He's still on that payment merry-go-round forever. A six-year note and what has he got? A worn-out POS that is eating him alive with repairs. Get a brand-new Honda Pilot for $269 a month for three years ($330 a month with no money up front).
I realize that Carmax, or any other dealership, is not going to give me what I could sell it for myself.
However, you still have to factor the time it takes to sell it yourself into the equation. It could easily take 1, 2, 3 or more months to sell the vehicle. All that time I am still having to make monthly payments, card payments (that would otherwise already be gone if I sold to dealer) and other miscellaneous expenses while I'm trying to find a buyer. Not to mention the hassle of dealing with prospective non- buyers.
Considering all that, selling to a dealer immediately is not too much of a loss unless a private buyer comes forth rather quickly.
And I'm not that bad with finances as was mentioned. I had a very rough patch financially that I am cleaning up. Life happens. I dont spend money "wildly."
Thanks for the great advice. I'm very interested in the re-fi, cash-out option. I will look into that and see if it might work.