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What would you do re: car
I also posted this on MM, but I'm curious what you ladies would do.
I'm currently in the process of changing careers where our gross income will literally be cut in half. This is something we have budgeted for and are prepared for. There will definitely be an adjustment period, but we are prepared for this.
That said, I've been tossing around the idea of selling my car to add some extra money to our budget. I currently owe about 11K on my car. I was looking at carmax.com and saw they were listing comps to my car for 21K. Let's say we could sell it for 18K and have an excess of 7K. My monthly payment is $288.00 and we pay $300.00. If I bought a car for 7K it would give us an extra $300.00.
Here's my thinking:
Pros - Yay, an extra $300.00 a month! Let's assume I spend 13K paying it off (adjusting for interest)...that's still 13K that's gone from our net worth.
Cons - I love my car. It has very low mileage and shouldn't give us problems for many years to come. Our budget includes my $300.00 a month car payment...this would just help the transition not be such a shock.
What would you do?
Re: What would you do re: car
It may seem hard not to have a nice car, but the peace of mind you will have not having a car payment (or having extra $$) is priceless, IMO. You will get used to driving an older/less expensive car. I had to make that adjustment last year after I was laid off, it was hard to suddenly go to a less luxury car, but you know I am not as upset/sad as I was at first. I ended up paying less for auto insurance, too, even though I kept a full coverage (which if you own your car, you can opt for liability only). Things will get better and you can always go back and buy a new car.
(read it. you know you want to.)
anderson . september 2008
vivian . february 2010
mabel . august 2012
I'd sell it and put the seven grand towards a cheaper car. You could even get a new car for $12k and have a tiiiiiny payment for a year or two and have a paid off car, and keep a lot of that extra $300/month.
That wiggle room would be super important to me, because honestly - all cars do is depreciate in value. You could get a car with a warranty and pocket that extra money each month.
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I would look at what's available in that $7k price range, and compare the reliability and likelihood of repairs. If you get rid of the payment but also give up reliability or need $$ repairs then it's probably not worth it.
It really depends on what your needs are in a car also- if you really only NEED a cheap commuter car then you can probably find something in good mechanical shape for that price. Not fancy or feature heavy, but sound and reliable. If you need something more than that (if you drive clients around for work, need to haul stuff, etc, etc) then you may not be able to find what you need for that amount without sacrificing more than features.
I agree!