Factoring Morals, Profit & Long-Term Investment into a Decision

Factoring Morals, Profit & Long-Term Investment into a Decision

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When I first began writing about my father and his financial situation, it was because he was in need of a new car. Since then, we both decided he would keep his car until it completely dies. Ideally, this is not the best conclusion but it makes the most financial sense.

It is likely that I will be moving in a few months and will no longer need my car. I have two options: 1) Gift my car to my father or 2) sell my car privately

Gifting A Car

The main advantage of gifting my car to my father will be my own peace of mind. It is a vehicle that I trust to get him safely around for quite a few more years. Also, it will be easy and affordable for him to repair.

Another advantage is spending less money in the long-term. It is likely that when my dad’s car finally does quit, I will need to pay for repairs or help him buy a new-used car. Hopefully, giving him my car which is newer and in good condition would prevent this.

The disadvantages are all purely financial. I would have drive my car from NJ to WY and still purchase a plane ticket back. That is much more costly than just a round-trip plane ticket alone. However, there is the experience of the road trip itself.

Another disadvantage is that I will not be making any money off of my car. It would be nice to have the cash to cover my initial moving in expenses of renting a new apartment (security deposit and the like).

Selling A Car

The advantage to selling my car instead of giving it away to my father is purely for the money. My 2002 Taurus is valued at $3,000 or so. It would be great to have that amount of money directly. Not only to cover moving expenses, but also to fill up my emergency savings.

So Readers…

I would like to hear your thoughts! Would you sell the car for the extra money? Or gift the car to ensure less repairs you might have to pay for in the future?

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11 Replies to “Factoring Morals, Profit & Long-Term Investment into a Decision”

  1. This is tough. I would probably gift the car as well. This way you won’t have to worry about what he’s driving, or worry that you might need to give a lot more money towards a new/used car.

  2. The easiest decision would be to sell your car and take the money. The harder decision, but I believe better one, would be to gift the car. As you stated: peace of mind. Would the cost of the road trip and return flight be less than the cost of serious repairs and/or buying a new-used car for your Dad?

    Good luck!

  3. I would say it depends on the total cost to get the car to your dad and how long much longer you think his car will last. If its got 6 more months in it for example, then that is 6 months worth of saving he can do to prepare to buy a new one. And 6 months worth of savings you can do to prepare for the same (since you know you will most likely have to contribute.) If you get $3000 from your car take part of that and set it aside for when he needs it for a new car. When it comes time for him to get another car, if you are helping pay for it then insist you have a say in the car he gets. That way you can help him find a reliable used car for less.

    Now if getting the car to him isn’t too expensive then that is the way to go.

  4. I don’t know… I think with the cost of driving the car to Wyoming (1,900 miles is one long road trip), plus the cost of the plane ticket back would add up to a decent chunk of change. How much would a decent used car cost? I know TN and WY aren’t the same, but I bought my 2005 Dodge Stratus with only 40,000 miles on it for $4,500 in 2009. If you can get a used vehicle for a similar price, I think it would be better to let him keep his car and be ready to provide financial assistance should he need it when the time comes.

    Personally, a lot of my own decision would be based on the hassle of driving the car out there and flying back. I’d rather have money on the ready for when he did need it… But again, if a new-used car would cost more than $3000 + gas to drive it out there + your flight ticket home, it might be worth it to give him the car.

    Tough decision! And I know I didn’t help at all… I tried! Does that count?

  5. I think that I would gift the car ,but that would depend like red said on being able to drive out and fly back. For me, it would also depend on my vacation time and if I felt like taking a trip. It could be a great road trip, if you decide to make it one.

  6. I’d probably gift it, if I could afford to.

    We got the worst of both worlds. Sold it to T’s brother, who’s a completely useless loser and failed to do anything he was meant to, like transfer the ownership to his name. Blew the clutch, got rid of the car. Luckily BF tracked it down and managed to retrieve the number plates so we could deregister it and avoid being fined for not doing so. I wish we had just given it to his sister who would at least have taken better care of it.

  7. What about selling the car and putting the funds towards a reliable used car for your dad? It seems pretty silly to drive it all the way to WY and then fly back.

  8. You are a thoughtful daughter to consider your father’s financial, and transportation needs. If I were you, I would sell the car before you move…have him keep his car till it dies…and then be ready with the assistance when the time comes. Hopefully his car lasts 6 months more or longer. He can save up and you can to. Something always means more to us when we have something invested in it. He needs to save as much as he can…and since you will be contributing to the purchase of another car, you will have a say in what kind. Good luck and bless you.

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