So here's my dilemma - any insights will be appreciated.

I bought a brand new 2005 RX8 in mid-2006.
It's in excellent condition, very low mileage (~8K), well maintained etc.
I'm taking a 12-month sabbatical in a few months. So my options are:

(1) Sell my RX8 now. Buy a new one when I return.
(2) Store my RX8 for a year.

Which one is more technically/financially wise? What would you do?

 

store it. if money is not an issue plus you have a place to garage it safely for a year.

but if u do that, remember to pull the battery, put the highest octane fuel, oh plus a bottle of fuel stablizer.

 

what he said

 

If you need the money then sell it. If the car is a lemon sell it. Otherwise store it as per nygps.

 

lol....

 

You already took the depreciation hit on your current 8...I dont think it would be too wise to take another one on basically the same car.

 

So you just bought the car ... didn't you know you'd be going on sabbatical and factor that in? I couldn't part with my 8 and absence makes the heart grow fonder, or whatever.

 

agree with the depreciation hit and also, you already got a trouble-free one. you just don't know if you'd end up with a troublesome 8 should you decide to just get another one. of course, if money's not an issue and you can afford a brand new one, then that's a totally different and acceptable case

 

sell it and buy the new model when it comes out ! No use in paying on something for a year losing money + even more depreciation and its just sitting there save all that money for a down payment on a new one or rent it to a friend!

 

The car was bought in mid-2006.

 

Sell

 

I can't have my 8 at school yet, so I store it for most of the year. Take the proper measures and it'll be just fine, and you'll be glad it's there when you come back.

 

I vote sell, you're going to make up the depreciation expense by not having to make payments for a year.

 

sell it and buy an 09.

 

how? he doesn't get that money back...if he buys another new car, he'll take another hit...unless he can make in investments (from the money he gets from selling) close to the depreciation in the new car, it's not worth it.

 

Sell it. The depreciation will be too much just because it's aging. Sell it now while it's still worth more and if you so desire when you come back, buy the new, revised 09 model.

 

Store it. Or let a family member drive it.

Money and depreciation should probably not be a factor here if he's making good money.

 

He didn't say he was planning on buying a different car. If he doesn't make any payments at all for a year (and saves that money instead) he'll more than make up for the loss on selling and buying a new car. He's saving the payments as well as the depreciation that would have happened if he left the car in the garage.

If you're just planning on buying another car wherever you go on sabbatical then you're throwing money away either way.


Edit: After reading my first comment again it wasn't very clear. I was (confusingly) referring to saving the depreciation that would occur on the car over the course of the year in storage, he's saving that by selling.

Edit: After further thinking I have no idea what I'm talking about, I vote sell it purely to get a face-lifted 09.

 

^^^ LOL

basically I was saying he already lost 25% or whatever on his original 8. If he sells his 8 to buy the new 09 model he's losing another 25% (on the market value of the new 8) once he drives it off the lot.

If he does sell his current 8 and uses that money to get back the original 25% he lost, then buying the 09 model wouldnt be a bad idea.

 

also plug the tailpipes with steelwool or a simple plastic baggy with a rubberband... mice like to make it their home. dont forget to remove before firing er up after the storage :P

 

does fuel stabilizer last 12 months? I thought it was only good for 6 at best.

 

just a CYA for the stabilizer companies/a minor suggestion.. it will be fine for 12 months

 

im in the military, stationed in korea right now.... my car is in storage for a year, im using this opportunity to pay a bit more on the car payment per month.. since im saving all that money from not paying insurance and GAS.

get this thing payed off, thats way im looken at it