- October 26, 2023
- Posted by: legaleseblogger
- Category: Related News
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# Context
Hello everyone! I am currently facing a dilemma and would greatly appreciate your input regarding a decision I need to make.
## Background
In 2017, I purchased a brand new Kia Sorento, and it has served me well, accumulating approximately 82,000 kilometers on the odometer. While the car itself is in great condition mechanically, it does bear a significant amount of cosmetic damage, estimating around $4,000 to $7,000.
## The Situation – A Moving Puzzle
Here’s the situation: I will be embarking on a journey abroad for a period of 3 to 5 years, only returning to Canada intermittently when necessary. After my exploration abroad, I have several options ahead of me, including moving back to Canada, settling in a different country, or becoming a snowbird.
## The Dilemma: To Sell or To Keep?
So, the question arises: should I sell my car or hold onto it? The vehicle is already fully paid off, and I am not in dire need of the funds at the moment.
**Reasons Supporting the Idea of Selling the Car:**
1. Financial Benefit: Selling the car would provide a cash influx, which I can potentially invest for future growth.
2. Storage Relief: By parting with the car, I can avoid the hassle of storing it in my garage or maintaining it while I am abroad.
3. Cost-Cutting Measures: Getting rid of the car would relieve me from the expenses of insurance and maintenance during my time away.
**Reasons Supporting the Idea of NOT Selling the Car:**
1. Transportation Security: Retaining the car would ensure that I have a reliable means of transportation when I visit my home country during my time abroad.
2. Cosmetic Damage Advantage: Due to the existing cosmetic damage, I wouldn’t have to sell the car at a significant discount, potentially mitigating some of the financial loss.
3. Preemptive Cost Reduction: By keeping the car, I can avoid the need to purchase an expensive new vehicle if I decide to relocate back to Canada within the next 3 to 5 years.
As I contemplate this decision, my primary concern is making the most financially beneficial choice. Your valuable feedback and insights would be immensely helpful in guiding me towards the best course of action.
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****** just grabbed a
3-5 later when u come back. That car will be garbage lmao
From a strictly financial perspective you should sell it. It will continue to depreciate and you may incur storage and insurance costs. You may want to keep it for non-financial reasons.
Cars dont do well sitting for months/years. Some places will store and take care of it, though I’ve only seen that sort of service offered near military bases for deploying members (not that I’ve looked). No idea on cost.
If your return trip(s) really is an ‘if’, I would sell. You can get a rental or just uber around for short trips back.
Sell it. It will continue to depreciate no matter what. If the car sits idle for long periods without driving, it will be bad for the car.
Yeah your cars not gonna run if you leave it sitting for years, sell that hoe in a heart beat. Otherwise you ainÔÇÖt seeing a penny outta it.
The engine in that vehicle is a ticking timebomb. The cosmetic damage is really the least of your problems with that vehicle.
It’s not a matter of if but when it catches on fire. If you’ve gotten the software updates then your car will go into “limp home mode” before it explodes.
The good news is you get free engines for life thanks to a class action settlement! The bad news is that every time the engine explodes you’ll be without a vehicle for a few weeks/months as they look for a replacement.
Usually this happens around 120,000km
So, yes, sell the vehicle for top dollar right now. Chances are that you’ll never get as good a deal as you’ll get right now. You can do what you like with the money (prob around $15,000) and buy another, non-explody, vehicle when you return.
In a sellers market for cars, IÔÇÖd probably sell it, maybe even fix the damage and recoup your costs in the sale. 3-5 years is lots of time for the car market to level out. ThatÔÇÖs also a lot of time for money to just be sitting in a garage.
Another thing to consider is it isnÔÇÖt exactly good for cars to just sit. Many parts are use it or lose it. Keeping it in a garage away from sunlight and moisture will help a lot. But if we are talking the timeline of years I would ask a mechanic the risks of that. At the very least, youÔÇÖre battery will likely be shot and the tires might have flat spots. IÔÇÖd ask if there are any more serious consequences for storing in a garage for a long time and factor that in your decision.
You are in a unique ‘sellers market’ for used vehicles at the moment, I’d take advantage of it.
Cars also don’t like to sit for that long. There is a bunch of things you’ll need to do in order to correctly prepare it.
Sell it, no questions asked.
Lots of things change in 3-5 years. Cars sitting for that long unused and unmaintained, something will go wrong… and it’s probably not worth the headache. Like you said, you aren’t even sure if you’re coming back or settle somewhere else.
Sell it now while the car is still 6-7 years old in a decent condition, not when it’s 10+yrs old and unused. You’ll get more money that way. With used car prices inflated how it is today, you probably wouldn’t need to discount too much today though that depends how bad the damages are.
If you’re just here intermittently, you can always use car share or rentals.
If you do decide to come back, like you said just put that money you get from selling your car and put it towards an investment account. That way the money grows a little. When the time comes, you can probably get a newer car that is less of a headache in comparison to a 10 yrs old KIA Sorento.
Take it from a student that did go study abroad and left his car in the garage for 4 years.
It was a 2018 Camry. I left Canada to go study in Vietnam for 4 years. Came back and the car needed about 12k CAD in repairs. Plus, the car depreciated in value so much that I could only sell it for about a fraction of its cost. So yea, I wish I did sell it the moment I left to go study aboard.
I had my old car sitting on my driveway for 3 years, added fuel stabilizer prior, had to replace battery, tires, and of course oil afterwards.
it was a simple inline 4 so it could take the beating
5 years would be pushing it, I’d only do that if it was a car that was hard to replace (e.g. sporty manual car)
A few years? Definitely, you want to pay insurance on a car that is depreciating that you canÔÇÖt use? Also donÔÇÖt forget used car prices are inflated right now.
Cars that have seen winter donÔÇÖt do well sitting around parked even if itÔÇÖs inside.
Its a 5 year old Kia Sorento! KiaSorento Theres zero value to keeping it. It has one of the highest depreciating values out there. Get rid of it.
Never would I imagine anyone saying I wish I didn’t sell that kia!
Kias are not know for their reliability . You are better off selling it before its value falls off a cliff
How is not selling it even an option.
The cars gonna turn garbage in 3-5 years. Insurance is purely a waste of money for a car thatÔÇÖs gonna sit in the garage for 5 years. Without anyone to drive it once a week the car while die a slow death.
If you happen to visit canada for short while the money you save from insurance would be enough to rent you a car for the trip.
If you end up relocating you can buy a good used car!
Thats the only option imo.
Sell it. Car will not survive sitting for 3 years… you will have a lemon waiting for you.
Why is this post tagged NSFW?
Was hoping for something more frisky than a used car post. ƒÿ¬
You gotta sell it for all the reasons states by others. 3-5 years is too long. Also, there is a certainty at least that used car market is still somewhat strong. Nobody can say for certain about 3-5 years but I feel it’s unlikely that this type of market will continue to persist for that long. Also remember that EV will continue to innovate and in several years, many folks may not even favour older gas cars.
yes
Do you have a cheap place to store it?
You can always cancel insurance and leave it on the garage for the foreable future. You will always have a car history with your current provider. When you do return you can explain to them that you were overseas and didn’t need to drive.
I
Yes. Car will not be in the condition you left it in and it will cost you to get it back into condition.
Made the mistake myself and it cost me like $5000.
Get rid of the car. Rent one when you come home.
Sell it. Managing property and personal possessions in another country are a pain in the ass to deal with. Plus it’s bad for the car to sit 3 to 5 years and it will be dropping in value while it sits.
sell it. Idk what the cosmetic damage is, but see if you can get 50% done maybe or something to hide it
polishing out the car can always hide some damage depending on what it is
sell.
Yes
In my on cars need to be driven to take care of the alternator, starter and battery properly. If youÔÇÖre not gonna drive it youÔÇÖre better to sell it to someone who needs one
I have Kia Sorento 2017 and there has been a recall for the engine. My car engine stopped working on Stoney a few months ago and had to tow back to my place. After talking with a few people, I got to know that most Kia vehicles with the same engine were recalled sometime ago. I read online where Kia didn’t fix the issues or replace the engine if people didn’t have any record of vehicle maintenance or the engine problem was not related to the recall. I was fortunate because the engine issue was related to the recall and they replaced the engine with a lifetime warranty and they gave me a rental for a month
One guy had to pay out of pocket and he bought a used engine for almost 6K which also died within a few months. Google the Kia recall notice.
Looking for a car myself will take it off your hands for 8k saw online it’s 12k used minus the lower end of your damages is fair.
Let me know!
ƒÆ» you sell it before leaving
Sell it. Was in a similar situation some years ago – saved a lot of headaches.
Dude, just sell the car. 3-5 years is a long time, plus youÔÇÖll have to maintain some sort of insurance on it even in storage. Get rid of the headache, get your money out now and invest and turn the depreciating rust bucket into an appreciating investment.
Sell it, market is hot and it will be rotted garbage when you return.
Sell, I moved abroad for less than a year and I came back to a dead battery and seized brakes, not to mention a now year older car.
A car is a depreciating asset. And a piece of shit like that Kia Sorento loses value exponentially.
Yes use car market is on fire right now you can get double what you thought you could for many vehicles
You can turn it into a Turo rental so it generates you income while holding it.
Or sell it 