Keep or sell car?

I am jobless and get 1000 ish usd per month. Not sure if I should sell my car that I bought when I had a job? I spend about 200 usd on it per month for gas, insurance etc. Its a mitsubishi from 2005. The sale would net me about 2000 usd or maybe more if I am lucky.

I have 1000 usd in debt and some student loans. I have cheap rent, cheap food etc. A subway card would cost me like 90 usd per month.

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  • One thing to think about: If/when you get a job again, are you going to be able to use the subway/public transit to commute to it, or do you live in an area where most/many jobs need cars to get to them?

    Given the way the economy is right now (and in general, as far as I can tell), the price of cars keeps increasing, so buying a new(-to-you) car may end up being more expensive than hanging on to the old one in the interim.  That's why I never sold my car, despite having a year or so at a time where I didn't need it. Turns out, that was the right decision for me. It may not be for you.

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  • If you’re able to get around without the car and think you’ll be able to continue using public transit if/when you get a new job, it could be worthwhile to sell it while it still has some value. I’m not sure of your line of work, but with many companies still allowing employees to work from home, you may be able to find a remote opportunity that would limit your need for a car as well.

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