Lost My Car Licence and Sold Car, Looking for Something Productive to Do with The Money until I Can Drive Again

Pinchie on 09/02/2019 - 19:47

So losing my licence thanks to my epilepsy has been a feature of my five years of car ownership. Bought a Corolla new in 2014, and thanks to seizures I've spent 18 months of that unable to drive it.

Recently had my second tonic/clonic within six months, so it's now a twelve month suspension from last November. I'm selling my car for $15,000 and - all things being well - will look to buy another car when I can drive again.

So, what should I do with the $15k? Do I just put it in a monthly-paying term deposit with my bank at 2.5%, or can someone suggest something better?

Grateful for any suggestions :)

Financial

Comments

  • dcep on 09/02/2019 - 20:02
    -3

    YOLO, get a bike next time, live life at the edge.

    If you're looking to use that 15k in 12months , that 2.5% is good enough unless you're chasing 0.3% more for peanuts.

  • Donaldhump on 09/02/2019 - 20:06

    2.75 percent amp,

  • HardlyCharly on 09/02/2019 - 20:08

    Yeah, pretty much.

  • Findo on 09/02/2019 - 20:10
    -3

    Didn’t you take your meds? Or did you drive whilst suspended?

    • tranter on 09/02/2019 - 20:16

      Why do you assume that?

      • Quantumcat on 09/02/2019 - 21:01

        Because he says he'll get well again. If it wasn't fixed with meds why would he be able to drive again in future? Epilepsy is usually a life-long condition not something you have for a while then get over like the flu.

    • bobkin on 09/02/2019 - 21:07
      +5

      Just to clarify, no medication is 100% effective at anything. It is not fair to assume that having a seizure is the result of poor compliance with medication

      • Quantumcat on 09/02/2019 - 21:27
        -3

        In that case either OP would always be able to drive (they think there's no or an acceptable level of risk of a seizure) or would never be able to drive (unacceptable level of risk of seizure). He wouldn't be disqualified then be expecting to drive again in future.

        • Pinchie on 09/02/2019 - 22:09
          +3

          I'm fine 99% of the time, but after every tonic/clonic seizure my neurologist has suspended my licence for six months. There is an acceptable level of risk that's determined by the neurologist - or at least that's my understanding - and thankfully I get enough warning that if a tonic/clonic were to happen while I was behind the wheel I would have enough time to get off the road. Again, I'm pretty sure it's all at the specialist's discretion.

          • Quantumcat on 09/02/2019 - 23:18

            @Pinchie: I guess you can't really answer as you're not a doctor but - why suspend your license? Does having a seizure make it more likely to have another one soon after, then after six months that risk reduces? If your seizures are random how will suspending your license help? Does driving aggregate the condition? Seems like an unnecessary and unhelpful punishment for something you have no control over, if they are just random.

            • Pinchie on 10/02/2019 - 02:27
              +1

              @Quantumcat: My understanding is that some people are more susceptible to follow-up seizures. I'm not sure where the six month figure comes in, but it seems to be the standard. I can say a seizure certainly throws a lot of brain-related things like sleep patterns and mood levels around for a good few weeks - it wouldn't surprise me to learn there's still something not right a few months after.

              From another angle, six months seizure free provides evidence that your condition is under control - eg you're properly-treated with medication and taking it regularly.

              My seizures aren't really random, but they're also not usually directly-triggered. There's a much more delicate balance of things like eating well, sleeping decently, maintaining decent stress levels, taking my medication and avoiding extra-curricular medications, and God-only-knows what else that goes into it since I developed this condition. That's really all that seems to trigger them. My neurologist's run a few EEGs - I've got a 24 hour one coming up in a bit over a week - to try to understand them a bit more, but really it just seems like I've got a broken bit of brain and need to take extra care to stop it getting it worked up. :P

    • Pinchie on 09/02/2019 - 22:04
      +3

      The first suspension was for a seizure that was completely unexpected, but probably brought on by a buttload of stress at the time. The second suspension was for a seizure while already suspended - not for driving while suspended. As for the cause, meds keep it stable 99% of the time but I'd had a bad stomach bug that lasted a few days and since my meds are absorbed that way my levels dropped and things went south.

      • rompastompa on 09/02/2019 - 22:10
        +4

        I have a friend who was in the same position. Brought on by both work and home stress, (toddler, so lack of sleep). It always happened over night.

        Same scenario, medically not allowed to drive until deemed 'not at risk'. I think it was 18months total.

        Your savings @ 2.5% is the easiest, non-risk investment. You don't need more stress right now!

  • SnoozeAndLose on 09/02/2019 - 20:30
    +1

    Why you keep getting your license suspened?

    • Pinchie on 09/02/2019 - 22:05

      Medical reasons :(

  • scrambledeggs on 09/02/2019 - 21:07
    -6

    Maybe invest in a defensive driving course.

  • [Deactivated] on 09/02/2019 - 21:18
    -2

    Who is seizures?

  • freemoneyhunter on 09/02/2019 - 21:48
    -2

    Try this https://www.ozbargain.com.au/node/436880

    $150 bonus offer too with Rate Setter.

  • pegaxs on 09/02/2019 - 22:08
    +2

    I'll wait for the edits to the price…

    So, what should I do with the $15k? $14k
    $14k $13k
    $13k $12k…

    Unfortunately, in this market, private selling the car will not net you $15k. Dealers have it for $15k because GST/Warranty/On Roads/Overheads/etc. People will pay this from a dealer because of that all inclusive and warranty safetynet. Private buyers wont pay retail prices from private sellers. Your realistic price is somewhere between wholesale (about $8k to $10k depending on model) and retail ($13k to $16k depending on model).

    The other issue you will face is that you will get a lot of tyre kickers and low ballers. Even just getting someone to come and look at the car is almost impossible. It could take you up to 12 months to sell the vehicle for what you are asking, and you will drop the price and drop the price until you get a bite. But, in that time, you will be at a point where you will have your license back and will need a car and you will have to pay retail type prices again to get one back. So you lose out selling it, and then lose out again buying a replacement.

    It's only 10 months away, not 5 years. You're not going to sell it for that price, and by the time someone does pay you for it, a few months have passed and in a few more, you'll need a car again. I say "Keep it."

    • Pinchie on 09/02/2019 - 22:17

      You could well be right about being over-optimistic about the price, but it's got less than 30,000km and isn't the cheapest base model, so I'm hoping to at least get somewhere close to one of your figures. :)

      My thinking — or rather my question — is whether the cost/benefit of keeping it and maintaining it and wearing the devaluation on it is truly worth it compared to liquidating it and trying for interest.

      • RockyRaccoon on 10/02/2019 - 07:39
        +1

        Pegaxs brings upsome good points.

        And this depends on how you perceive a car.

        If its just for transport, or something to impress the neighbours etc

        The holding cost is at worst $300 in lost interest plus rego and insurance maybee up to $1500

        Against that in 10-12 months you have to buy another car.

        If say it was an equal car in value you have to pay stamp duty on the transfer $450 (thats some of the savings gone)

        You are then buying a car you really have no idea about etc

        Given its low mileage of 30K that means you drive less than 6K a year, so if you aren't into being flashy with your car (you drive a corolla!!), then the overall savings you get will be low vs the hassles of buying another car without the same history that you know, if you are likely to keep the car for along period of time.

        We had a 14 year old Corolla (bought new) which we sold to my brother 3 years ago, it still looks and goes well. (The point being that devaluation for 1 year wouldnt be much if you keep the car for a long time)

        Something to save some money is to look at changing your insurance, with low KM usage, insurance policies can be quite cheap. Check around we had Woolies insurance on the Corolla full Comprehensive for close to $300 for 6K mileage per year. It would probably be less, if you selected 1K, given its not going anywhere. You can change the insurance when you get your license back.

        Of course this depends on whether you are confident you can ever drive again

    • Quantumcat on 09/02/2019 - 23:21

      Keeping it seems like a good idea,especially if you can get a friend or relative to take it for a drive once a week or once a month to keep the battery and other parts in good condition.

      The ideal scenario would be to hire it out somehow - steady incoming money like interest but the car is still ready and waiting for you when you can drive again

      • pegaxs on 10/02/2019 - 09:34
        +2

        Yeah, something like “car next door” would probably net more for the car in terms of rental that selling it and rebuying down the track. The interest on $10~$13k in 10 months would only be a few hundred at best. Just not worth the hassle. But the returns on renting the vehicle out could prove to be more fruitful and it’s only for 10 months, so it would get too many km on it in that time and OP still has a car at the end of it.

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