tired of paying for my car--should I sell it?

[Anonymous]

*a

[Anonymous]

Anonymous wrote:

Anonymous wrote:Don’t worry about anything stupid you did before, just look at what’s in front of you. What’s the trade in estimate for your car right now?

Not sure, I have an educated guess but of course I will need to find out what the reality is.
Car is a Honda CRV

Pick up phone and call.

[Anonymous]

Anonymous wrote:An SUV for a single person who doesn't own a home? Well that was stupid.

A CRV is just a popped up CIVIC. It’s actually a great car for a single person, and ideal for a couple who may like to travel or have pets. Not hard to park, as it’s the length of a freaking civic

I would not sell the car, it will easily last 15 years, and a used car is an unknown element — did they care for it etc?

Paying off the loan is an idea, but I would definitely want to keep cash to buy a home; you can easily get a CD laying 4% on your cash; I would put it there and that really lowers the impact of the loan, maybe a 5 year Cd even — doesn’t sound like you are buying too soon? Not stocks since you need the money soon.

[Anonymous]

Gee, I thought OP was talking about a monster SUV like a Suburban. Instead they have a CRV. It’s a smallish crossover car with a great maintenance record.

Keep it, why buy another Car? Unless you have some outrageously long commute and want save on gas. You’ve already sunk lots of money into buying the CRV. Hold onto it and pay it off early as you mentioned. Don’t pay another dime on interest.

[Anonymous]

Just keep it for 20 years. You need the credit for buying a home.

[Anonymous]

In future, when car is paid off, keep paying yourself a car payment so that when you need another car, the cash is on hand. I have $40k in savings designated for my next car.

[Anonymous]

Instead of taking the extremes (pay off in full today, or sell and buy a cheap car), split the difference and 2-3x your payment to pay it off quickly, then keep it for a long time.

Safety features have advanced quite a bit in recent years and that is a good reason to own a newer vehicle. Plus the CRV will last a long time and depreciate slowly.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:An SUV for a single person who doesn't own a home? Well that was stupid.

Wow you sound like a very ripe 🍑 peach.

-Not the OP

Well, PP is blunt but not wrong. It was an bad decision.

Everybody makes bad decisions at some point. This is not the time to look back and keep saying it is a bad decision. Make the best decision now to get out of this if you don't like the car and move ahead/save more.

[Anonymous]

600 / month for 7 years is 50,400. How much did you pay for the car? I'm guessing you put nothing down?

Looks like you can resell it for at least 25-6k. How much will you walk away with if you resell now?

You say you can *easily* afford the 600? I'd see if I can reconfigure the loan into four years or change the payments to pay it off in four years. The car will last you a very long time.