The average used car price was $25,172 in August 2024, according to Kelley Blue Book. Selling a rarely used vehicle can save on insurance, maintenance, and gas costs. “If you’re no longer commuting or simply don’t need your own vehicle to get around, selling an extra car can save you significantly,” says Erika Kullberg, a personal finance expert.
However, keep at least one car if it’s necessary for medical appointments or essential travel. Over the years, many accumulate items that may clutter their homes. “Letting go of excess possessions can bring a sense of freedom and make retirement less about managing things and more about enjoying experiences,” says Conny Gordon.
Selling a spare vehicle
Items worth selling include jewelry, high-end furniture, collectibles, electronics, luxury clothing, exercise equipment, and even books. It’s crucial to differentiate between assets worth keeping, like your primary residence, and those that are burdensome.
Selling items like timeshares or vacation homes can reduce financial strain. “Selling items that no longer serve a purpose can also be a proactive step in legacy planning,” adds Gordon. Timeshares, for instance, often come with annual maintenance fees, averaging around $1,000, which can increase over time.
The proceeds from these sales can be reinvested to enhance your financial legacy. Once you’ve decided what to sell, consider the following platforms and places:
– Online platforms: Facebook Marketplace, Craigslist, Poshmark, thredUP, eBay, Flipsy
– Consignment shops: Local consignment shops
– Used car dealerships: Carmax or local dealerships
– Thrift shops: Goodwill or Salvation Army
Simplifying your possessions not only clears physical space but can also provide significant financial benefits, aiding a smoother and more enjoyable retirement.
