Moving out of country for a year. Would you sell your runner?

[zachb_NW]

Gent,

My company has ask for me, and my soon to be wife, to move to the UK for a year or more. They are going to pay me more to cover my wifes salary.

Facts...
- Bought my 06' sport with 50k miles last month.
- Car payment is $400 a month
- 12 months of no car payment = $4800
- Plus 1 year of depreciation?

So I'm thinking financially it might be better for me to just sell the 4runner and buy another when I get back. If i sell it for the same as I bought it for I would be out $2000 in sales tax.

Should I sell my 4runner? What would you do?

 

[Doozi]

If the Runner is what you want, I would keep it. A year is not that long in the grand scheme of things. Do you have a place to keep it while you're gone?

Do you still have to pay taxes while working abroad? I've known people that were tax exempt while working in other countries, but I'm not sure what all of the circumstances were.

Good luck!

 

[zachb_NW]

Do you still have to pay taxes while working abroad? I've known people that were tax exempt while working in other countries, but I'm not sure what all of the circumstances were.
Good luck!

Yes, I would actually have to pay taxes there but you write off those taxes paid when you file US taxes. Also my company will pay if I have a net difference if there is any.

I do like the 4runner except for the color, I love my Shadow Meca I just get obsessive about cleaning! I'm still wishing I got silver just ease of cleaning.

 

[BobbyZee]

IMO, you should sell it. For one, you will not have to worry about car payments, plus you wont have to pay extra to store it. You never know, they might extend you further than year which may not have problem (if there is no car) Sure you will lose on sales taxes paid, but that amount is far less than amount you will save on payments + depreciation. I am sure you can find a good deal on T4R when you get back and probably in a color you like. Just my 2 cents......imp:

 

[2TreeManor]

No thought of shipping it over there for use in the UK? Would be a head turner, if not. I agree with others to sell it.

 

[Asmara]

Gent,

My company has ask for me, and my soon to be wife, to move to the UK for a year or more. They are going to pay me more to cover my wifes salary.


Should I sell my 4runner? What would you do?

I would sell it. It will do nothing but depreciate while you are gone and you will be money ahead in the end. Don't forget to recognize (add) the interst you are paying on your car loan in your calculations on the pros/cons of keeping the truck.

Some other thoughts - Check with your tax professional, you might be able to deduct the loss you take by being forced to sell the car as a business related moving expense. One other thing is to make sure you know the tax laws. In a nutshell, when you are overseas, the USG doesn't tax the first 85K as long as you don't spend more than a month back in the US.

One last thought. Will your company ship the car? I've used left hand drive vehicles in two right hand drive countries and never really had a problem with it. The extra height of the runner helps on two lane roads which is really the only time you have a problem.

 

[DaveS]

Don't ship the truck - UK gas prices will crucify you driving it over there.

 

[Eastcoastrunner]

agreed^

 

[S p a r k y]

Thats a really tough call. Depends on when you can sale and for how much. If you bought from a dealer, your probably not going to sale for that price.

When do you ship out? Have any friends that may be interested in taking over payments till you get back? Like a lease?

I agree with Bobby, they may extend your stay without option.

However if you really want another color sale it. Save some money and come get what you want.

 

[texastony]

Sell it and pick up another 4R upon your return IMO

 

[stanleybb50]

Keep it. You know what you have and if you're going to keep it for a few years then depreciation really doesn't matter all that much. Mileage will be staying stagnant at least. Mileage seems to affect prices more than years on the t4r's.

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[JayKumar]

I say sell it. Reason being is when your gone for over a year straight and no one is going to drive it that is unhealthy for the car. It needs to be driven at least a little. So best bet is sell it. Because if you dont it will sit, depreciate, and wear while it sits.

 

[DaveS]

Agreed - it's a truck not a family heirloom - I would sell - they made quite a few so I am sure you will be able to find a replacement when you return (prices may have fallen further as well if gas prices keep with the current trends).

As noted above, properly storing a car which will not be driven for 12 mths involves correct preparation as well and a space you will likely have to rent. Add it all up and the loss you will take will quickly be offset be savings on car payts, garage rental and insurance (you still need fire and theft coverage etc).

 

[stanleybb50]

We are talking about 1 year here. A relative could take it for a drive once a month or something. From my experience, 4runners are hard to find. Especially one you can trust/etc. Who knows what deals will be out there in a year either. I say keep what you know! Its not that long!!!!

The hassle of selling, then buying again, then the taxes/etc... Respectfully, in my eyes I can't see why anyone wouldn't keep it..?


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[webby]

Sell it. You'll be money ahead, even if you only stay a year. And you said it could be longer than a year, so in that case you would be way ahead. They'll still be 4Runners on the market when you return -- buy one then.

Vehicles don't fare well not being driven -- they need to be started and driven very regularly. Storing a vehicle like that is a very bad idea.

 

[stanleybb50]

He never said more than a year. Still shocked that all are recommending selling, but oh well.

Selling a car sucks...

Looking for a good, well taken care of t4r with low miles for a good price sucks...

Coming back to the States minus your favorite ride would suck...

But to each their own. If I were asked the same by my company, I wouldn't give it a second thought.

Lol, I'll leave this thread be. Sorry for posting three times now.


***edit. Webby was 100% right... The op did have the ''or more'' in there. Haha I swear I read that post like 3 times and flew right past it each time!


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[Viking97SR5]

Only logical

it is only logical that you keep it. It should be driven though while you are gone. Leave it with me and I will drive it about 50 times a month for you.

 

[webby]

He never said more than a year ...

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Yes he did. He said "a year or more" Here is the quote from the OP:

"My company has ask for me, and my soon to be wife, to move to the UK for a year or more ... "

 

[audiqtr]

I'd sell it. Cash is king, you just bought it anyways, you'll get another one when you get back

 

[stanleybb50]

Yes he did. He said "a year or more" Here is the quote from the OP:

"My company has ask for me, and my soon to be wife, to move to the UK for a year or more ... "

Haha thx. I edited the post.

I just hope the op let's us know what he decides. If it was you who actually had to move, I would see many of you a whole lot less likely to do what you are recommending.
I work in the export dept of a global company and could see this type of move being an actual possibility down the road if I wanted it, as I work with our affiliates around the globe. Puts it in perspective if it was actually you moving. Oh and good luck selling it for what you paid for it also.

Maybe I'm weird though and get too attached to my rides...


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