[USER]

Since 2020 I’ve been living a nomad life (approximately 80% of my time is overseas and the rest is in the U.S.). I have a 2012 Honda CRV EX that is in great condition and it’s parked at my friend’s home. I keep insurance on it but it’s usually costs over $100 per month and when I’m in the U.S. and am driving it I pay more.

I hate making those payments when I’m not in the U.S. and i had an idea that maybe I should sell it (invest the money) and just get a rental when I need to. However someone said that used cars are a hot commodity and are quite expensive now. I know that one day I may return to the States but not sure when. What would you do?

Thanks in advance.

[Justin]

Should be able to suspend your insurance when it’s not in use, call your company.

[Karen]

To rebuy that car would be over 20k. Are you able to do that? Rentals are crazy expensive. I rented from the cheapest and it was 1100 for 2 weeks.

Can you ask you insurance about a parked car?

[Susan]

I would sell it and use rental cars. Save the money from the sell of the car.

I think if I was in your shoes that’s what I would.

Don’t miss: Has anyone shopped insurance companies for auto insurance lately and is progressive a good company to work with?

[Michelle]

I’m a licensed agent. While you’re gone just keep comprehensive coverage. That protects you if it gets damaged or stolen.

[Dennise]

My daughter’s car mostly sat at our house while she was at college, we kept it thinking she MIGHT need it. It depreciated $3k plus we kept it registered and insured. Plus stuff still goes wrong while it sits, replaced gaskets, windshield wipers, still did oil changes etc. probably lost about $7-9k on it. Wish we had sold it and replaced it when she needed it at graduation. If you aren’t super picky about your car you can actually get good deals on NEW cars now and it would come with a warranty. I know of people who sold a car after a year or 2 of ownership for the same amount as a new car. So basically drove a new car free for 2 years.

I would try to make an educated guess as to when you could be back and how many days you’d need a rental. Any chance you’d be near public transportation.

Don’t forget to take a look at: What is the most affordable car insurance?

[Karen]

A UHaul pick up truck, or van is $20 per day, with 100 miles included.

[Sandra]

Sell the car and invest the money. It continues to depreciate so sell it while the market is hot. You can decide what you want to do for transportation if, or when, you move back to the states.

[Author]

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