Some serious advice required.

S

Stark

Veteran
So unfortunately it's looking like I won't be getting my licence back in July, and it will have to be next January. As most of you know I have an SLK 350 which at private sale is valued at about £23,000, and it's all paid off.

For the last 3 months a friend of mine has been using it, but only adding 500 miles a month and paying me £500 each month, which I know is cheap as far as hire cars are concerned. But the question is...

What do I do for the next 6 months? Sell it now in the summer or let him carry on renting it and then return to it in January....

Thanks guys
 
Assuming that the rental is covering any costs you are incuring (depreciation, insurance(?) etc) and you really like it and want to drive it next year then i would keep renting it. If you're going to be left out of pocket or aren't that bothered by the car then i'd sell it and pocket the money.

As it's nothing rare or classic and if it has no sentimental value then i'd be as clinical as possible with your decision. :)
 
Agree on the above. If financially the rent is covering it then keep hold. With cars i always use the phrase, 'better the devil you know'. So when it comes to getting back behind the wheel at least you know the history of the car rather than going blind into something new.
 
The only outgoing I have on it is the warranty at £55 a month. My friend is paying for servicing and MOT etc etc. it's a very very good example of the car but I know in 7 months I could get something different if I take the £23K now
 
Sell the car , its a liability not a asset
Whilst £500 a month is a decent return you can't really win this one
Biggest problem will be depreciation on the cars current value of £23k ?
if you take 6 months x £500 = £3000 what value would you expect the car to be at come Xmas time ?
Most probably have dropped by that figure
That said £23k in the bank will most likely only see you £50 a month :thumbsdown:
 
I would agree with Tom and sell and bank any monies, what if your friend crashed the car or isn't as careful with the car as you might be, yes it's insured etc but potential hastle and worry if it were me as the owner.

Tim.
 
Stark said:
The only outgoing I have on it is the warranty at £55 a month. My friend is paying for servicing and MOT etc etc. it's a very very good example of the car but I know in 7 months I could get something different if I take the £23K now
Click to expand...


Who is insuring it? You or your friend?

Without being rude, it is only a car. A nice car certainly but it is still only a car. At anyone time there must be hundreds of SLKs up for sale, so getting another nice one when you get your license back won't be a problem.
 
I'm not insuring it either, he is, but yes it makes sense, that kind of money will get me something decent in the winter.....just said seeing a good example of a car go.....but it's just a car like you have said
 
I'd personally be very careful with selling it as it can become very easy to spend the money. I understand that the car is a liability but think long and hard as the money your getting from rental is not that much and if your friend has one accident that car becomes worth a lot less if it becomes an insurance pay out they never pay full amount.
 
Keep it until next summer ..

Take the £3000 off your mate

So what if it loses that amount in a year, your mate has took the hit for you..
 
Hey Bro. Sorry to hear you won't be getting your licence back as soon as you hoped. It's a tough call but I would say it's time to sell, it's definately a hard decision as knowing you have a nice car even if you can't drive it "feels" good. It took me 6 months to decide to sell mine but it was the right call..
 
What if your mate wrote the car off? As the owner I would be pretty miffed and surely you would be worse off as he or she is not the registered owner and is basically renting it. Just potential things that would go through my mind where you could lose out from someone else's mistake. Or perhaps I think too much about things that wouldn't happen :oops:

Tim.
 
Tough question, but as others have said, I would let it go to a good home where it will continue to be appreciated. Sickening question mind.
 
unless you love the car and want to keep it for another 2-3 years, then sell it...

1. You'll get better money for it now in summer.
2. Eliminate risk of your friend crashing it, hassle and loss of friendship (or make friendship better - he comes through and proves his worthiness!)
3. Driving the SLK in Jan- April ain't gonna be that much fun with the bad weather
4. If you want something else next year, selling round Feb-March isnt much cop for value...
 
Hey Stark - sorry to hear about the license!

Try and look into the expected depreciation, and sell if you're gona be out of pocket :)

Personally, I'd stick the cash in some savings and get some interest over the next 6 months until you can drive again :)
 
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