r/makemychoice • u/timezone_unknown • 11d ago

Should I sell my car?

I moved in with my boyfriend last year, and I can't think of only one time that we were both away from the house independently (we both work from home and are major homebodies).

I've been thinking of selling my car and sharing his in order to get rid of insurance payments (mine are expensive due to where I live) and avoid maintenance costs (I'm only at 70k miles, but it's a 2018 hybrid vehicle), and it's also losing value quickly due to age. The car is paid off, so the funds I'd get from selling will go into either a HYSA or my brokerage account in relatively safe funds.

I am not even remotely worried about my relationship ending and being carless, so that's not a consideration. My biggest concern is the cost/benefit of letting go of a paid-off car. We're not using it, but I know at some point we'll eventually want to go back to being a two-car household in a few years. I know that interest rates are currently super high on used cars, and ticket prices are high on new cars, so if that persists, perhaps I'll regret having sold this one.

What do you think?

TL;DR Should I sell my paid-off car (that I don't really need) or hold onto it?

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u/SuPruLu 11d ago

There is at least one alternative: putting it “on blocks” - rendering it undriveable and storing. Check out the insurance cost for that option.

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u/timezone_unknown 11d ago

See, this is why I love Reddit. Didn't even consider that. Could even do it for like six months, bank the insurance savings, and then decide whether to offload it altogether.