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After getting bailed out of jail by Jesse, Michael finds Cybil in the trunk of his Cadillac. In the following scene, they end up in a field discussing what to do next. Of course, Michael wants to move on by himself.

The scene that follows shows Michael pushing his sweet Cadillac into the river. Why did he do this? What was the point? He had planned to get on his boat, but why not store the car or sell it. What did I miss?

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Apart from the fact that Cybil (Courtney Cox) was still in the trunk of Michael's (Kurt Russell) Cadillac after being put in police impound, it actually makes sense that he ditches the Cadillac in the river.

Remember that Michael was bailed out of jail by Jesse because he was picked up for "Grand theft truck". Michael attended his bail hearing with no intention of coming back for his actual trial.

Michael knew that after he did not appear in court, that a warrant would be issued for his arrest. He could not risk being pulled over or being seen again by law enforcement in that car.

Of course, that does not explain why the boat is still in his name, but that is another question altogether.

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