Should I do it?

[Booner72]

In 2011 I bought a 2006 Subaru Forester.  it has about 76K miles and it is the base model with no bells or whistles at all. The seats are uncomfortable and the road noise is loud.  My commute is 45 minutes each way, highway driving.  I just refinanced it at 110% because I needed money for a roof - I owe about 14K which is a bit over blue book.

Low interest at 1.9%.  This thing will run forever, I know. 

The car is too small for the family - we can all barely fit in now that I have a giant teenage boy, and one other whose growing like a weed, too.  The family car is the truck, so it's mostly just me driving it.

How long do I stick this out?  I'm such a cheapskate when it comes to cars and always buy the best value and never a car I would really love.  The plan was to just keep it until it's paid off and give it to my 11 year old when he's 16  but now I'm not sure I can live with it that long.

I can afford a bit of a higher payment, currently paying about 270a month, with GAP.  Nothing i'm going to buy this month, but I'm needing advice on the plan.

Thanks!

[Dustink]

Pay extra on it each month. Once it is paid down to the point of having a few grand in trade in equity. Buy something for you to drive until your child is old enough to take it off your hands. I think my Subaru Legacy would make a good first car, might be worth checking one out. Cheap to insure, decent gas mileage, and a pretty safe vehicle.

[ezdoesit]

I think you should keep it you owe more than it is worth, it will be paid off in 3 yrs.  Normally I would say to sell it but as you said you the family car is a truck unless you really can not deal with it driving it anymore yourself.  Plus when your son turns 16 I think its a pretty good first car good handling, reliable and AWD.  Then you won't care as much when he gets a couple of dents in it.