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Old 2nd April 2014, 21:43   #31
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Default Re: Temporarily relocating abroad: What should I do with my cars?

I proposed selling , wife told me i needed counselling . Bottom line, our car still stands in Bangalore, ridden once in a while by a relative. I would suggest selling if you can convince self and your better half (of course assuming you are married)
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Old 2nd April 2014, 21:57   #32
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Default Re: Temporarily relocating abroad: What should I do with my cars?

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I proposed selling , wife told me i needed counselling . Bottom line, our car still stands in Bangalore, ridden once in a while by a relative. I would suggest selling if you can convince self and your better half (of course assuming you are married)
One more issue with retaining your car. If you are coming to india for a few days leave, you cannot run your car with confidence, if the car was not regularly used and maintained. You may be left on the road and then spending your valuable time on servicing the car to make it perfect and then finally again to handover a perfect car to somebody requesting to run for some time. The story starts again.

Sir, do not think twice, best decision is to sell your car.

But, even both cars together may not give you your 12 lakh loan amount on the cruze !!!
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Old 6th April 2014, 20:59   #33
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Default Re: Temporarily relocating abroad: What should I do with my cars?

A friend of mine, in an almost similar situation, did not sell his car - after some internal debate, his rationale was that (1) his stint onshore could in some way be attributed to the 'luck' that his car brought him - i.e. 'it was a 'lucky car' for him (2) if he sells it off maybe he may need to return back earlier if that 'luck' is no longer there (3) considering the state of the IT industry, while 2-3 years can become 4+ years, it could also end up being just 6 months.

It is now about a year since he went abroad. He has the person who regularly cleans the car in his apartment starting it once a week and doing some minimal movement (The car is provided with a portable tyre inflator). The car is in good condition when I saw it a couple of weeks ago.

From my perspective, just looking at this logically, depreciation on new cars in this segment (and/or finding a buyer for this segment of cars) is a killer....and hearing what rates one would get is generally a dissuader to selling. I would suggest still selling off the Cruze if able to get a decent price, and probably keeping the Spark since it has already depreciated (and since one would need a run about here while on trips/visits back here) provided a person to take care of this can be found.
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Old 7th April 2014, 17:07   #34
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Default Re: Temporarily relocating abroad: What should I do with my cars?

In my opinion keeping a car "on hold" for three years is sheer folly. It is fine if it is a vintage, but for current vehicle, the cost of maintaining a car; which you are not using; for three years is quite a bit -> Depreciation + cleaning + fuel etc. If you calculate the depreciation it will come to more than 45% of the current value of your vehicle. So if it is 12L today, you are left with a vehicle which is worth 6.6L plus you would have spent quite some on maintaining it. All this and you have not even driven it in the three years!

Sell off the cars and invest what ever the amount is left after paying back the loan. You will be better off financially, and have a brand new vehicle when you come back.
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Old 7th April 2014, 18:49   #35
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Default Re: Temporarily relocating abroad: What should I do with my cars?

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Originally Posted by BurningHeart View Post
What is the best way to deal with the cars?
BH.
10 days and 37 replies later, what's your decision?
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Old 13th April 2014, 16:57   #36
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Default Re: Temporarily relocating abroad: What should I do with my cars?

Get rid of the car. 3 years stall on a depreciating asset isn't worthy. Had it been a Year, the decision could have been just the opposite. But a probable "no no" on halting it for 3 years and have all the worry and woes about it.
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Old 17th April 2014, 12:02   #37
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Default Re: Temporarily relocating abroad: What should I do with my cars?

Adding to what so many have recommended - please go ahead and sell the cars and pay off the loan. What is the point in paying 10-15% interest on a 12 Lakh loan for a depreciating asset that is not being used?

Add a very important factor - insurance and servicing costs every year and the hit that you will take over 3 (could typically stretch to 4 or more) years will be far more than the advantage of keeping the cars.
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Old 17th April 2014, 12:29   #38
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Default Re: Temporarily relocating abroad: What should I do with my cars?

Sell the cars both. Your life, your goals and your aspirations etc move a long way in 3 years as you will see in your stint abroad.
When you come back, the cars themselves may not be in the best of condition, having been parked for so long and importantly they may no longer be able to satisfy your aspirations.
I would say sell them on, convert to cash, pay off and close the loan and go with peace of mind.
When you come back, you will certainly have cash reserves enough to buy yourself something that takes your fancy at that time.
The above suggested advice I am presuming to give you, is exactly what I would follow myself were I in your shoes.
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Old 17th April 2014, 21:13   #39
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Default Re: Temporarily relocating abroad: What should I do with my cars?

As others have mentioned earlier, selling off the cars would be the ideal solution unless u have someone who can use the car. Once you move to onsite, chances are the stay may extend beyond 3 years. After returning, the amount of money to be spent for fixing the car as well as paying the loan amount for those many years would be waste IMO.

I was in the same dilemma before traveling onsite but luckily my BIL returned back to india and he is using it currently.
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Old 5th June 2014, 19:20   #40
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Default Re: Temporarily relocating abroad: What should I do with my cars?

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Originally Posted by mazda4life View Post
I proposed selling , wife told me i needed counselling
You should've asked her to drive around or start the car every once in a while. Happened in my case, 5 months down the road returned to see it covered in dust and not starting (both of which I expected). Sold it off then!

Infact one other argument in favour of seeling is that: Your requirement or return could/would be vastly different from what you initially owned. Which is true in my case.
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Old 25th June 2014, 00:31   #41
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Default Re: Temporarily relocating abroad: What should I do with my cars?

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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.

.
Thought I'd update this post. Both the 4 wheelers sold as I have relocated for an overseas assignment.
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Old 25th June 2014, 03:29   #42
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Default Re: Temporarily relocating abroad: What should I do with my cars?

Don't think too much just sell it, period. As a fundamental rule cars are depreciating assets unless you have some old classics.

When you come back buy a new car with better safety, economy and comfort. Park the money which you get in FD, other money instruments or repay any outstanding loans.
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Old 25th June 2014, 10:26   #43
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Default Temporarily relocating abroad: What should I do with my cars?

My 2 cents, it is advisable to sell your cars. Or may be sell the Cruze and handover the Beat to your family members. I say this because in case of a repair the Cruze might cost a bomb compared to the Beat. The last thing you want is your neighbor calling you from India and telling you that the car is refusing to start. Good luck mate!
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Old 29th June 2014, 08:59   #44
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Default Re: Temporarily relocating abroad: What should I do with my cars?

All of us replied so sincerely to your request for suggestions. Now, I request you to post what you have decided or what you have done. Then only this discussions come to an end.
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Old 6th January 2015, 13:44   #45
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Default Re: Temporarily relocating abroad: What should I do with my cars?

Just got news that I would be traveling to the UK for a new assignment. While it is supposedly "long term", I have told them I would take a decision after 5 months whether to stay there or come back.

Now, I have a 2013 XUV500 W8 FWD with 30K on the odometer. Not sure what to do with it. Should I leave it in my in-law's covered parking lot and let them drive it once in a while or should I dispose it off? That apartment complex has a car cleaner who would clean the car every day. But the only person who can drive the car in the family doesn't live there and so it would be driven only once a month probably.

There is a high chance that the UK stay would get extended beyond 5 months.

My family is going to be in India these 5 months. (Wifey can't drive the XUV) Should I take a decision after 5 months then?

Is it OK to leave a diesel vehicle unused for so long?

(Selling it off now and buying an XUV diesel hybrid when I return is a very tempting option but this being my first big car, there is a sentimental value attached to it. :()
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