Should I sell a paid off car and take a $14k loss, or keep it?

[jordanair45]

So at the end of 2019 I bought a Tesla model 3.

Pandemic hit, we go to work from home, now I have a car sitting on my driveway that I never drive.

It's cheap to own. Paid off. My insurance about $130 per month.

I can sell it, but I would take a $14k hit.

I would sell it and probably Uber when I need it. Or get a super cheap car or e-bike.

Thoughts?

A part of me wants to sell it and invest the $ cause the car is going to depreciate more anyway.

But on the other hand, I might be better off keeping it.

Keep it or sell it?

[Abzu]

You could generate money by renting it instead of losing money by selling it.

If you are going to sell a paid off car at a loss then you shouldn't have bought it unless it's a toy.

Once you pay it off you have a responsibility to generate as much money as you can from it, either use it for work or rent it.



What if you sell it to invest, take a huge loss on the sell and then take a huge loss in your investments?

[W1LLW]

Location says California. If you're in a even remotely populated area, I would look into putting your car on Turo (car version of airbnb). IF you're not using it and its just sitting in your driveway you can probably make passive income by having people rent it occasionally. Plus since its a Tesla, i'm sure there would be a market of tourist wanting to drive around in it since they're still sort of seen as "exotic".

I wouldn't use Turo myself because when I own a car, i'm using it regularly and it's like my baby. You sound like one of those "a car is to get from point A to point B" people, in which case putting it on a platform like turo for passive income would be worth looking into.

[paulinkansas]

Turo. That right there^^^.

[Destor]

Give it about two weeks and Level 5 FSD should be rolled out, then you can let it drive people around and make you passive $$$

[jordanair45]

Give it about two weeks and Level 5 FSD should be rolled out, then you can let it drive people around and make you passive $$$

Lulz

[DoragonKingu]

Rent it on Turo. It will generate cash like crazy while allowing you to use it when you want.

[Cartiac]

are you really sure you have a 14k loss on a Tesla in this crazy inflated used car market? That would have to be really hard to accomplish as used car prices have gone up around 30% in the last year and Tesla is a pretty high demand car. 2019 model 3s are listing at just under original msrp on the used market right now.

[guest89]

You can either Turo it or drop the insurance on it and let it sit.



It will depreciate less over time without being used and when you decide you want to use it just put insurance back on it.