Holding On To An Unwanted Vehicle? It Could Be Costing You
Whether it's the first car you ever owned or it holds some other sentimental value – it can be hard to just get rid of an old vehicle. However, keeping an old vehicle isn't always the best solution, especially if it's inoperable. There are several issues that can bring about stress and extra expenses simply by holding on to the vehicle. Are you costing yourself unnecessarily?
HOA Violation Fees
If you live in an area that is governed by a home owner's association, or HOA, you could end up paying for the vehicle. Many of these organizations have clear rules about inoperable vehicles on the property and in some instances, the rule is that you simply can't have one.
For instance, the guideline might be that a vehicle can't be parked in the same location for more than a certain number of days, such as 30. If the vehicle is inoperable and you're unable to move it, you could be fined or penalized in other ways. When you junk the vehicle, this is a concern you don't have to worry about.
When you hold on to an extra vehicle, you could also be missing out on extra cash. There is a common myth that junking a vehicle always means you walk away empty-handed, but this is simply not the case. In fact, you can walk away with extra cash when you junk your vehicle.
This is extra cash you can use to pay off some bills, add to a vacation fund or even put away in the bank for savings. The point is, you can turn that old vehicle into cash you can spend.
Registration And Insurance
Keeping a vehicle that you aren't driving anymore can also be costly when it comes to registration and insurance. In terms of registration, the rules for an inoperable vehicle vary from state to state. In some states, you don't have to register the vehicle and in others you are still required to register the vehicle each year.
In terms of insurance, if you are living in a rental community, such as an apartment complex, you may also be required to insure any vehicle on the property, even if you aren't driving it. Combined, these two expenses can be costly. Especially when you consider the fact that you are paying this fee for a vehicle you aren't operating.
These represent just some of the benefits you can gain from junking your vehicle. If you've been on the fence about junking your vehicle, don't let it cost you, experience the benefits.