Unload that white elephant!

The "white elephant" aphorism comes from Southeast Asia and it means to be burdened with something both unsellable and of great value. Monarchs of certain regions in Southeast Asia would possess a number of these sacred animals and occasionally gift them to worthy recipients. The giftee, not possessing the power or wealth of a monarch, could not refuse or sell the elephant and would then have to pay for its room and board. The cost of care could not be offset by pressing the sacred animal into some kind of labor; thus, as long as the animal lived it would constitute a drain the finances of its new owner (and elephants live a long, long time).

To continue the line of thinking from the last post (Cash is king!), might I make a humble suggestion: if you own an SUV or a minivan or anything that gets less than 35mpg you would be well advised to sell it now.

Let me explain. Last summer, in an empty lot near my house, there began to appear SUVs of all kinds going for incredibly cheap prices. Gas was around $4/gal here and those monstrosities were starting to cost more than their owners ever thought they would. Now, as gas plunges below $2/gal, the lot is again empty. The value of these big damn cars and trucks has probably gone up as a consequence of low gas prices. But, as we all know, that ain't gonna last.

As credit is tight right now, and gas is cheap, I suggest getting out from under your gas guzzler by trying to get some cash for it. Gas prices will shoot back up in the next few months (says everyone from the Sierra Club to T Boone Pickens to the Bush administration) and that 20mpg vehicle will once again be both a serious drain on your family's finances and nearly worthless. But now, for those who can't see beyond the current dip in gas prices, your ride might again be valued at a reasonable price. So, now's the time to sell off that white elephant and get yourself into something more economical. In addition to easing the pull on your wallet, you might enjoy getting around in something with a considerably smaller carbon footprint.