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Your new payment would be $252.67 for a vehicle that you no longer own.
If it were me, I'd just keep driving it and making the payment.
Actually, in a backwards way, it IS me... and I am making the payment.
We upgraded the wifes car earlier this year, and I inherited her old one. It's a lovely vehicle, but it just isn't me. I honestly don't know what I would replace it with tho, so I keep driving it and making the payment...
Keep the car that you know is reliable.
One $1000 repair on your downgrade and your whole idea is destroyed.
In addition, cars devalue less as the age.
Next year, your car may be worth what you owe after a year of payments.
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
More food for thought: If Carvana will give you $19,500 for your car, that means you can sell it for $22,500 (or a bit more) on your own.
@Anonymous wrote:
Its such a hassle trying to find someone who will buy a car that already has a lien on it because buyers don't trust paying for the car without immediately getting the title.
When you get the lender involved and have the buyer issue payment to them, they should feel fine about it.
When a few thousand dollars is on the line, some extra steps are fully worth it IMO. Especially when you were considering financing those extra few thousand dollars on a high rate personal loan.
Pay the cc.
Keep the Honda.
Quit stressing.
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
@Shooting-For-800 wrote:Keep the car that you know is reliable.
One $1000 repair on your downgrade and your whole idea is destroyed.
In addition, cars devalue less as the age.
Next year, your car may be worth what you owe after a year of payments.
^^^ this
it's no way I would pay $252/mo and have basically nothing to show for it but some clunker.