To sell my Childs car? Don't have enough to buy a property

[Mary Jay]

My son is going to college and will live on campus. He wants to sell his car. We probably can get 6K for it. I am telling him to keep it because he only has 2 years left in college. In 2 years he won't be able to buy another car for 6k.

I can't buy a rental with 6K...

Would you sell it?

Or would you keep it?

[Marcus Auerbach]

A car is not an asset, it's a liability - it costs money every month to own it, fix it, fuel it, insure it..

If you don't need a car sell it and save or invest the money. And also invest the monthly savings. It does not have to be real estate.

6k is a great starting point. I would encourage him to keep saving. You can find a side hustle that makes 2k a month easy. Flip couches or wait tables. Need some ideas? Watch some Gary V. Within a year he has 18k. That's enough to buy a house hack, rent out rooms to other students and before he is out of college he will look at the world very differently (because he knows, every building he sees driving down the street is owned by someone and making money)