Should we sell?

honda
odyssey

#1

My family recently moved to NYC from upstate NY. We have a '03 Odyssey with a little over 100,000 and a GMC pickup with around 50,000. We owe about $4,500 still on the van and about $3,000 on the truck making our monthly payments around $550. I think we should sell both, buy a slightly smaller car that can still fit our three kids and rent a compact car for the two months that we are upstate in the summer so my husband can go back and forth to work. My husband is hesitant. Any thoughts as to whether this is a good idea or do we just stick it out for another year and own both outright? PS The truck is currently just sitting upstate and is only used about once a month. Thanks!


#2

Regarding daily transportation, 3 kids is minivan territory, hard to come up with something better than the Odyssey. As for the pickup, 2 month rentals aren’t easy to come by at a reasonable price, see what that option costs before you decide.


#3

A lot depends on parking. You need to determine how much it will cost to insure and park the cars before you decide. You already know where you live, and must have parking arrangements by now. If the cost is high (several thousand per year), then it might make sense to sell one or both cars.