Parting With My Stinger - Am I Making A Mistake Selling It At This Price?

[Yujiza]

Hey, I hope I didn't post this in the wrong forum section. Let me know if so!

I am having the most difficult time reselling my vehicle on an emotional level. I love my Stinger, it runs extremely well and had no problems with it whatsoever. It was my first "GT" car too.

Life has caught up, new but uncertain job opportunity, moving to a new city—which happened to be closer to family, preparing to buy a home next year, my first newborn on the way. The father in law whom we're moving closer to is unfortunately not doing well. He'll be in the hospital indefinitely so they are essentially giving me their car before it seizes from lack of use. I can't complain because it's a free car in great condition, even if it's a little hatch from Nissan.

Although I can continue to afford my Stinger, paying off debts quicker which was incurred during covid, along with then saving more money towards the down of our first home would benefit my financial situation greatly. All of the cards are stacking up against me, it makes sense to save myself the $1300 a month (finance, insurance, gas (ignoring maintenance costs)). At this point I feel this thread is just me rambling, ha. It feels a bit better to talk about and remind myself I'm making a decision that make sense.

Anyway, off to the main point of the thread. TL;DR

It's a 2018 Kia Stinger Limited (Canada, GT2 USA roughly equivalent)
Has 35,400 Kilometers, white with red leather interior.
I owe $42,500~ on it, no accidents
Best offer from a dealer thus far is $39,000, I'm thinking of doing it.
I could maybe sell it privately for $42,000 ish, however I then have to do all the leg work.

Am I making a mistake?

Thanks for reading my little rambling story. I look forward to some replies.

 

[Ohiocruiser]

"i can afford" means very different things for different people. Personally i can't afford to spent $1300 a month on a car, if i dont make over $13000 a month. But that is just me.

 

[G70LEbyAdoom]

"i can afford" means very different things for different people. Personally i can't afford to spent $1300 a month on a car, if i dont make over $13000 a month. But that is just me.

Op is from canada, take the numbers they stated and multiply them by 0.8, Just an FYI

 

[Ohiocruiser]

Op is from canada, take the numbers they stated and multiply them by 0.8, Just an FYI

It doesn't matter. ">10% " will give exactly the same result in any currency. So, if OP is spending less than 10% of income on the car, i personally see no affordability problem. But i am a car guy. I am sure 10% is crazy high for a lot of people.

 

[ht_addict]

Why not sell of the freebie and put it towards the Stinger debt. You should still be on the hook for $3500 for a vehicle you don't have. Otherwise we'll private for more. Dealer will probably list for $45k+

 

[MerlintheMad]

^^^Exactly, sell the free car and pay off the Stinger faster. You can't really apply value to happiness. If you love the Stinger (I come as close to "love" of a material object, over this car, as anything in my long life), you'll go into mourning, and I am not being hyperbolic saying it that way. The cost in your overall life will not be quantifiable either: but you can imagine how being sad over something like this decision will impact everything else. We ought to be willing to pay for our happiness. It seems to me that you will be "paying" to be sad. How does that make sense, even if numbers-game-wise you are being "smart"?

(edit to add: The ridiculous market value of used cars is your ally in this: privately selling the free car should get you top dollar, toward paying off a lease that is at the level before covid pushed inflationary costs through the roof for cars: that means a bigger chunk of your lease paid off than if none of this ridiculous inflationary crap had happened.)

 

[Ohiocruiser]

^^^Exactly, sell the free car and pay off the Stinger faster. You can't really apply value to happiness. If you love the Stinger (I come as close to "love" of a material object, over this car, as anything in my long life), you'll go into mourning, and I am not being hyperbolic saying it that way. The cost in your overall life will not be quantifiable either: but you can imagine how being sad over something like this decision will impact everything else. We ought to be willing to pay for our happiness. It seems to me that you will be "paying" to be sad. How does that make sense, even if numbers-game-wise you are being "smart"?

(edit to add: The ridiculous market value of used cars is your ally in this: privately selling the free car should get you top dollar, toward paying off a lease that is at the level before covid pushed inflationary costs through the roof for cars: that means a bigger chunk of your lease paid off than if none of this ridiculous inflationary crap had happened.)

I don't know man "Feeling good" game might sound solid at first. But trying to cheat the math will lead to painful realizations and suffering later. With coming responsibility for newborn, i don't know, if that is the good plan. Again, it comes to income/expenses ratio imho

 

[MerlintheMad]

I don't know man "Feeling good" game might sound solid at first. But trying to cheat the math will lead to painful realizations and suffering later. With coming responsibility for newborn, i don't know, if that is the good plan. Again, it comes to income/expenses ratio imho

Only you can know yourself. Do you know yourself? At the beginning of middle age, one can hope! But this weighing of values is painful work. If you can afford both, really and truly, I recommend doing both: keep the loved, enjoyed pampered car (hobby mobile) and count it toward the serenity that a father and husband ought to deserve doing his duty. Times can be hard even when "this is as good as it gets": it's during those thinned out emotional periods that having a "third place" to go becomes almost top priority. We all need those spaces. If you sell yours, you'll have to buy another one and likely it won't be as affordable as the Stinger is now.

 

[AtomicGTL]

Keep the stinger, sell off that Nissan. Atleast youll have some joy on driving your car during your time.

 

[Yujiza]

I appreciate the replies thus far fellas.

Quick question, when you say sell the free car, what do you mean?

 

[G70LEbyAdoom]

I appreciate the replies thus far fellas.

Quick question, when you say sell the free car, what do you mean?

The Nissian

 

[AtomicGTL]

I appreciate the replies thus far fellas.

Quick question, when you say sell the free car, what do you mean?

The father in law whos giving you the Nissan (free car) why not just sell it? Unless hes expecting it back that is.

 

[AtomicGTL]

The Nissian

must be a new brand

 

[Yujiza]

OH! That makes sense. Well, I cannot sell the Nissan as it's to assume he won't survive. Although it's looking grim, and I'd much rather keep the Stinger, Nissan has to stay for now.

edit; spelling fixes, stupid phone.

 

[G70LEbyAdoom]

must be a new brand

Just typing it like the brits say it

 

[Ohiocruiser]

OH! That makes sense. Well, I cannot sell the Nissan as it's to assume he won't survive. Although it's looking grim, and I'd must rather keep the Stinger, Nissan has to stay for now.

Dude, keep it under 10%, and you can thank me later.

 

[AtomicGTL]

OH! That makes sense. Well, I cannot sell the Nissan as it's to assume he won't survive. Although it's looking grim, and I'd must rather keep the Stinger, Nissan has to stay for now.

Well whatever your heart and mind says. Obviously being more financially well off is the key, but you mentioned you can afford to keep the car, you should imo. Also as someone noteded, dealers will definitely sell it over 43-44k too, dont let them.

Hope your father in law will makes it and best of luck with the transitions!

 

[Yujiza]

I appreciate the positive words.

I'm in a bit of a time crunch, so I doubt I'll be finding a buyer from a private sale in time. I'm well aware I could probably get the amount I'm looking for to break even with my finance loan debt, however there's a few key things. The car will need new breaks, and new summers. By the time I get that done and get the safety done that's required in Ontario when selling a vehicle, the extra I *could* have made selling it privately isn't as lucrative anymore.

At least I think this is the case.

 

[G70LEbyAdoom]

I appreciate the positive words.

I'm in a bit of a time crunch, so I doubt I'll be finding a buyer from a private sale in time. I'm well aware I could probably get the amount I'm looking for to break even with my finance loan debt, however there's a few key things. The car will need new breaks, and new summers. By the time I get that done and get the safety done that's required in Ontario when selling a vehicle, the extra I *could* have made selling it privately isn't as lucrative anymore.

At least I think this is the case.

Post it on here for a few days, never know who will bite.

 

[stoopid]

I appreciate the positive words.

I'm in a bit of a time crunch, so I doubt I'll be finding a buyer from a private sale in time. I'm well aware I could probably get the amount I'm looking for to break even with my finance loan debt, however there's a few key things. The car will need new breaks, and new summers. By the time I get that done and get the safety done that's required in Ontario when selling a vehicle, the extra I *could* have made selling it privately isn't as lucrative anymore.

At least I think this is the case.

Not sure the time crunch, the Nissan isn't going anywhere and you can get a new offer from the same or another dealer anytime. Did you check vroom and carvana, etc for what they'd offer?

IMO taking a small hit on a vehicle sale isn't sensible until it is, only you know your finances. If you can afford the Stinger, then taking a hit to unload it likely doesn't make immediate financial sense. Maybe finish the move, settle in, then explore selling the Stinger. It sounds like you have enough on your plate selling a car is just adding to it(?).