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Discussion starter · #21 ·
Hypothetically speaking.

Say you put 50K into a car, just got it done and don't want to sell it. And, you figure it's realistically worth less than what you have in it if you were to try to sell it.

Some rich guy says it's just what he's been looking for and I'll give you 70K cash for it right now.

Do you sell?
Well, it would be a virtual trade off. If you really need the money $50k is a lot of money to put in a car just to turn around and sell. To put $50k in a car and pay let's say $15k to start with is like having $65k sunk in it. Then turn around and sell for $50k, you just lost $15k. Don't get me wrong if you have to that's another story. But if you are doing it just together rid of it and do it all over again, you're going in the wrong direction
 
And, you figure it's realistically worth less than what you have in it if you were to try to sell it.

Some rich guy says it's just what he's been looking for and I'll give you 70K cash for it right now.

Do you sell?
Would depend. If the car was just bought and built or if it had a lot of sentimental value also.
Terry
 
Well, it would be a virtual trade off. If you really need the money $50k is a lot of money to put in a car just to turn around and sell. To put $50k in a car and pay let's say $15k to start with is like having $65k sunk in it. Then turn around and sell for $50k, you just lost $15k. Don't get me wrong if you have to that's another story. But if you are doing it just together rid of it and do it all over again, you're going in the wrong direction
I meant $50K total.
So, say you paid $15K for the car and put $35K into it. I pose this because I think this would be a pretty common scenario. Nowadays it's just about impossible to buy a car, fix it up and have it worth as much or more than the total in it.

And no, I'm posing a scenario where the car isn't sentimental. Say a car that was bought and fixed up within the last 5 years. But, was done so as a hobby and not for profit.
 
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