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[willyB]

I'm really torn on this!

I have a 2007 Honda S2000 that seems to sit more and more in my garage while we ride our 2011 CVO Street Glide. The car is an absolute blast to drive. But I work out of my home and only drive it back and forth to the airport. I probably would not even be thinking about selling it if my wife knew how to drive a stick.

If I sell it I can pay off my house. But.......if I keep it I'll still have the car that is no longer being made. The car only has 51,000 miles on it and it would most likely last me the rest of my life at that pace.

Thoughts?

[LincolnUSA]

With interest rates so low, keep the car (I assume it is paid for).  Make an extra mortgage payment or two each year.  better off having the interest deduction.

[Buy early]

Own a 1989 Miata with just over 30K on the clock. Similar story, only drive it to the DQ during the summer now that we got back into motorcycles. But, it's still great to have around when you want a drop top. My neighbor has a car exactly like yours, color and all. I lust after it as well. They are such great cars! One of the few I would take over the Miata. Owned a 911 Cab so we've experienced the best as well.

If the car is paid for, I would keep it and make extra payments on the house. If it ain't paid for, I would sell and get out of debt. We paid off our house 3 years ago and that is a great feeling as well!

Choices, choices...

[110tHunDer]

With interest rates so low, keep the car (I assume it is paid for).  Make an extra mortgage payment or two each year.  better off having the interest deduction.

Why do people continue to think that having a mortgage is a good thing because you can deduct the interest on your federal tax return?  Simple math will show you that the cash outflows far exceed the benefit you get from the reduction in taxes.  If the reverse were true, we should all go out and finance multiple properties because we would be generating income from all the interest we were paying.  And we would look to refinance as soon as the rates went up, not down. LOL  There are good reasons to have a mortgage, but being able to deduct interest isn't one of them.

It boils down to what you need more, the car or the money.  Since you're thinking of selling, you must need the monthly cash flow.  If you sell the car and pay the house off, you can always get back into another S2000 or something different down the road if things get better, financially.  If it's not a monetary strain to keep the car and make payments on the house, then do it.  You must be close to having it paid off, anyway, if the sale of the car would be enough to pay off the mortgage.

Good luck with your decision.

[erniezap]

I recently sold my 1983 Porsche 911 Slantnose Cabriolet since it just sat in the garage.  I say sell it and let someone get good use of a great car!

[Bowman1836]

 Muddle get rid of it pay your house off and live like no one else so you can live like no one else. .

[murphy]

You can sleep in your car... but you can't drive your house!

Don't be silly, pay the house off.

[mjb765]

If you are not using it and won't miss it at all...then sell it and pay the house off. Have you driven it lately and thought "I'm really glad I have this car"? If so--keep it!

[Crusty]

Sell the car, pay off the house, use cash that was going for house payments on your CVO. Problem solved! 

[VaEagle]

I would guess you have to decide if this decision is going to made with the head or the heart. We all tend to get attached to things with remembering the good times we have had or the thought of the good times we think we will have.
Most of us can't afford to act like Jay Leno and have a garage or two full of collectables and investments (OK I know of a few on this website who might qualify for Jay Leno status). For any "collectable" to be an investment you would have to spend less on it then what you sell it for. Think of all the insurance costs and taxes you are paying for something you basically are not using. You may find that once you sell the car and pay off your home you will breathe much easier and make your spouse happy as well.

[willyB]

Thanks for all the replies.

We are down to the bottom of our loan so deducting interest has already went out the window. If I didn't own the CVO we would drive it every weekend. But we're not getting rid of our scoot.

Decisions, Decisions!!!

No house payment, no sports car insurance and no personal property tax on something that I barely use does make for a good reason to sell.

Hmmmmm, if I only had Jay Leno's money!!!!

[amigo Jorge]

I had one in silver several years ago.....very fun to drive!! I will keep it and try to make some extra payment for your mortgage and you will the car and the house paid off.

[Gettinold]

Why do people continue to think that having a mortgage is a good thing because you can deduct the interest on your federal tax return?  Simple math will show you that the cash outflows far exceed the benefit you get from the reduction in taxes.  If the reverse were true, we should all go out and finance multiple properties because we would be generating income from all the interest we were paying.  And we would look to refinance as soon as the rates went up, not down. LOL  There are good reasons to have a mortgage, but being able to deduct interest isn't one of them.

It boils down to what you need more, the car or the money.  Since you're thinking of selling, you must need the monthly cash flow.  If you sell the car and pay the house off, you can always get back into another S2000 or something different down the road if things get better, financially.  If it's not a monetary strain to keep the car and make payments on the house, then do it.  You must be close to having it paid off, anyway, if the sale of the car would be enough to pay off the mortgage.

Good luck with your decision.

Go with this...... Send it in!

[hogasm]

Go with this...... Send it in!

I am with guys .... pay off the house.....it is  no briner

Been giving the sale of a boat the same thought. Just can't make up my mind which boat to sell .....or which house to pay off

[cyril]

If you can afford both easy keep it, if you think you could not afford the house should you lose some regular income pay it off or regret it a long time, & move back to the tent. Easy answer