Need Advice; if i should sell my Car.

Hi Everyone,

-- History --

I own a Getz GLE – petrol version. It was a second hand car from bought from Mahindra First Choice for 3.10 Lakhs, 9 months back. EMI that I pay for this car is 6000 Rs/-. Since I’m in the US at present, My uncle maintains it on behalf of me. After the purchase of this car, I changed the battery and did a complete 30K service which cost me about 13,000Rs/-. It is only 30 K driven and in excellent condition. By good god grace, the Car is also well maintained and driving it is fun.

Q?

If I had to pre-close the Loan, I will have to make a payment of 1, 96,000. By this my 6K – EMI; which is a big hole in my pocket will be saved. People here are advising me to sell the car, since I’m not enjoying this depreciating asset in any ways. I’m not sure for how long I will be in US too. Well if I sell it, then I’m sure I will have to come home and buy a new one. Then I would end up paying EMI again. Instead I thought of closing this loan and have the Car driven and maintained by the same person till I return. Do you all really think it is advisable?

And Trust me – I just drove this car for 3 months, after that it is all been with him…

Please let me know your suggestions. But I Love my Car… It is really an excellent one and infact my first car bought with my earnings. Had an Ambi before which was my Dad’s.

Rgds,

Srini

Will be easier if your uncle gets it transferred to his name for a fair price, foreclosing your loan and getting the car transferred in his name. I am saying this because he will be using the car currently, and in the event you sell it off, he will be deprived of it.

You can anyways buy another car when you return.

Not much point in selling it out to a stranger, because the third hand vehicle will be valued disproportionately low.

Krishna,

Uncle is having a Maruti 800 and he will not be in a position of buying this car. Well even relatives think the same thing. If he has to buy this car he will also check the Third Hand concept. So there is no other way to sell it to him. The car is 2006 August Model. 30 K done. So i checked the used value of the car and it is 2,56,000 for a good one. If i had to sell it for a Third Hand, what will be the approx price i will get.

What else do you suggest. Keep the car and use it for another 1 yr when i come to India. All i need is to have a good car.

see i'm confused again...Being it at on-site, i can think of all these ways, but once i reach India, i will have no options. i think you got my point.

dear sri,

my suggesstion is that you retain this car as of now. when you come back from U.S permanently , you can buy a new one. also if you are apringly using a car, why waste your money on a new car ?

It totally dependent on " when you are returning back to India?" Unless this decision is clear, any decision taken today may be wrong. Best way- You should not take any decision till the time of returning to India is fixed.

If you intend to stay in US for more than 12 months, sell the car and take fresh decision when you retunr back.

All the best.

I think if you are going to return back to India within a year time, it makes sense to keep the vehicle. Otherwise better to sell it off. You can always buy a better car when you come back unless you have a sentimental attachement with this one (your first car).

Hi! Shrini, I'm interested in your car. If you decided to sell it please send its details on xxxxxxxx

MOD EDIT: Contact details removed. DO NOT post contact detail on forum posts, it is against forum rules and regulations.

Welcome to America!

I just had to say that.  This is a little off-topic, but what brings you here?  Work I'm guessing?  What city are you staying in?

I have to agree with everyone else that selling your car off depends on how long you'll be here.  I'd also take into consideration how much and how long you want to stay here (if at all) and your ability to do so.  Well educated professionals with a good work ethic can often manage to stick around as long as they like if they want to.

Try to get your hands on a V8 while you're here, or at least a V6.  If you won't be here long enough to justify buying a car or prefer one with good fuel efficiency, you can easily rent a V6 for a weekend.  V8 rental cars are a bit harder to find.  Let me know if you want to talk about US market cars.

Hi Shrini, I would say it would be good if you can dispose your car. It would be a lot difficult to sell off your 2nd hand car since it takes an obvious hit when it goes to the open market. When I tried to sell my 2nd hand i10 (2 years, 11.5K kms, excellent condition) i was quoted some ridiculous prices. Be ready to take a hit, but anyways look at it in this perspective. You would be clearing off your loan + you have a chance to get a new car once you are back in India once again. Having some take care of the car is a headache (both for you and your uncle).

Sell it and get a new car once you are back in Chennai.

Hi Everyone,

Thank you so much for all your valuable suggestions. In fact one's opinion was different from others, but it did help me to come to a point. Sorry for replying late on this forum. I had some personal reasons for not mailing or replying to you all. I'm thinking of keeping the car
with me since; i might be here for one more year. My uncle is marinating the car in excellent condition and i don't have to worry about it. Maybe after one year; if the company still thinks of extending my stay, then i would surely sell; but for now i think I'm good.
I don't see any point in selling it and pre-closing the loan; since i would loose up to 40K, which was my initial payment and then when i return i need to pay more to buy a new car... So for now I'm keeping this bird with me.

Thanks so much and will surely update on this some time later.

Regards,
Srini