Sell the car or use it to death?

If you buy a brand new car, lets say a Hyundai Sedan for $16,000.

You earn $130 per day after GST and Fuel


1) Do you use the car for UBER till 350,000 km, until the car becomes useless?

OR

2) Do you wanna sell the car after about 100,000 km and buy a new car?

Which one do you prefer?
 
Last edited:

President

Well-Known Member
If you buy a brand new car, lets say a Hyundai Sedan for $16,000.

You earn $130 per day after GST and Fuel


1) Do you use the car for UBER till 350,000 km, until the car becomes useless?

OR

2) Do you wanna sell the car after about 100,000 km and buy a new car?

Which one do you prefer?
Is the glass half full or half empty? Why is it so?
 

ST DYMPHNA son

Well-Known Member
Is the glass half full or half empty? Why is it so?
... you wake up and stuff like you wrote just come out of your head ???,it is not half empty or half full...it is full of s..t,-well-at least in your case...and why ???...probably your upbringing in a small village...
...your lack of comprehension is astounding!!!!do you understand what "Became the Best" is asking for????...or you just want to reassure yourself you are still have what it takes to make everyone in your village laugh???...
 
Last edited:

Magnus Vir

Member
If you buy a brand new car, lets say a Hyundai Sedan for $16,000.

You earn $130 per day after GST and Fuel


1) Do you use the car for UBER till 350,000 km, until the car becomes useless?

OR

2) Do you wanna sell the car after about 100,000 km and buy a new car?

Which one do you prefer?
My suggestion is keep it until 150,000km on the clock. Sell it privately instead of using it as a trade in if you can. Obviously the trade in option is much easier for you but you'll get screwed over by the dealer guaranteed.
Let's just say you've got a Hyundai Accent auto 1.6lt with 150,000km and it's been serviced properly and on time and you've repaired any scratches, dings, paint chips and it's clean and tidy inside (no torn seats etc). You should be able to get around $8,000 for the car on private sale. Young people go for these and similar cars from private sellers as a "first car". Often mum and dad will buy it for the kid cash so they usually sell fast without buyer financing problems.
Now, this is all assuming you own the car and it's not financed. If it's financed keep it until you've paid it off regardless of the kilometres then sell it privately. While you're in the process of selling the car just reload your financing and buy another one so you're not off the road. Selling privately is easy now as it's all done online.
Remember - it's always best to get advice from your accountant / tax agent on this as every situation is different. I am not an expert and this is just my opinion. I hope it helps you though.
 
  • Thread Starter Thread Starter
  • #5
My suggestion is keep it until 150,000km on the clock.
I bought my car for $16,000 paid in full.

I clock around 64000 km per year.

AFTER tax, fuel, servicing, tyres and other expenses. I would be able to save $23,000 per year. Lets say I had the car for 4 years.

For 256000 km , I can save $92000.

Why do you wanna sell it prematurely while you can use it to death?
 

Sleepo

Well-Known Member
My suggestion is keep it until 150,000km on the clock. Sell it privately instead of using it as a trade in if you can. Obviously the trade in option is much easier for you but you'll get screwed over by the dealer guaranteed.
Let's just say you've got a Hyundai Accent auto 1.6lt with 150,000km and it's been serviced properly and on time and you've repaired any scratches, dings, paint chips and it's clean and tidy inside (no torn seats etc). You should be able to get around $8,000 for the car on private sale. Young people go for these and similar cars from private sellers as a "first car". Often mum and dad will buy it for the kid cash so they usually sell fast without buyer financing problems.
Now, this is all assuming you own the car and it's not financed. If it's financed keep it until you've paid it off regardless of the kilometres then sell it privately. While you're in the process of selling the car just reload your financing and buy another one so you're not off the road. Selling privately is easy now as it's all done online.
Remember - it's always best to get advice from your accountant / tax agent on this as every situation is different. I am not an expert and this is just my opinion. I hope it helps you though.
Just remember you will have to pay income tax on any profits made from sale (Depends how much you depreciated it, if you already claimed depreciation lower than sale point then the excess over depreciated value is classed as income, and you will have to pay GST as well, although you would make a claim for GST against new vehicle)
 

Magnus Vir

Member
Yes I honestly think those of us (like me) who are not accountants need to use a tax agent. It's so complicated now for the regular punter and, of course, the ATO doesn't have a sense of humour when you stuff it up. At least with a tax guru you can fall back on their professional indemnity insurance if there's a catastrophe.
 

Dead Ant

Active Member
Being a mechanic I choose to run the car to death. I have a priusV with 240,000km on the clock. Customer’s still comment on how immaculate the car is and they think it’s new, its 7 years old.
Taxi’s have run these cars over 700,000km before the engine has trouble. The brakes last for more than 500,000km because of the regenerative braking that uses the electric motor to slow the car down and charge the battery.
Every time i get a scratch or any ware and tare i laugh and don’t care because i know when I’m finished with the car it’s worthless anyway. I couldn’t drive uber if i was worried about the resale value of the car. I drive over 100,000 km a year and drive nights picking up drunk A-holes who don’t care about themselves let alone me or my car.
I paid $17500 10 months ago and if i tried to sell it now I’d probably get $10,000 or less and by next year it will have close to 400,000km on it. Nobody’s going to buy it by then but it will still be just as reliable as today.
 
Top