I just purchased a 2010 X5 but may have to sell it now!:(

[Penguin]

Originally Posted by z2g

Thanks for the advice everyone. I only owe about $16k on the car. And, I still have my previous car, which I haven't sold yet. I could probably get about $23k-24k for my old car. So technically, I can sell my old car, pay off the balance on the X5, and still keep it. However, if I'm jobless for some time, it wouldn't make sense to keep $60k car....you know what I mean?

Problem is that when you sell a new car that soon you usually take a financial bath on it, unless you get lucky.

If you do keep it, at least you wouldn't have any maintenance or car repair expenses, unless you had an accident or something.

[phattbam]

if you're in NorCal I'm sure you can find a buyer for it... demand is still high and supply is limited.

[Naz24]

Originally Posted by Penguin

Problem is that when you sell a new car that soon you usually take a financial bath on it, unless you get lucky.

If you do keep it, at least you wouldn't have any maintenance or car repair expenses, unless you had an accident or something.

It may be ridiculous to keep a 60K car while you are jobless. However, there are going to be NO maintenance costs (well besides tires) You're going to get the oil changes, wipers, brakes, everything included with maintenance, so really it is not that bad of a position. Plus as he said above, you are going to take a bath in selling a car this quickly..you know what they say, "as soon as you drive out of the showroom, you lose 10k"

Anyway, good luck on the job hunt. Just be persistent, as thomas jefferson says, "nothing can stop the man with the right mental attitude from achieving his goal; nothing on earth can help the man with the wrong mental attitude" so stay POSITIVE!

what is your other car?

[z2g]

Originally Posted by Naz24

It may be ridiculous to keep a 60K car while you are jobless. However, there are going to be NO maintenance costs (well besides tires) You're going to get the oil changes, wipers, brakes, everything included with maintenance, so really it is not that bad of a position. Plus as he said above, you are going to take a bath in selling a car this quickly..you know what they say, "as soon as you drive out of the showroom, you lose 10k"

Anyway, good luck on the job hunt. Just be persistent, as thomas jefferson says, "nothing can stop the man with the right mental attitude from achieving his goal; nothing on earth can help the man with the wrong mental attitude" so stay POSITIVE!

what is your other car?

Thanks for the words of encouragement. My other car is a Maxima. I don't think it'll be hard to sell it because it's in prestine condition with very little mileage...only avg'ed about 6k miles per year since I've had it. But, I'm rethinking my situation. I may keep the X5 and use the money I'll get from selling the sedan to pay off the balance of the car loan.

[Boatpi]

Speak with the used car manager at your CA. they might consider taking it on consignment. they make say 2G on a sale, and you unload it. they can do financing and you cannot, a big plus.

[anzer]

if you can live without two cars flick the second one at a good price, build up your cashflow buffer, then (re)finance the balance of the X5 to smooth cashflow situation .(don't use your banked cash to pay it off, that would be a little silly, keep the buffer to help repayments and subsidise living costs until you find a new job)..

Back your skills and experience - the market is turning and you will find something to make ends meet. Its easy to panic and feel a bit exposed .. but hold in there - good things will happen. If you were confident enough to buy the X5 in the first place then you must have been backing your market earnings potential etc ..keep that positive thought and attitude and I'm sure work opportuities will present themselves. Talk to the dealer about deferred payments for a few months as part of (re)finance - they ideally will want you to be a happy repeat BMW customer - rather than having you walk away feeling a bit pissed that you took a heavy depreciation loss etc ...

Good luck - hold in there, and put that second car on the market NOW ..

[z2g]

Thanks for the insights, everyone! I was making tons of money. Then poof...it all may be gone!

[phattbam]

damn anzer can't be a motivational speaker... he spoke some strong words and it's true. keep hope alive and think things through before you react.

[z2g]

I listened to your advice. I sold my sedan and am keeping the X5. No point in selling the new car and immediately taking a $10k+ loss when it's newn fully-warrantied, all maintenance covered car that'll just cost me about $400 a month for the car payment. Thanks for the advice!

[phattbam]

awesome. glad you were able to sort things out.