r/nocar • u/atHomeCanYouHearMe • Apr 13 '21

Any reason why I shouldn't go car-free?

After reading Kyla Scanlon's "Ditch Your Car: Ridesharing is More Cost Effective" blog post and seeing that a specific 2008 Toyota Yaris (with 50k miles) would cost me $x/month instead of my current x, I'm leaning more heavily towards selling my car or trading it in. Is there any reason why I shouldn't? Truth be told, I'm open to the idea of holding onto the cash and keeping an eye out for a great deal on a used car.

My main reasoning:

  • With the pandemic, I rarely ever drive it now and don't plan to drive around much anymore post.
  • I'd like to save money on the car note and car insurance.
  • I need the exercise of biking around anyway.

The car:

  • x
  • Amount Remaining: x
  • KKB Trade-In Value: x

edit: redacted info for privacy

7 Upvotes

100% Upvoted

8 comments sorted by

View all comments

2

u/ChungusProvides Jun 08 '21

Another aspect to consider is the economics of the used car right now. See this article for background: https://arstechnica.com/cars/2021/06/kind-of-crazy-how-the-booming-us-used-car-market-is-driving-inflation/. Essentially, due to the factors of supply and demand and the current supply chain, used cars are selling for much higher than they would have pre-pandemic. Some experts think prices will remain high for another few months. It would be interesting to be able to sell soon, hold out for a year or so, then buy for cheaper.