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Started By
Message
Thinking of trading in my car
Posted on 8/23/17 at 4:16 pm
Posted on 8/23/17 at 4:16 pm
It's a 2015 Toyota Corolla S
$19,540 left to payoff
APR is at 2.8%
Note matures in September of 2021
I bought new, dumb, I know.
Is there a smart way to trade this in for a semi-decent car of like $7000 value and maybe save some of that future $? ...What calcs do I need to figure out
Just trying to be smarter with my money, and follow some of Dave Ramsey's rules.
$19,540 left to payoff
APR is at 2.8%
Note matures in September of 2021
I bought new, dumb, I know.
Is there a smart way to trade this in for a semi-decent car of like $7000 value and maybe save some of that future $? ...What calcs do I need to figure out
Just trying to be smarter with my money, and follow some of Dave Ramsey's rules.
7
Posted on 8/23/17 at 4:31 pm to themasterpater
You are going to be upside down like a mofo. Best course me thinks is to keep it, pay it off and drive it into the ground. You are at least $5k upside down.
Posted on 8/23/17 at 6:05 pm to themasterpater
quote:
2015 Toyota Corolla S
$19,540 left to payoff
Jesus.
How much can a corolla cost new?
I think Dave would say sell it, eat the difference and buy a $500 beater. Upgrade every 6 months until you have something you like. Pay the car note to yourself.
Did you start off upside down or not have a down-payment? Just seems like a lot of money for a 2015 compact.
Posted on 8/23/17 at 7:27 pm to themasterpater
Drive that thing to the ground unless you can't afford the note
Posted on 8/24/17 at 4:50 am to themasterpater
So payments are around $430 a month? If you trade it in and get a 7k car, and are 5k upside down, that's 12k "out of pocket". I wouldn't recommend it.
How much other debt do you have? I would tighten up your monthly budget, maybe get a second job, if you are that cash strapped.
How much other debt do you have? I would tighten up your monthly budget, maybe get a second job, if you are that cash strapped.
Posted on 8/24/17 at 12:52 pm to themasterpater
That's a lot for a corolla Keep it long term
Posted on 8/25/17 at 1:25 pm to themasterpater
You made a big mistake buying new.
We have all likely made similar ones.
You now have an opportunity to learn from it. The best way to learn from it is to pay extra every month until it is paid off and drive it until it reaches 300,000 miles. Not 100,000. Not 200,000 miles.
300,000.
You will never forget this experience and grow from it.
We have all likely made similar ones.
You now have an opportunity to learn from it. The best way to learn from it is to pay extra every month until it is paid off and drive it until it reaches 300,000 miles. Not 100,000. Not 200,000 miles.
300,000.
You will never forget this experience and grow from it.
This post was edited on 8/25/17 at 1:26 pm
Posted on 8/26/17 at 9:33 am to themasterpater
quote:
It's a 2015 Toyota Corolla S
$19,540 left to payoff
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