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To sell or not to sell?

Scholester

Well-known member
Joined
16 Jan 2012
Messages
1,357
I am moving house next month and am looking at my options to fund the extra borrowing required. I could just up the mortgage, or alternatively, sell the Turbo and not extend the mortgage.

The third option would be to sell an investment property but there would be a tax liability as I have not lived there.

I have only covered 300-400 miles since buying the Turbo 2.5 years ago due to work and home improvement commitments so this may be the sensible route to take. It has only covered 29300 miles and has correct FSH so should achieve top money.

:?:
 
Sell it and buy a 996 Turbo :dont know:

Or another cool 70's 80's car 8)

:thumb:
 
As you're not using the car I'd say sell and cash in on the profit you've probably made in that 2.5 years.

You can always buy another 911 when your lifestyle allows you to enjoy it more.
 
HSC911 said:
Sell it and buy a 996 Turbo :dont know:

Or another cool 70's 80's car 8)

:thumb:

I am not selling it to replace it with a lesser car - just looking at sensible choices based around house purchase and borrowing rates etc. All very boring I know but all options are currently on the table.

I would have absolutely no idea what I could ever fill its garage spot with. But, maybe an 80's hot hatch in concours condition would be far enough removed from the Turbo to not have me make constant comparisons between the two!
 
T8 said:
As you're not using the car I'd say sell and cash in on the profit you've probably made in that 2.5 years.

You can always buy another 911 when your lifestyle allows you to enjoy it more.

It's a definite option T8 and one worth considering if I don't ever want another 997T as I could not replace it with a lesser example.

If it weren't my dream car then it may make too much economic sense not to sell but great cars just grab your at your heart. I remember having a lump in my throat for hours after I sold my immaculate Tuscan when my first born arrived!
 
If you aren't using it sell it. Unless you appreciate it as an ornament.

MC
 
MisterCorn said:
If you aren't using it sell it. Unless you appreciate it as an ornament.

MC

It is a very handsome ornament but better viewed at speed!

Usage would improve this year but still to around only 500 miles but has been the case for all of my 'second' cars over the years. I am not concerned with this and always keep on top of servicing and maintenance so the car does not suffer the low mileage.

I have my mortgage man and accountant crunching the numbers so will be in a better position to make a call next week.
 
The fact that you are considering selling it signifies you might possibly become stretched.

The fact you are asking opinions from a car forum signifies you don't really want to sell it.

On balance, sell it.

Fulfil your investment plans and then when you get the itch again then buy another. Maybe when that time comes you will have more free time to enjoy it.

All the best

S
 
In my opinion, and I'm not trying to be provocative here, limiting debt is the best thing you can do. Better, I believe, than having a nice car; the freedom of (later on?) being debt free outweighs any motoring pleasures.
A long term liability versus a barely used asset - the car should go, I'm afraid. Head over heart. But that's just my thoughts; others will disagree.
 
Counter Of Beans said:
In my opinion, and I'm not trying to be provocative here, limiting debt is the best thing you can do. Better, I believe, than having a nice car; the freedom of (later on?) being debt free outweighs any motoring pleasures.
A long term liability versus a barely used asset - the car should go, I'm afraid. Head over heart. But that's just my thoughts; others will disagree.

I agree you can buy a nice toy anytime in your life , but you must put home and family first :thumb:
 
What do you think is going to happen to interest rates over the next ten years?

A mortgage which you can afford now, in a time of historic low interest rates, may become a significant problem if said rates increase. Property prices are trending downwards at the moment, and dependent upon events this autumn (basically whether Johnson, Hammond or Corbyn win the general election) you may (emphasis on the may) face negative equity if we have a sustained recession.

Good news is that older cars are likely to become very cheap in that scenario as people dump assets in favour of liquidity.

= I'd sell the car to minimise risk, and then pick another one up once we work out if we are leaving (Johnson, Corbyn) or staying (Hammond).
 
Some good points here.

I have always lived within my means and any mortgage would be comfortably affordable. I do however wonder if, on balance, selling the car now could reduce my selected retirement age of 55 by a year or two which would be appealing (I am 47 now).

The head over heart argument is one that is currently 60% in favour of heart and 55 is a pretty decent age to start tending tomato plants in the greenhouse anyway :grin:

I have a month or so before applications have to be made so I have a bit more time to decide. I guess the key question (interest rates aside) will be what the car would realise as cash in the bank? I don't want to turn this into a valuation thread but a £10000 spread (between price someone would want to pay and what I would hope to receive) would take any decision out of my hands essentially.

If I did sell then there would be the initial grieving period and I would look for a cheap toy outside of the Porsche family as nothing could compare. A slow classic may be more suitable for 500 miles pa ownership.
 
IMHO, if you're only doing 500 miles a year and being religious about servicing and maintenance then the car is pretty much an investment rather than a pure toy...

So why would you consider selling another investment which leaves you a tax liability rather than this (admittedly very pretty) investment?

Take it out for one last drive. Take some photo's of the two of you together at some of your favourite spots. Come home and give it one last, loving polish...

Then sell it. :thumb:
 
Not much point having it if ya don't drive it,i'd sooner drive a 996 rather than look at a 997 sat in a garage. :thumb:
 
Advert is written and posted on another forum site. I will try and transfer the guts of the ad over to this site but I do come up against issues with posting photos. Will give it a go though.

I have a month to sell but my mortgage man has plan B sitting waiting for the go-ahead. Plan C (investment property sale) is off the table due to associated tax liabilities.

It is indeed a lovely ornament currently so it may just be the right thing to let head rule over heart on this occasion.........
 

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