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Old 29th March 2014, 16:31   #16
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Default Re: Temporarily relocating abroad: What should I do with my cars?

Simple economics - A depreciating asset, if not yielding any positive yield and will not for foreseeable future should be sold off at first opportunity.

That being said, my signature might soon have the sold tag against the cars since there is high probability of being in same situation as the OP.

Points others have raised about uncertainties are equally valid.
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Old 30th March 2014, 12:25   #17
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Default Re: Temporarily relocating abroad: What should I do with my cars?

My inclination, if it were up to me, would be to take the hit and sell the Cruze as it has payments left on it, and keep the fully paid up Spark.

Even if the Spark has no one to take care of it and is kept well garaged, it should be up and running in no time after your return. Who knows how much worse our traffic will get then and you'll still have a beater to go about
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Old 30th March 2014, 13:11   #18
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Default Re: Temporarily relocating abroad: What should I do with my cars?

Everyone has chimed in on how you should sell the cars, and I agree with the sentiment. No point owning depreciating assets that you'll have to come back to and service, even if it's been regularly driven around by someone. And if for some reason you're unhappy with the car(s), you'll get poor value for them then since they'll have fully depreciated.

Sell them off and buy yourself something nice and racy in the US of A.
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Old 30th March 2014, 16:02   #19
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Default Re: Temporarily relocating abroad: What should I do with my cars?

IMO you should sell both the cars and get one thing off your mind as you relocate. 3 years is a long time, and who knows what car would hit the market in that timeframe that you would fancy buying after returning from US.
You may not want a 6 year old cruze and an even older spark when you finally come back. Use hired cars when you come for your yearly visits.
There may be situation where 3 years might extend to 4 or 5. There may be situations where the custodian whom you want to leave the cars in India may himself relocate/have other issues.
Theft, legal issues etc are far fetched but not impossible ones.
Sell the cars yourself, get peace of mind and have a safe trip!

P.S - I could afford to leave my 1 year old i10 with my dad as I relocated to US for 2+ years, as dad decided to sell his M800 and use my i10 as his primary car in that time. After I returned he bought a new Eon for himself.

Last edited by blackasta : 30th March 2014 at 16:04.
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Old 30th March 2014, 17:03   #20
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Default Re: Temporarily relocating abroad: What should I do with my cars?

Unless you have some serious emotional attachment to your car, I too would suggest you get rid of it. A year away and you could certainly consider retaining it. Two years, perhaps retaining it isn't too bad an option. But three or more and you're just looking at a depreciating asset that's going to empty your bank account upon your arrival. Not to mention that the car loses a chunk of its value after 3 years, irrespective of whether you've been clocking few miles or not.

Sell it now and get most of your money back instead of selling it for a pittance 6 years down the line after putting the car through repairs and what not.
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Old 31st March 2014, 06:54   #21
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Default Re: Temporarily relocating abroad: What should I do with my cars?

Speaking from personal experience, I moved to US in late December last year. My car is parked in my covered garage with nobody driving it. (Dad uses his office car). Some days back, a cousin who was in my hometown gave me a call saying that the car wont start, I told him its a battery issue and maybe they can jump start it.

They tried doing a push start and then informed me that some component has broken inside, so the car starts now, but does not move. And here I am, tensed as to what happened.

Take my advice, sell them both. 3 years is a long time, and with no one to take care of the car, its a risky bet. Imagine the amount you will pay over three years to get a safe parking + the interest on the bank loan.

Also, your stay might increase due to unforeseen circumstances. Do figure that in!
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Old 31st March 2014, 09:23   #22
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Default Re: Temporarily relocating abroad: What should I do with my cars?

Thank you fellow BHPians. Great advice indeed. And thanks GTO for moving to the right thread.

I think I will sell both my cars in a short while around by the end of July, so please be on the look out on olx and BHP classifieds.
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Old 31st March 2014, 09:31   #23
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Default Re: Temporarily relocating abroad: What should I do with my cars?

A friend of ours had a barely used Santro with 20000km after 6 years, he fell sick and went abroad to live with his children. I was supposed to start the car and use it but due to time constraints it never happened. Every 6 months, I used to use it but it was a mess with mould etc.

When long term visitors came, I used to let them use this car to keep it running but it became a burden and the car was deteriorating. I advised the girls to sell the car off and sold it to their building supervisor at a nominal price since he had served them well.

In short, if it is a classic car, keep it but do ensure you take steps to preserve it.

If it is a normal car, whether a Maruti or a Mercedes, it might feel emotional to keep it but it will end up a liability and again "out of sight, out of mind"!

Asking a freind to look after it, it will not work unless he has no other car and uses that.

But what is the point, when you visit, you have Zoom and Myles to take care of your mobility needs.
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Old 31st March 2014, 10:19   #24
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Default Re: Temporarily relocating abroad: What should I do with my cars?

Well three years is a pretty long time for a car like Chevy Cruze to be stationary. Modern cars with all their electronic gadgetary and gazillion sensors will take a hit in 3 years time considering it will not be driven even once in a week. Also as others have stated the car will depreciate and will add no value to your bank after you return, instead you would be paying off the loans and looking at some major repairs post three years. Unless it is a vintage classic vehicle like a Willys Jeep, VW Beetle, etc. it is no use to keep cars like Chevy Cruze and Spark standing idle for 3+ years (unless you are seriously emotionally attached to them). You are better selling the cars off and use the same money to buy a car in the US.

Regards,
navin_v8

Last edited by navin_v8 : 31st March 2014 at 10:22. Reason: additional notes
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Old 31st March 2014, 12:19   #25
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Default Re: Temporarily relocating abroad: What should I do with my cars?

Sell it, as simple as that. Everything has been written in so many comments above, have nothing more to say. So, sell them off, go to US with no worries, get a new car (Mustang ) there and write a thread here, on your new car.
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Old 31st March 2014, 18:38   #26
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Default Re: Temporarily relocating abroad: What should I do with my cars?

Since your cars have done reasonable KMs and your period of overseas stay is 3+ years, it is better to sell and move on.

When I was waiting (some older people were also there) in a water wash station, some of them were discussing this topic on retaining the cars during abroad assignments. One of them said, "I live with my son in US for 6-8 months every year and it has become a nuissance of maintaining this car. I seek the help of some relatives to take care. I spend around 3-4k once I come back to get it cleaned and serviced. If there is an agency to take care of cars, I dont mind paying them".

Seems to be a decent business for one who have safe and good amount of space to accomodate 20-25 cars.
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Old 31st March 2014, 19:24   #27
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Default Re: Temporarily relocating abroad: What should I do with my cars?

Parking the car you love in a basement while taking due precautions & spending some cash when you return to bring it back to shape. All this appeals to the heart, but the depreciation hit you take on the Cruze will be high.

Moreover you are paying for an asset you are not going to use for 2-3 years. The Cruze is ageing & should soon see a (meaningful) facelift or a complete overhaul. It may not fetch what you want in the near future.

My advice would be to sell it off & pay the loan, you will have to shell out some extra cash from your pocket, but its more financially beneficial than trying to retain it.

You will for sure see some hot rides being launched in the coming 2-3 years in India.
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Old 31st March 2014, 21:26   #28
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Default Re: Temporarily relocating abroad: What should I do with my cars?

I just wanted to add my 2c worth to the thread. I had a Maruti Esteem Di, which was pretty good and I drove it for a few months every year. I handed it over to someone in the family to drive around, they had it as a second car that their friends and relatives borrowed from them. Although the car was driven regularly, the car was in pretty bad shape (bodywork and other wear-and-tear). The car does show its age and in some parts of the world, people dispose off the car after 3 years of use. Besides, the amount spent on fuel and servicing for the 3 years alone would add up, apart from the interest charges and depreciation.
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Old 1st April 2014, 11:53   #29
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Default Re: Temporarily relocating abroad: What should I do with my cars?

I might be going off topic here and completely unrelated , but here is a different thought. It might not be also feasible for you @BurningHeart

There is a process of attaching a car to a travel agency like Hertz or Avis , if you want to make some returns see if there is a travel agency who would take the car and give you some returns. Selling a Cruze is going to take a big hit on depreciation. This way it might let you recoup some losses.

Disclaimer :
1. Take it a given that the car will not be in great condition to use on your return if used as a Taxi
2. This is just an different thought process to your situation.
3. Please choose to ignore if you think this is non starter of an idea
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Old 2nd April 2014, 20:54   #30
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Default Re: Temporarily relocating abroad: What should I do with my cars?

Quote:
Originally Posted by dass View Post
My neighbor travels a lot and he has a diesel Ritz. He handed over the key to me to use to whenever I can, so I take the car out two times a week to my office and use mine the other three days. That way, I get to drive a different car and also be of help to my neighbor.

So, if you TRUST someone to take care of your car, atleast the CRUZE, I would suggest have them use/take care of it, while you sell the Spark. My 2 cents based on being the guy who is the neighbor here.

My opinion is that you should sell both the cars and leave as a free bird. When you come back after 2-3 years, buy a new car.

If you are very particular that you want to keep the car, then you can handover the cruze to one of us to drive with fuel and maintenance at you expense. We get a good car for using at your fuel and maintenance !!! That too such a highly depreciating car. I still say, you should sell your cars before leaving, deposit the amount in bank. You will be able to buy a good car with the same amount, even though you may not be worried that much about economics.
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