Real Answers for Life’s Money Challenges
I just got a new job.
I decided I can afford the cut and its worth it.
Maintenance, gas and insurance are all covered.
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Heres the dilemma: I already have two cars.
One is a commuter car, newer with lots of amenities and a reasonable monthly payment.
Ive only had it for one year.
My other vehicle is an older Jeep.
Its still functional but not suitable for commuting.
Its paid for and probably worth about $12,000 to $15,000.
It is not practical, but I have a strong attachment to it.
Its a Jeep thing.
I dont need or have room for all three vehicles.
What do I sell?
Just the grocery-getter or both?
Do I trade both in for a newer fun Jeep?
Im hesitant to do that because the markup on those is exorbitant!
-A. in the Midwest
Dear A.,
Sell the Jeep.
Surely you werent planning to bronze it and keep it in your garage for eternity, right?
Theres no easy time to part with something youre emotionally attached to.
Thats the easy part.
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As you point out, youd be paying top dollar.
You just started this job.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help… Having a company car for personal use is a pretty sweet perk.
But with sweet perks, the IRS always demands a cut.
Your employer can choose how it calculates the value of that personal usage.
The rules can get complicated.
Did you know?
Send your tricky money questions to[email protected].
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
