How is it to not have a car in NY and still get around? What are the penalties of returning a car you finance?

Question

This is a two part question:

I live in New York and as you know we have a transit system. Maybe some NYers are able to answer this question better than others but do you think it's a burden to not have a car in NY? Also, I have a 2005 Nissan Altima with 11,150 miles. It is a burden on me financially. Is it possible to return it and if so, what are the penalties? What are my options for getting rid of it?

By the way, this question is open to anyone.

Answer 1

Get rid of it! NYC has the best transit system, possibly in the world. It maynot be in the best shape, but it's 24/7 and you can connect to anywhere you want to go literally in the tri-state just by subway, train, bus and yeah even cabs. Ive lived here full time over 10 years, and been in and around NYC all my life. It just doesnt get any better. And aside from the high insurance and gas here, dont forget about the hassle and risk of parking on the street and the huge cost of a lot or garage(avg $350 a month).

Now as for "returning" well, the general rule of thumb is that the moment you drive it off the lot it depreciates. If you are leasing it then yeah, there's penalties. You should have gone over that with the leasing agent. If you own, try selling it and getting what you can. Probably wont make anything but you wont lose much the sooner you sell.

Answer 2

I hope you will permit a Brit - who lived in NY, on and off, from 2000 to 2003 - to answer at least the first part of your question. The simple response is "You don't need a car if you live in New York, even if, as I did, you live in Brooklyn"

The reason for my saying this is that you have an excellent mass transit system in the city, working 24/365. The MTA pass is quite cheap, and covers all the forms of transport you are likely to need - and the Staten Island ferry is actually free! The subway trains and stations might be crowded at commuter times, but the trains are usually frequent and reliable. And the same goes for buses - even if you do occasionaly meet a surly driver! (Give a New Yorker a uniform with a big badge and, by God, that person is 'colonel in charge' - and you'd better know it, Budl!)

For going further afield, the long distance bus services operating from the Port Authority bus station are good, as is the Amtrak train service from Penn Station. (I used the latter several times to visit relatives on the Washington line.)

And who in their right mind wants to battle through the Manhattan central area in a car? Mad taxi drivers, huge trucks, crowded sidewalks with people jaywalking, car damaging metal plates on roads... and as for the multi road junction outside Maceys, well, it has to be be the most crowded and dangerous in the USA. (Remember that awful accident involving the shoe truck?)

So, get rid of your car. You'll be healthier too, through having to walk occasionally, you'll be happier financially through not paying out for a car, you won't run the risk of meeting one of 'New York's Finest' over a trivial motoring offence (sorry, 'moving violation'!), neither will you need to bother about expensive parking, and, best of all, you'll get to speak to your fellow commuters. They do chat, you know. Even though I was told that NYers tended to ignore people, I found them quite keen to chat - especially in the days following 9/11.

So get rid of your 'burden' - and good luck!

Answer 3

The financial burden I assume comes from the monthly payments?...Which will go on for years...and years. If you're in Manhattan there will be parking fees and tickets. I hate car notes. Your best bet is to try to sell the car. You won't likely get what you owe on the loan but with luck in a year, you'll be free.
I lived in Brooklyn and liked having my car. Who wants to stand on the train platform at 1AM for 30+minutes waiting for a train. I now live in Atlanta (definitely need a car here). If you're planning to move soon you might want to keep the car.

Answer 4

If you take the car in to the finance company then it will get reported as a repo on your credit. There are other options. You could sell it. You could rent it out but I wouldn't do that because people don't take care of their own stuff so you know they wont take care of yours. You could find someone you trust to take over the payments. Letting the finance company have it back should be you last option. It is so hard to get good credit and so easy to mess it up. Good luck

Answer 5

you allways lose lots of money to get out of a loan. If you r in manhatten dump the car . getting around is easy....