Car Dilemna............

[FinanceDude]

My sister had a really nice 1998 Audi Avant Wagon. Quattro, AWD, the works. Only 35,000 miles. The only bad part? Bright yellow color...............

So, I need to get rid of it. A couple of her friends want to buy it, but for a really cheap price.

Dilemna is: Do I sell it for a really low price to a friend, or sell it to a private party for more money? Either way, I am taking the profits and giving them as a donation to her moemorial fund at the university?

Would appreciate any input...........I am at a crossroads............

If not for the color, I would consider keeping it. However, I am aware that Audis are a high maintenance car, compared to my Honda............

 

[rs0460a]

Do I sell it for a really low price to a friend, or sell it to a private party for more money? Either way, I am taking the profits and giving them as a donation to her moemorial fund at the university?

I can give you what me/DW are going to do with our remainder estate, which will go to (various) charities.

Our will states that we wish that the distribution be made both timely, and in a manner to maximize the value of our bequeath. As an example, the contents of our home will be auctioned off quickly. However, the "income" from the auction will be used to "renovate" our home. Since I don't know what the "current home" will look like in the future, I'm assuming that all interior spaces will be repainted, possibly a new kitchen and baths upgraded, and exterior landscape to be "refreshed".

The idea here is that when it "goes on the market" it will get the highest possible price, which in turn will benefit our charities to the best possible income.

I believe your sister (if she is the author of the bequest) would want the same. My suggestion - do what you can to maximize her bequeath in the most practical manner.

- Ron

 

[saluki9]

No question

As executor your duty is to maximize the deduction to her estate, not make her friends happy

Case closed in my book

 

[Texas Proud]

No question

As executor your duty is to maximize the deduction to her estate, not make her friends happy

Case closed in my book

Not always... sometimes you are constrained by what they write in a will... you need to follow the will first...

Also, it matters WHO is the beneficiary... if it is only you, do as you wish as it would be your money that you are losing... if there are more, then you should sell it for the maximum you can get... BUT, take it to a Car Max or someplace and get a quote... look up the third party value and then say to her friends... 'this is how much I can sell it for, do you want it'

 

[saluki9]

Not always... sometimes you are constrained by what they write in a will... you need to follow the will first...

Also, it matters WHO is the beneficiary... if it is only you, do as you wish as it would be your money that you are losing... if there are more, then you should sell it for the maximum you can get... BUT, take it to a Car Max or someplace and get a quote... look up the third party value and then say to her friends... 'this is how much I can sell it for, do you want it'

Unless the will states that he is supposed to give her friends a sweetheart deal, his duty is to maximize the gift. If the will did say that, well then I doubt he would have posted a new thread about it.

 

[Brat]

If this is the same person who has outstanding liabilities don't you need to resolve those before making donations

 

[Texas Proud]

Unless the will states that he is supposed to give her friends a sweetheart deal, his duty is to maximize the gift. If the will did say that, well then I doubt he would have posted a new thread about it.

Take a look... he said "Either way, I am taking the profits and giving them as a donation to her moemorial fund at the university?" which to me indicates HE is the beneficiary and it has nothing to do with the will saying he is supposed to give it to the university... that means he can do whatever he wants to do, including sweetheart deals with her friends.

 

[Linney]

You'e already gotten some good advice. Two more things to consider . . .

Friends -- even sister's friends -- may expect you to help them out AFTER the sale with things like unexpected repairs or even typical maintenance stuff. I don't sell cars to friends, too many land mines.

Paint. You don't like yellow? How about a nice metallic blue?

 

[RP]

Selling to a friend ... your friend or hers ... is indeed an landmine risk area. It's interesting how so many have voiced legalistic opinions as if they had seen the will.

A., Do what the will instructs. that is of course your legal duty.
B. After the will is satisfied sell the car to intelligently maximize profit ... not necessarily holding out for the last dollar but settling on a median intelligent price.
C. As already mentioned, avoid friends like the plague.
D. If you're not keeping the car, why worry about the color? For every person who hates the yellow there is someone who is attracted to it ... that's why they sell so many different color cars.
E. And you are correct in assuming you will not keep an Audi on the road for anything near what a Honda will cost to maintain. Don't even think about keeping it unless you specifically want an Audi

 

[Retiredtwice]

Sell ASAP, last thing you probably need is to hang onto a car that you really do not want or probably need. Wholesale is probably about $7,100 Retail best you could possibly get is probably about $8,300. I've been through this a few times trying to sell a car with an odd color. It can take a long time and as you wait the car continues to depreciate while you try to squeeze top dollar from the sale. In addition if you use it then the maintenance costs (as well as insurance and other expenses) can add up fast on an 9 year old German car.
If the "friends can come up with the $7 - 7.5 K sell it immediately. If not, take it to a site that will buy good low mileage used cars. There are lots of them. But do not angst about it, its just a car. Your responsibility is to get the assets settled soon, not to be a used car dealer.

 

[FinanceDude]

Thanks for all the advice. I am the executor........she never had a will, and we have enough other assets to settle creditor's claims............

Probably staying away from friends..........good advice. The only problem is that her best friend told me that my sister wanted her to have the car, as she knew her friend needed it. This friend is also a friend of mine, so I know there's no BS involved............

However, I am of the opinion that the greatest gift for her memory is to maximize the memorial fund in her name that is now endowed. That way, it helps the biggest number of people who shared her vision for her field.

I plan on taking all monies that are raised from selling the things we have no use for and giving it to the memorial fund, in order to maximize future help for worthy future scientists.........

And yes, if it was ANY color other than bright yellow, I might consider it. Also, I used to own a 75 yello AMC Gremlin.........and it was NOT a good car...........

 

[Martha]

I love yellow. I like Audi's. The snow was no fun to drive though today with a two wheel drive. I sure would like this car.

 

[brewer12345]

I love yellow. I like Audi's. The snow was no fun to drive though today with a two wheel drive. I sure would like this car.

Hell, all I can think of is how many speeding tickets you'd rack up driving something so conspicuous.

 

[Caroline]

However, I am of the opinion that the greatest gift for her memory is to maximize the memorial fund in her name that is now endowed. That way, it helps the biggest number of people who shared her vision for her field.

You're a good egg, FinanceDude.

IMHO.

 

[ladelfina]

Yellow (and white) are safest to drive.. they can see you coming.

Does "needing the car" mean getting it for free? Even if you sell it to the friend for a 20% discount (say).. could the importunate friend not buy a used car for that sum, anyway?

(Minus the higher long-term maintenance of the Audi which would obviate all or much of any discount..)


Can't help with the personal aspects but it doesn't even seem financially that logical.
You should probably sell the car for as much as you can, and give her closest friends something (clothes? jewelry? furniture? cash?) so they don't feel completely left out. Best of luck!

 

[saluki9]

I love yellow. I like Audi's. The snow was no fun to drive though today with a two wheel drive. I sure would like this car.

I knew there would be at least one more yellow lover! My Honda S2000 is bright yellow, and so far no tickets.

 

[Nords]

Probably staying away from friends..........good advice. The only problem is that her best friend told me that my sister wanted her to have the car, as she knew her friend needed it. This friend is also a friend of mine, so I know there's no BS involved............
However, I am of the opinion that the greatest gift for her memory is to maximize the memorial fund in her name that is now endowed. That way, it helps the biggest number of people who shared her vision for her field.

So the friend, to honor her memory, will also have no problem with paying full blue book for it!

 

[mmg2681]

How about getting a paint job from MAACO for little money, and selling it for much more than the friends are going to pay for it.

Or, someone (private party) may want the yellow.

Whatever is best for you, and your family.

I am sorry for your loss.

~M

 

[Texas Proud]

Guys....

It is not worth painting!!! It is a 98 car... the cheap shops paint the car cheap... and it does not add any value with any kind of paint job as people will know it has been painted... more than likely it will take away value... sell it like it is... yellow

 

[lazygood4nothinbum]

I knew there would be at least one more yellow lover! My Honda S2000 is bright yellow, and so far no tickets.

i love little yellow rocketship s2000's. my favorite car so far was my yellow stang vertible. ladelfina is right about them being the safest color, and if not, at least the most embarrassing to hit. what do you mean you didn't see the yellow car?

though i see the financedude's point on yellow when concerning a wagon. somehow doesn't play the same in my mind as the yellow on a sportier model.

i'm bummed out they stopped making yellow z's or stangs anymore, opting for, yuck, orange instead. and so i might be shopping for a used one just for color. i've been driving a silver t-bird for three years. lease is up in april. i want my yellow back.

 

[rs0460a]

i'm bummed out they stopped making yellow z's or stangs anymore

No? - try this

http://www.chevrolet.com/corvette/colors/

 

[lazygood4nothinbum]

No? - try this

http://www.chevrolet.com/corvette/colors/

ya, gorgeous. but i can't get myself to spend $65k on an american car that's gonna depreciate faster than its already impressive 0-60 speed. maybe later in life if the portfolio magically doubles. but by then i'll have lost the reflexes to handle it properly.

though not lending itself to yellow, the new hard-top 3-series vertible is looking like a pretty hot compromise. http://tinyurl.com/vegu9 (hit the play button twice if doesn't play on 1st click.) don't know where it will be priced. i'm hoping for $50k. should be out this spring.

 

[Texas Proud]

i love little yellow rocketship s2000's. my favorite car so far was my yellow stang vertible. ladelfina is right about them being the safest color, and if not, at least the most embarrassing to hit. what do you mean you didn't see the yellow car?

The safest color is actually is that bright orange. There is a trucking company called 'Yellow' that uses orange trucks!!! Why? Because the owner found out that it was orange and wanted his trucks painted the safest color... at least that is what they said on the TV show where I saw it

 

[Martha]

My friend who owns a motorcyle clothing and accessories company says that lime yellow is the highest visibility color.

I have a blaze orange helmet but no lime yellow yet.

 

[wabmester]

We used to have all the primary colors represented in our garage, but I had to sell Old Yeller to make some room for other toys. I miss her.