • 45 Thanks
    JSS
    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
    • purpleweasel
    • By purpleweasel 8th Jun 11, 8:42 AM
    • 115 Posts
    • 202 Thanks
    purpleweasel
    I would tell your Mum all about it and see what she says - my guess would be that she will tell you to keep it, as she is already making the generous gesture of giving you her car! How far are they going? Put the money towards a ticket to visit them, or use it to pay for any extra insurance cost to add your Mum to your policy when they visit
  • luckystepney
    Presuming she gave you an interest free loan and she is giving you another car, I think you should offer her all the profit. The likelihood is that she will refuse anyway but it shows willing on your part and keeps the path smooth for any further interest free loans!
  • birkee
    I see it this way:

    You are swapping cars with your Mum, so your old car is effectively hers, so any money from the sale is hers.
    They can then hire a car when they visit.
  • tolapuk
    Any profit you MAY make on selling your car would make up for the fact that you will be WITHOUT a car any time they visit, this may or may not be very often but certainly some inconvenience to you !
    • Sheepster
    • By Sheepster 8th Jun 11, 10:06 AM
    • 112 Posts
    • 129 Thanks
    Sheepster
    Surprised to hear you think you'll make a profit on selling a car you've bought, as cars nearly always depreciate (Unless say you bought it off a friend who was emigrating and just wanted to sell quick and therefore it was cheaper).

    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.

    I don't think you owe them this money or any share of it, nor would they expect it, but it sounds like you've got great parents there, I'd maybe get them a leaving present.

    Anyway, it's going to mean you'll be without a car at some times in the future when they borrow it. This isn't a bad payback for an interest free loan and the goodwill you get from them. Don't worry, just chill on this one, it all sounds good.
    • kneelbeforezod
    • By kneelbeforezod 8th Jun 11, 10:12 AM
    • 44 Posts
    • 30 Thanks
    kneelbeforezod
    Yes, I think you should! At least go halves.

    They may be your parents, but that shouldn't mean you to assume the 'bank of mum & dad overfloweth'. You should feel very lucky they've given you the car free (note: not "for free") in the first place. When buying my first house, my father paid the deposit and fees for a share in the property value. When I eventually sold, he'd earned 2 1/2 times what he'd put in. I needed his help then, he could do with the money now - and he's close family - so I view that deal as a bargain
    • A.Jones
    • By A.Jones 8th Jun 11, 10:48 AM
    • 506 Posts
    • 441 Thanks
    A.Jones
    Personally, I don't see that you owe them anything. If they are giving you something it is a gift. Although as they still want access to it, then it is not so straightforward.

    Things to be aware of ...

    What happens if it doesn't work out abroad, and they come back to the UK. Do they want the car back?

    How long will they be coming back for. Is it just weekends, or weeks at a time. If during the week, will it affect how you get to work?

    What about insurance. Will they purchase their own insurance, or do they expect you to insure it for any driver?

    Petrol. Will they fill it up when they use it?
    • Lucy Lastic
    • By Lucy Lastic 8th Jun 11, 10:53 AM
    • 717 Posts
    • 996 Thanks
    Lucy Lastic
    My opinion - yes, you should give (or at least offer, and mean it!) the profit to your parents.

    And also, you should share the secret of how to make a profit selling a second hand car, so we can all try it!
    • mrsinvisible
    • By mrsinvisible 8th Jun 11, 12:05 PM
    • 1,276 Posts
    • 13,271 Thanks
    mrsinvisible
    Yes you should give your mum the profit, she lent you money, she ia GIVING a car. I'll bet she has given lots over the years, so give back something now
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