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To Sell or Not to Sell??? 77 K5 in Very Nice Condition

Discussion in 'The Garage' started by rigdonhome, Jul 16, 2003.

  1. rigdonhome

    rigdonhome 1/2 ton status

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    [​IMG]

    /forums/images/graemlins/shocked.gif I'm in a deep moral dilemma here... I hope your Wisdom can guide me in the right direction... /forums/images/graemlins/ooo.gif

    /forums/images/graemlins/confused.gif I'm about 2 months behind on the house/car payment, and still no serious job leads. At this point, it would take some serious cash to get caught up, if even that was possible. /forums/images/graemlins/confused.gif

    /forums/images/graemlins/grin.gif So I've only had my K5 for a few months now. After about a week with it, I dubbed it a 'Keeper', one of the few vehicles that we would own until the end of time. This goes along with the Malibu I've had since high school, and the Z28 I have somehow scrounged up a car payment for 5 months in a row now. I feel that selling any or all of the 3 would damage my Karma irreparably. The Malibu doesn't book for much, and I've stripped most of the Hi-Po parts off it to pay the bills already. The Z28 doesn't have any equity in it, so selling it might break me even at best. The K5 I bought outright very cheap, and stand to make about $3000 by selling it. I have 3 standing offers in this price range, so I could turn it to cash tomorrow if I so decided. /forums/images/graemlins/grin.gif

    /forums/images/graemlins/thinking.gif My delimma is this, though, it's all futile anyway. Selling the K5 will get us by another month at best. If I don't get a job by then, we'll probably lose everything anyway. (Except the K5 and Van, which we currently own outright...) If I don't sell the K5 this month, it will be the beginning of the end, the step over the point of no return financially. /forums/images/graemlins/thinking.gif

    So do I keep plodding ahead and hope I get a good job soon, and live in the K5 if I have to? /forums/images/graemlins/eek.gif

    Or do I sell it and regret it forever, but have another month to get a job and get the financials back on track??? /forums/images/graemlins/eek.gif

    /forums/images/graemlins/deal.gif In Summary, it's a crapshoot. I might sell the K5 and have it be the saving grace that got us by long enough to get back on track financially, or more likely, I could sell it, pay the bills with it for another month, still not get a job, and end up losing the K5 along with everything else anyway. A meaningless and dishonorable death for a sweet K5... /forums/images/graemlins/deal.gif

    I'm so confused. /forums/images/graemlins/1zhelp.gif

    Cheers,
    Scott
     
  2. jjlaughner

    jjlaughner 3/4 ton status

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    NOPE don't do it, just think what you have to invest to get one in similar condition in the future!
    Its just not worth it, its big enough to sleep a family of 4! /forums/images/graemlins/deal.gif
    Really though, its a great running truck, it gets you around, you WILL need it in the future. You got a trailer, find some people wanting stuff shipped and ship it for them /forums/images/graemlins/rotfl.gif

    REALLY THOUGH, DON'T DO IT
    Everytime I see a 71-73 mustang I kick myself for selling mine! Put an ad in the paper for handy man, use your trailer to do lawn scaping in carmel ( /forums/images/graemlins/deal.gif /forums/images/graemlins/rotfl.gif) or something!
     
  3. GM Man

    GM Man 1/2 ton status

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    If you can break even on the Camaro, I would sell that. One less bill to pay. Good luck man.
     
  4. supersize75

    supersize75 1/2 ton status

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    take to the streets!


    Go to the busy intersections with a 3 foot wide by 5 foot tall poster of your resume /forums/images/graemlins/thumb.gif A lady in Phoenix did this and it immidiatly got media attention, that night she had an offer and the news talked about it.
    '
    It shows character and willing to do anything, go have your kids repaint home addresses on streets for 10 bucks, start detailing or cleaning cars, summit your wife to strip clubs...


    Just don't give up! /forums/images/graemlins/thumb.gif
     
  5. kennyw

    kennyw N9PHW Premium Member

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    Sell the cars you have payments on and keep the ones you own outright! /forums/images/graemlins/thumb.gif You never know, but you may end up living out of them when you move to AZ anyway /forums/images/graemlins/ignore.gif

    I have seen a person try to hang onto a new car payment on unemployment. In the end the unemployment ran out and they lost the car anyway. I think they would have been much happier to sell the car early on and protect their credit even if they only broke even at the time. Plus they would have had more money for paying the electric bill which they were constantly struggling to keep on. The bank auctioned off the car for 30% of what the balance was so they still owe money too.

    You know the K5 is a good vehicle already and no one can take it away from you. It is not worth getting rid of when you cant count on a job in another month. If you had a job lined up and needed the cash to get you by until the new paychecks started coming in this would be a different discussion.
     
  6. rigdonhome

    rigdonhome 1/2 ton status

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    [ QUOTE ]
    If you can break even on the Camaro, I would sell that. One less bill to pay. Good luck man.

    [/ QUOTE ]

    /forums/images/graemlins/rotfl.gif Break even on the Camaro... /forums/images/graemlins/rotfl.gif

    Unfortunately, the Camaro was a serious impulse buy, and I paid too much for it. I'm not *TOO* embarrassed to admit this, because if you add up all the vehicles I've bought for too cheap, they far outpay the Camaro. Really, I paid about book value for it which most people do anyway, but to me that's too much!!!

    So negative equity on the Camaro thing. Story on that is, when I was in College, like my Junior year, that body Style came out in '93... I wanted one so bad, the LT1/6spd finally a respectable powerplant for the Z, that I swore I would finish college for that reason alone. But even still they were too much to outlay cash for, so I waited. Then one day I stumbled across one that was exactly what I wanted in showroom condition, so I didn't mind paying 'too much' for it since it was practically a new car. I've never regretted it. The nicest thing I've ever owned. So it would be sort of a personal defeat to let go of it after working so hard all these years to be able to afford it.

    /forums/images/graemlins/cool.gif If the bank takes it though, it'll have a Carb'd 305 in it with a TH350, and have junkyard steel wheels on it. Probably be missing some other things like the stereo, Ttops, etc, and have a 3rd-gen open rear end in it too. I've been thinking of making these 'upgrades' to it anyway, and what better time than right before it gets repo'd??? /forums/images/graemlins/cool.gif

    So yeah I should sell the Camaro but I owe more on it than it's worth. The break-even point is about 3-4 car payments, ie I would have to come up with about 3-4 months' worth of payments to cover the loss. If I had 3-4 months' payments I'd make the car payment. /forums/images/graemlins/1zhelp.gif

    It's the only car we still have payments on. I rarely buy anything I don't have the cash for.

    Cheers,
    Scott
     
  7. 77Jimmy

    77Jimmy 1/2 ton status

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    I agree...sell the ones you have payments on and keep the ones you own outright.
    Not sure if you have a wife/family, but can you get along w/ just the K5? BTW, that's a sweet looking K5! /forums/images/graemlins/grin.gif /forums/images/graemlins/thumb.gif

    supersize points out a great idea. seems like everyone is doing the same thing...do something different and make yourself stand out.
     

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