Should I Sell My Car? Is The Money Now Worth It?

UPDATED May 21st, 2022

Should I sell my car? If you have a Honda Civic right now, then YES! I wrote this in September – “However, it can easily be used as a solid trade-in with decent milage at the 10 year mark next summer if I am fortunate enough to have a solid income to take on a car payment again.” I was on the fence about whether to store or sell my car. I ultimately decided to store it.

Now, I did not know that my car would APPRECIATE so much in the last 8 months. But, I’m thankful it did. I’m sitting here on an opportunity to work in Norway another year with a decent income that should allow me to work on eliminating my debt.

So, I’ve decided now is the time to sell my car. My research shows that my car is now worth $5000-$8000 more than it was this time next year. So, let’s give it a try!

Should I sell my car? Original Post – September 19th, 2021

So, here I am ready to travel across the Atlantic Ocean to live in a new country until next summer (2022). And as I pack, make to do lists, and prepare for this next big adventure, one decision I keep going back and forth on is whether or not I should sell my car. I bought my Honda Civic brand new in 2012 and it has gotten me through moves to three different states ands lots of ups and downs.

should i sell my car?
Photo by Deybson Mallony on Pexels.com

I really love my car and I will likely trade it in at some point for the same exact car in a new model. IF, of course, I decide to keep it in storage the next year with minimal car insurance and just save it for when I return to the U.S. Now, I also don’t know exactly when I’ll return. My permit will be valid through July 2022, and ideally, I’d love to travel throughout Europe before returning home.

So as I budget and try to reduce my debt, I have to think about what is beneficial to me now versus the long term goals I have for myself. This goes back to a similar debate I had with myself earlier in the summer of 2021, with time versus money. In this case, money in hand might be more valuable than the amount of time that the car will be sitting unused.

However, it can easily be used as a solid trade-in with decent milage at the 10 year mark next summer if I am fortunate enough to have a solid income to take on a car payment again. Although, there is a huge benefit to not having a car payment and driving a dependable vehicle that is already paid off.

So can you see my dilemma? Should I sell my car? In this case, I see the benefit of both decisions. I believe I am best served to listen to my own advice and follow the strategies to make an important decision such as this. Perhaps I’ll wait it out a little bit and see how the trip goes before trying to sell my car if the cash seems to be more worth it at the time.

Author: tracydee

Educator and entrepreneur. Millennial living life to its fullest. Growing, learning, and sharing.

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