How much is my car worth?

[Spudz27]

Firstly I apologize if this is in the wrong area.

It has come to a point where if I don't have work very soon, like in a month soon, or this estate get's settled, one of my cars has to go or we won't be able to afford to live and will result in a car being repossessed which I obviously want to avoid. Centrelink expect us to be able to live on 40k per year before tax and in all fairness it is not their problem I have debt. The government won't let me access my super, in their own words "we only do hardship for disability or mortgage, so your car's may very well be repossessed if you can't pay them" So I can't decide which yet, but because the camry has been so faultless, it is swinging towards to Fairmont. The fairmont is beginning to develop a bad idle and has played a few funny games lately (could be just the battery, but if it is more I can't afford it) thankfully the issue is not a 24/7 problem.

So let's work on it being the Fairmont.

It is an Aug 07 Fairmont, Gold, 117,000 kms, serviced all the time with log book stamps, about to be totally rust free (is at panel beaters as we speak), slotted front rotors and the F6 CAI (but that really is not worth **** to joe blow anyway), reece hitch. Other than that totally stock.

I would like to get 11-12k but I am not sure.

[Kryton]

You probably could get what your looking as a private sale, however, if theres money owing on it, it makes the sale that much harder and longer.
Most people dont want to know about it if it is owing money, whether the fear is legit or not, its still there.
I know someone that recent bought a car that was encumbered and he said the amount of stuffing around to have it paid out and removed, he wouldnt even consider such a car again.

[Spudz27]

ahh **** this was meant to be in the pub. Not sure how I managed to even post it in here. Bloody iphone. Sorry guys.

[KPCresta]

www.redbook.com.au

[Smoke Pursuit]

probably 9 - 11 kay... Theres a shipload of ex fleet ones now floating around which lessens your ability to move quickly.

Thought about getting another job?

[Spudz27]

Originally Posted by DASH GT

probably 9 - 11 kay... Theres a shipload of ex fleet ones now floating around which lessens your ability to move quickly.

Thought about getting another job?

No the thought hadn't crossed my mind I have been trying since before christmas mate. However it is at that point now I have to take drastic measures to lower debt.

[KRL-94]

get a cash advance from cetrelink (if they will give it to you). i'm going to do it in the next week or 2, just because i need the money for a few debts and other things that need to be paid.

[Spudz27]

I am not on centrelink mate. I just had an uncomfortable chat with my dad (he and myself have never gotten along) and he is confident the estate will be settled in 6weeks. *puts flame suit on* I will still be selling the falcon. Payout is 13k it is worth 10-12k so I won't lose much, plus I can put that 10-12k back into savings and go and study full time and live comfortably off my fiances wage without needing handouts, and know if there is something big and urgent we have the savings there, plus we can use the interest on the savings for our "toys" which for me is my rc stuff.

[302 XC]

Originally Posted by Spudz27

I am not on centrelink mate. I just had an uncomfortable chat with my dad (he and myself have never gotten along) and he is confident the estate will be settled in 6weeks. *puts flame suit on* I will still be selling the falcon. Payout is 13k it is worth 10-12k so I won't lose much, plus I can put that 10-12k back into savings and go and study full time and live comfortably off my fiances wage without needing handouts, and know if there is something big and urgent we have the savings there, plus we can use the interest on the savings for our "toys" which for me is my rc stuff.

Not sure if im reading this right ???
You have a car with a debt of 13 K , you sell for say 10K , you will have a shortfall of a few K give or take
You wont walk away with nothin for savings,youll still owe the shortfall,but reduce the debt
Youll have to check with your financier , some wont release the cars title from you to new owner till the total debt is cleared

[dragon91]

Confused do u owe money on the car or not?

[dragon91]

Ah I think I get it. The estate will settle which will get u out of debt and whatever you get from your car will put u back on top?

[falconator]

Originally Posted by DASH GT

probably 9 - 11 kay... Theres a shipload of ex fleet ones now floating around which lessens your ability to move quickly.

Thought about getting another job?

not always that easy,for some.not everybody is gods gift to the work force.(why dont you insult him!)

[Kryton]

he owes 12k.
he pays that back.
instead of making car payments, he pockets the monthly payments which over time will equal 12k.

[Spudz27]

So everyone is not confused here. It looks like the estate will go through, which will pay out my debts and leave me 10k maybe a little less. I will then sell the falcon for 10-12k and put that into savings. So eseentially the falcon would have cost me between 4-6k in the last year, my last years repayments plus the shortfall on what I paid out vs what I sell it for. Now if this estate (which is riding on the house sale) falls through, I am pretty much able to borrow from the estaate the shortfall between selling and owing, meaning new buyer will have a non encumbered vehicle.

[RAPID_BA]

Originally Posted by 302 XC

Not sure if im reading this right ???
You have a car with a debt of 13 K , you sell for say 10K , you will have a shortfall of a few K give or take
You wont walk away with nothin for savings,youll still owe the shortfall,but reduce the debt
Youll have to check with your financier , some wont release the cars title from you to new owner till the total debt is cleared

Mate if selling a $10k fairmont is necessary to live? What have you been doing? Also does that mean your gonna walk every where? I presumed you owned the fairmont as you actually needed a car. you might be more behind as your gonna have to pay it out first, then buy a even cheaper car and may have more maintenence issues. keep the fairmont if its reliable.

[Spudz27]

We have 2 cars and if I am studying we only need the one. When I am back into fulltime work, I will just get cheap little daily. But for now we only need one car. We only got the fairmont because my fiance has every second week where she starts at 6:30am, TBH we didn't really need it, but we could afford it at the time and I never expected to just wake up and be told I was redundant. I also have many hobbies wasted most of the spare money on those instead of saving it, incase this situation happened. I am learning a very hard lesson. Because I am now selling most of my RC stuff and all my aircraft models, dvd's etc. So it really has become wasted money.

[Kryton]

And RC IS wasted money.
Ive got $$$$ in it myself and although it may be worth that much, it isnt really worth anything when you need to sell it.

[Spudz27]

lol RC is wasted money when you should haave saved it, then waited a couple of months for the new toy. Instead I would just buy stuff as soon as I got paid, not putting any of it away for a rainy day.

[KRL-94]

i think he is in a catch 22 situation. he's caught out if he sells it and caught out if he keeps it. and trying to sell a $10K fairmont is going to be pretty hard. 1) no one has any money, 2) there are many more forsale. i searched 34 pages of BA falcons alone. so there would be just as many BF's on the market. sorry to lower your hope, but the only way to sell it quick is to a dealer for about 1/3 - 1/2 of what you want for it.

[Jason[98.EL]]

I know this might sound bad but here goes

pump out a kid or 2 and then use the family assist payments to help out with the everyday living expenses
we use our's to pay our rent and gas, elect with a bit left over to buy the kids a new clothes item

then you can use your income for the other stuff that is needed etc

now I will put my flame suit on and wait for the fire

[Peter B - CV8]

Originally Posted by Jason[98.EL]

I know this might sound bad but here goes

pump out a kid or 2 and then use the family assist payments to help out with the everyday living expenses
we use our's to pay our rent and gas, elect with a bit left over to buy the kids a new clothes item

then you can use your income for the other stuff that is needed etc

now I will put my flame suit on and wait for the fire

He only has a month or two before he hits the wall. Last time I noticed, it takes about 9 months to have a child..... so that's probably more of a long term "solution" - if in fact, it can be called a solution at all.....
To the OP. Does the estate consist of anything other than property sale (ie cash/savings) ?? If so, the Executor might be able to arrange a partial distribution prior to the property sale. It needs to ok'd by both the Executor & solicitor.

[Spudz27]

The executor is my father. Let's just say I see him once a year if that (long story but he left and had a second family, basically decided on an upgrade from us) and all my life he makes it hard to get anything from him, although my gran gave him everything he wanted. He said, after making me feel like ****, he will check what cash is available and get back to me, but the house sale may be approved this week, so I might only need to tough it out a bit longer (his way of saying no) so we will see. Oh and as soon as I mentioned selling the car he said good idea and then told me to stop spending money on childish toys, yet I got my passion for most of this stuff growing up around him and mums own words, we were exactly the same situation your in now, for the same reasons, but your dad never lost his job and your gran helped us out.

[RAPID_BA]

Hope ot all goes ok mate. put a budget together and make it work. if you need to work then work. if not get rid of the so called must haves "iphone" and foxtel.

[dragon91]

Call that my budget place

[pottery beige]

Originally Posted by Jason[98.EL]

I know this might sound bad but here goes

pump out a kid or 2 and then use the family assist payments to help out with the everyday living expenses
we use our's to pay our rent and gas, elect with a bit left over to buy the kids a new clothes item

then you can use your income for the other stuff that is needed etc

now I will put my flame suit on and wait for the fire

yes it does sound bad.. like some sort of puppy farm..

breeding for $buck$......

[Spudz27]

Originally Posted by Jason[98.EL]

I know this might sound bad but here goes

pump out a kid or 2 and then use the family assist payments to help out with the everyday living expenses
we use our's to pay our rent and gas, elect with a bit left over to buy the kids a new clothes item

then you can use your income for the other stuff that is needed etc

now I will put my flame suit on and wait for the fire

I didn't want to reply to this, but I will. I already have 2 kids and don't want more. I have a letter here from the prime ministers office, because I actually sent an email outlining how the baby bonus should be ceased at child 2 as you should already have baby clothes furniture for future children, and if you don't and can't afford it, then don't have a child. I also stated in the same email that after child 3 the parenting paayments and FTB should be capped. If you want more kids then you better be able to afford it, why should the tax payer.

The reply was that not every australian can afford to buy things for their kids etc, but thanked me for my suggestion etc. I outlined how I had 2 kids already etc etc.

So I am the last person who will pop out a baby for the hell of it.

[SteveJH]

Originally Posted by HULK_BA

Hope ot all goes ok mate. put a budget together and make it work. if you need to work then work. if not get rid of the so called must haves "iphone" and foxtel.

If he has an iphone and its on contract, he can't get rid of it unless he can pay out the contract, which means he may as well keep it.

As for foxtel, what percentage of people actually have foxtell/austar?

Spudz, do what you need to do. If the car has to go, it has to go. You can always get another one later on down the track.

[GhiaEB]

It's not all doom and gloom, I was in a similar situation about 8 years ago. I had a personal loan for a car, 2 maxed credit cards and aside from rent and the bills, basically spent my weekly earnings on what ever I pleased. Then I rocked up to work one day to find out that the place was going broke and was locked out.

I had to get rid of the car, and took a bad debt mark on both credit cards, as well as the phone bill. When I started work again I paid off all my debts and lived life finance free for the next 7yrs.

It sounds like you have already made your mind up on what you are going to do. I hated being put in that situation, but it also tought me that if you can't afford to buy it outright, you can't afford it.

Sometimes I look back and think it was good for me, I learnt a very valuable lesson.

Cheers

[KRL-94]

i have to agree with GhiaEB, but im just as bad (without the kids). i went plan phone thinking it would be cheaper and it had all the extra's with it and everything. was a good deal for the first few weeks...

[302 XC]

Even if and when you hit the wall , most financiers will come to some agreement with payments
The last resort for all parties is the repo route
This usually entails additional fees, that are added onto your final payout
Wether that be towing costs, storage costs, and the repo man, you will be slugged all this
Even after its repoed they usually give you a period of time to correct the situation , the car doesnt get taken monday and at auction tuesday
That aside , it seems that although you have money perhaps owing after estate settles, your dad or whatever you refer to him as, can be a right pain
Unless the estate or will states that % of procceds goes straght to you you gunna have another battle on your hands extracting said amount from another person