lost my job, should I sell?
 

I bought my 45th 2ss m6 in 2011 and i love it and it's awesome. but its coming into this selling or 401k selling. my parents might allow me to use their money at an interest rate. I just love my car. thoughts?

That's gonna be hard for anyone to answer for you.

Personally, I would try to keep the car if you this this is a short term problem, especially if it's paid for and not costing you more than insurance and taxes. Gonna be hard to replace if you let her go! However, I would sell it before picking up any substantial long term debt.

Pfft. Go get a new credit card, a line of credit, and spend it until someone uses a pen and a phone and clears all your debt for you. It worked for some college loans. Who knows?

Hahaha. Just kidding. Scratch that.

Seriously, truer words were never spoken by SlowLS1. DON'T get into serious debt if at all possible. Avoid any and all new debt as much as you can. DON'T run up credit card bills. Might do a parent loan at a LAST RESORT. But make sure you are taking steps to show you're loan-worthy.

Resist the urge to sell the car if any emotional attachment is there. Sounds like it is. If you sell it, you may have no other choice. But you have to do it without regret because you WILL regret it if you make a quick decision to do it. Think about this- even if you sell your car, you'll need one to get back and forth to work anyway, so you won't have nothing but a pile of money and a cheap POS to get you back and forth to work, which still costs insurance and registration fees, btw. Then you have to rebuild all over again and re-learn a "new" Camaro once you get back on your feet.

DO get your resume spiffed up and out there looking for another job. ANY job even if it's not exactly what you want. Get some $$ relief first, and continue hunting for your preferred line of work. DON'T give up. Keep searching.

Have some pride in being an adult and sell the car. Go hungry and be cold. Borrow money from parents as the very, very last resort.

Agreed! Any income is better than no income.

Also, I really believe seller's regret is much worse than buyer's regret.

It's a difficult situation, and really OP, you need to weigh out all your options before jumping into any response.

all true. you guys made me wonder now why my parents are sooo hesitant about lending me money, but I guess they just don't want to do that haha.

well, it's an amazing car, never had any issues and I'm sure it will fetch a good price. I moved it to Miami from Texas and never drive it so it's ok if it goes. but it's like my damn girlfriend lol.

thanks for the advices

I get it. I really do. Ive thought many times to dump the car to make myself more comfy financially. Fortunately it hasnt come to that. Ill say this. My car means alot to me. I have a rough family life and my car is the thing that is MINE and my PEACE. Its something nobody has input or control over except for me. So i do get the hesitation to sell it. I will also say this, if my family ( my wife, future child, etc..) are in need, id dump it in a heartbeat. It would suck and id likely never get back in the seat of something like this for a long time but as im closing in on my 40s, priorities change. Try to tough it out, stay out of debt but dont cling to a vehicle at the expense of your credit and livelihood. Also, like someone mentioned above, beef up that resume and do everything you can yo get back to work, youll feel better and more accomplished if you can get to that without really losing anything

i would be looking for a new job,any job that would let me keep my car.otherwise you are going to be paying insurance and payments on some piece of crap you dont even like or hitch hiking to work...or living in mom and das basement playing video games.i retired with a paid off house and cars but went back to work part time cause inflation is a bitch and i dont want to give up things ive worked hard for.

Cashing out from a 401k is a really bad idea. It will be better for your life to sell the car and when your financial situation stabilizes, look for another one.

I agree with what others have said that the best thing to do first is see if there is any job opportunity that will earn your more money though. If that fails, the car needs to go before compounding your problems by digging a deeper hole to keep it.

I must admit I don't know how well I will do even selling it. I pay over $3k for a 1bdr in Miami and yeah I'm not bragging because I am unemployed, but typically I should be making over $130k. but I just went 11 months laid off and my recent contract work didn't go so well and so that 11 months plus and now, well, it's a lot of money, especially in Miami. but if I got $20k on that car that would give me a good couple more months I think. I honestly guess I'm in a tighter situation than just selling my car, maybe I posted this in the wrong sub-forum, heh.

I think in that 11 months I spend $60k or so. so, it's a rough situation.

Sell it. and move. even if you break a lease you can't be out more than a few months until they re-rent it, better in the long run.

I'm curious how old are you?

After a couple months then what, your still in the same situation without a car. I would try to hold on to it because it's paid off and in good running condition and your going to need a car to get job correct? I hate to say it but you could move back to Texas and find a cheaper place to live in like Houston and it might even be easier to find a decent job there.

Your parents want interest if they lend you money? If they are not saving that interest to give back to you as a surprise, they suck. Seriously, family first people. Smdh.