Like most families, the situation in yours has probably changed drastically during the pandemic. Are you now almost entirely working remotely? If so, your transportation needs are very different than they used to be. No longer are you bound to have two vehicles out of necessity, and it has probably become more of a habit than anything.
The realization that you do not need or even want to have two cars any more can come unexpectedly and surprisingly. After all, since you were old enough to talk you probably associated cars with freedom and who wants to give up their freedom? Someone who wants to save money, that is who.
Can You Live With One Car?
You might be surprised at the answer. Here are some signs that you no longer need that second car.
It Never Moves
A surefire sign that your second car is no longer needed is the simple fact that it does not move. Is your car just sitting in the driveway taking up space or maybe it is occupying valuable storage space in your garage. This might be a good reason to sell it and start saving money.
You Do Everything As A Family
If you are always going to the same places, it might be foolish to have two vehicles. Getting rid of that second car can either save you money or allow you to upgrade from two cars to one nicer one.
Space Is More Valuable
Cars take up a lot of room and sometimes space is more important. If you had that second car out of the garage, what could you do with the extra storage space. It might finally allow you to de-clutter your home.
Selling a Second Car is Good for Your Wallet
Selling a second car can be a great way to save money on your monthly bills and build your savings. If you have determined that you no longer need it, here are some reasons to take action and sell it now.
You can get rid of the cost of the second car and use that money for other expenses. Even if your car is paid off, it is costing you money each month with insurance premiums and the cost of storage.
Selling will put money in your pocket. Over the last few years, used vehicles have actually appreciated in value and you might be surprised at what your car is actually worth. This appreciation has just about come to an end, so that used second car will start losing money again very soon. Take advantage of the moment and cash in.
Lastly, you get storage space back. If you are garage parking right now, think about what you could do with the extra spaces. It could allow you to get rid of that external storage unit and that might mean 100 dollars a month or more back in your pocket.
Selling A Second Car Is Good For Family
Selling a second car is a smart decision for many families. It’s not only beneficial to the family financially, but it can also have a positive impact on family dynamics. Where you might go your separate ways, you now will be more likely to stick to together and do things as a family.
In addition, the extra money in your pocket my afford you more opportunities. You should put much of what you get back into savings, but you can also use some to have a little fun. Take a few more weekend trips or do some activities and hobbies that you otherwise would not be able to afford.
Believe it or not, selling that second car of yours can change the way your family lives, for the better.
Selling Your Second Car
If you have decided to sell your car, now you have to decide how to do it. The method that you choose will depend on whether you have a lien and how much trouble you are willing to go through.
Selling To A Company
If you have a lien or want to avoid much of the hard work of car sales, consider using a larger company such as Carmax. If your car is paid off, they will cut you a check the very same day and you can just deposit it and be on your way. Have a lien and they will pay off the loan with your lender. Your lender will then generally refund you the difference.
Selling to a company is the easiest way to dispose of a second car, but it may cost you a few dollars for the convenience. Still, don’t underestimate how easy they can make it. You would not have to show the car to buyers or deal with the possibility of fraud.
Selling To A Person
If you want max dollar, you might consider selling directly to a consumer. They will generally give you more than a company would, because you are eliminating the middle man. Where a dealer might give you 8000 dollars, for example, you might get 10,000 from a private buyer.
The negative with this approach is that you have to deal with a lot of people, because the first showing will probably not be the only one. Also, you have to deal with potential fraud from scammers who might look to you as an easy paycheck.
Additionally, if you have a lien, it can be hard to coordinate with a cash buyer since you would not have the title in hand.