Message
Trying to sort something out and would appreciate some input. I'm separated and soon-to-be-divorced. I'm moving to a place that I could use public transportation for about 90% of my travel needs quite easily and there are those daily car rentals for the other 10%.
With my newfound situation, I'm working hard to get myself on a good, independent financial track. I'm cutting expenses everywhere I can, but I'm still not able to save much every month. I have enough to cover my expenses, do 401k employer match, etc.
My question is: Should I keep my car or sell it? Short-term, it seems like public transportation is the way to go, but what's the best long-term decision?
Car Value: ~$12500 Outstanding Loan: ~$7500 Monthly Payment: $450 Interest rate: ~1.5% Last Payment: ~May 2017
Gas: $150/month Needs a scheduled maintenance: $750
Public transportation estimates: $10/day = $300-310/month + daily car rentals as needed for emergencies and trips to the vet
With my newfound situation, I'm working hard to get myself on a good, independent financial track. I'm cutting expenses everywhere I can, but I'm still not able to save much every month. I have enough to cover my expenses, do 401k employer match, etc.
My question is: Should I keep my car or sell it? Short-term, it seems like public transportation is the way to go, but what's the best long-term decision?
Car Value: ~$12500 Outstanding Loan: ~$7500 Monthly Payment: $450 Interest rate: ~1.5% Last Payment: ~May 2017
Gas: $150/month Needs a scheduled maintenance: $750
Public transportation estimates: $10/day = $300-310/month + daily car rentals as needed for emergencies and trips to the vet
