I'm going to have to give my car away (for all practical purposes) and I'm not happy about it.

[wizer]

This is my 2008 Saturn Sky convertible which has been parked in the garage of my townhouse in NY for the past 3 years since I packed up all my worldly possessions and moved to Greece. I'm rather attached to it and I haven't ruled out eventually spending more time in the US in the future so I haven't been motivated to part with it.

But 2 things have happened recently to push me to cut the cord. The first is that my insurance company will no longer offer the "withdraw from use" insurance that costs about $100 for the year as long as the car isn't used. Apparently numerous policy holders took advantage of this policy so they could keep the vehicle registered and continue to drive it while paying a fraction of a typical premium. All good until they have to file a claim, which apparently some did, so State Farm is discontinuing the program entirely. So between registration and insurance it will be $700 or more per year for a car I may never actually drive again. The second is that my wonderful tenant would really like to have use of the garage to store some of her stuff.

Surprisingly no one wants to buy this car and the KBB value is between $4500-5800. I'm currently waiting on a couple of appraisals but one told me that due to 2 minor fender benders and a tear in the canvas top which needs replacement at a cost of $2k they won't give me more than $2k for the car.

 

[The Prowler]

I like that car...I think it might be on the same platform as the Pontiac Solstice....I am going to look that up.

 

[wizer]

I like that car...I think it might be on the same platform as the Pontiac Solstice....I am going to look that up.

They are "sister" cars. Same frame, engine etc. Only the trim and the shell is different. The Solstice is more rounded.

 

[The Prowler]

Yeah...same platform.

The Sky looks more Corvette-ish from the back.

I always liked both of them, but preferred the Sky.

I thought it was a shame that the front of the Solstice had to have a license plate....it looked so good without one.

Senile @Joe...you should consider buying wizer's car. Think of the money you will save in bus fare.

 

[Larry Loungelizard]

I offer you bus fare to Toledo for the car.


Final offer.

 

[wizer]

I just took $4250 for it from a wholesaler. Given that I'm on the other side of the planet and the car has some issues including 2 minor accidents and the canvas top is worn and probably will need to be replaced, I gotta accept a lowball offer on this one.

Wholesalers have to feed their kids too.

 

[Joe]

If i were to buy a car @wizer it'd likely be an inexpensive used hatchback that's good on gas. Then I'd buy a used vintage sportscar & put collector plates on it ta drive around for fun once in a while.

I think if I budget it right I might be able to come in around at $10,000 for the 2 cars or $7,000 US. It's just an idea tho. It might come in higher tho I'd set an upper limit at $14,000 Canadian or $10,000 US. Sound about right?

Ive seen some cars listed Craigslist & surprisingly they don't cost that much money. You can get some deals.

What kind of cars do people drive around in Greece?

 

[wizer]

What kind of cars do people drive around in Greece?

Mostly small ones that are really good on petrol as it costs upwards of $8 per gallon.

Suzuki and Citreons are popular brands, especially their hatchbacks. We've got the Suzuki Igness, it's a small hybrid with a surprisingly large amount of interior space.

 

[The Prowler]

If i were to buy a car @wizer it'd likely be an inexpensive used hatchback that's good on gas. Then I'd buy a used vintage sportscar & put collector plates on it ta drive around for fun once in a while.

I think if I budget it right I might be able to come in around at $10,000 for the 2 cars or $7,000 US. It's just an idea tho. It might come in higher tho I'd set an upper limit at $14,000 Canadian or $10,000 US. Sound about right?

Ive seen some cars listed Craigslist & surprisingly they don't cost that much money. You can get some deals.

What kind of cars do people drive around in Greece?

That makes a lot of sense, Senile @Joe .

You could go from not having any car to having two project cars that are going to come with a bunch of repair and maintenance costs.

And those two parking spots that you do not have now will just appear out of nowhere!!

That is a much better idea than just buying a new car with a 5 year warranty and all the latest technology.

 

[The Prowler]

Mostly small ones that are really good on petrol as it costs upwards of $8 per gallon.

Suzuki and Citreons are popular brands, especially their hatchbacks. We've got the Suzuki Igness, it's a small hybrid with a surprisingly large amount of interior space.

I like Suzukis.

They do not sell them in Canada any more.

I had a Suziki Swift back in the 90's. It had a 1.3 litre 4-cyclinder that I revved the shit out of constantly and it never gave me a problem. My sister had a 3-cyclinder Suzuki Forsa before that. That is what I learned to drive a manual transmission in...along with a 1982 Yamaha XJ650RJ motorcycle.

 

[wizer]

I like Suzukis.

They do not sell them in Canada any more.

I had a Suziki Swift back in the 90's. It had a 1.3 litre 4-cyclinder that I revved the shit out of constantly and it never gave me a problem. My sister had a 3-cyclinder Suzuki Forsa before that. That is what I learned to drive a manual transmission in...along with a 1982 Yamaha XJ650RJ motorcycle.

I got my motorcycle license before I got the car licence.

Suzuki GS400 later replaced with a GS750. Then I calmed things down a bit, having to do the family thing. The bike rotted in a shed for years, I sold it and got the Saturn convertible as a more practical replacement.

Now that's gone and I have a motorcycle in Greece. Suzuki VStrom 650.

 

[Joe]

That makes a lot of sense, Senile @Joe .

You could go from not having any car to having two project cars that are going to come with a bunch of repair and maintenance costs.

And those two parking spots that you do not have now will just appear out of nowhere!!

That is a much better idea than just buying a new car with a 5 year warranty and all the latest technology.

Cars don't really appeal to me Lex @The Prowler

The more expensive the more they seem like a big nuisance or a huge paperweight & something more to worry about.

I could afford your wife's Arctic White Corvette. I just don't want it. Actually it's a very common car in Vancouver. They don't stand out like other cars do. I see them parked in my neighborhood all the time. If you brought that car here itd be nothing special. Just another common muscle car. Actually the people here tend to be more impressed if you owned a Mustang, especially the Vintage type. You would get far more attention in Vancouver if you drove a high end vintage car in Vancouver than the one you drive and brag about.

That car wouldn't really impress anyone here. The truly rich in Vancouver drive Ferraris Lamborghinis Porsches Rolls Jaguars Maserattis Mercedes. Just like in any other wealthy large city. Ya'd seem like some suburban hick if you tried to show off in Vancouver Lex which you are.

 

[The Prowler]

I got my motorcycle license before I got the car licence.

Suzuki GS400 later replaced with a GS750. Then I calmed things down a bit, having to do the family thing. The bike rotted in a shed for years, I sold it and got the Saturn convertible as a more practical replacement.

Now that's gone and I have a motorcycle in Greece. Suzuki VStrom 650.

One of my buddies has a VStrom 650. Very versatile bike. He rode it to British Columbia and back a number of years ago. From SW Ontario.

I had a 1982 Yamaha XJ650RJ (Seca) that is much like the GS750. It had over 70hp which was similar horsepower to the 750's of the time.

My favourite motorcycle that I owned was my Triumph Street Triple R.

 

[The Prowler]

Yesterday:

If i were to buy a car @wizer it'd likely be an inexpensive used hatchback that's good on gas. Then I'd buy a used vintage sportscar & put collector plates on it ta drive around for fun once in a while.

Today:

Cars don't really appeal to me Lex @The Prowler

 

[Joe]

In the scheme of things, your wife's late model Corvette isn't that desireable Lex @The Prowler.

At best, it' is just an AVERAGE or very ORDINARY Car.

Every year, your car gradually depreciates in value.

If it was worth $120,000 Canadian or $90,000 USD when you bought it, it's lost at least 20% of its value by now.

Check the hagerty index, and in relation to other cars, yours doesn't hold its value very well Prowler.

Please, Log in or Register to view URLs content!

It's steadily losing value year after year.

Your car in USD:

Now contrast the value of your car with a much older vintage model in USD:

Look at how a much older version of your car is actually holding its value better than yours Lex @The Prowler.

So in 5 years, your car might only be worth half of its current value while the 1958 model could be worth TWICE as much.

@wizer - you seem like an educated man.

Can you kindly educate @The Prowler on what a DEPCRECIATING ASSET is?

Somehow I don't think @The Prowler realizes he has one!

 

[Joe]

Here Lex @The Prowler is an example of an APPRECIATING ASSET:

I paid $13,500 Canadian or roughly $10,000 US for this 5 ounce goldcoin

It's about the size of a coffee coaster. The coin sitting in the front is a Canadian loonie or dollar.

Today, because Gold has appreciated in value, it's worth around $35,000 Canadian dollars or about $25,000 USD

That's over 2.5 times appreciation over time - and in just 2 years.

so while your wife's car has depreciated 25% since you bought it, his coin which could fit in your glove compartment has appreciated 250% or more.

So in a mere 5 years, that overpriced Corvette might only be worth 50% of its initial value.

Meanwhile this coin will be worth as much or more than your car given the projected rise in the price of gold Lex @The Prowler.

Tale of 2 cities, 2 owners. One saw his asset rise in the value, the other fell.

Guess which one you are Prowler?

 

[The Prowler]

At best, it' is just an AVERAGE or very ORDINARY Car.

 

[The Prowler]

Guess which one you are Prowler?

The one who has build a life of financial stability so he can own way more gold than that and still buy the car he wants.

 

[Joe]

There are better cars less expensive which are better value for the money Lex @The Prowler.

Personally, if I was going to spend that much, I'd at least want a Return on my Investment.

ROI - do you know what the means Prowler?

Some cars can give you a real return on your investment.

Not only increase in value, but generate revenue for advertising, movie shoots, etc.

 

[The Prowler]

There are better cars less expensive which are better value for the money Lex @The Prowler.

I do not think so.

What car are you thinking of?

 

[The Prowler]

Personally, if I was going to spend that much, I'd at least want a Return on my Investment.

ROI - do you know what the means Prowler?

Some cars can give you a real return on your investment.

Not only increase in value, but generate revenue for advertising, movie shoots, etc.

Holy fuck, I want a car , Senile @Joe

Not a fuckin' job!!!

Hahahahahahahaha!!!!!!!!

 

[Joe]

Holy fuck, I want a car , Senile @Joe

Not a fuckin' job!!!

Hahahahahahahaha!!!!!!!!

I think you spent too much Lex @The Prowler. Or else your wife did.

Many have spent less than you did, fixed up their cars and now they are worth much more than they paid for them.

In quite a few cases, they turned around flipped those cars for a profit.

I'm not much into cars, but I was going to buy one spend $10-20,000 that's how I'd do it.

 

[The Prowler]

fixed up their cars

And good for them.

I have a long list of other hobbies.

 

[The Prowler]

I'm not much into cars, but I was going to buy one spend $10-20,000 that's how I'd do it.

Yeah, because you are poor.

I am not, so I have better options.

 

[wizer]

Can you kindly educate @The Prowler on what a DEPCRECIATING ASSET is?

A depreciating asset is one that loses value over time.

Some cars can actually gain value if they're designated as "classic" and availability is low. I was hoping that might happen with my Saturn Sky but in fact it lost value in just the past year alone even though it wasn't driven much.