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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 5:18 pm to achenator
Yeah and that was my thought process when buying. Buy a new Toyota, drive for twenty years.
Posted on 8/23/17 at 5:54 pm to themasterpater
$19k..
Great googly moogly
Great googly moogly
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 8/23/17 at 8:22 pm to DownSouthDave
Yeah I put zero down, that's why it's so high
Posted on 8/23/17 at 9:25 pm to themasterpater
Also paying over sticker doesn't help
Posted on 8/24/17 at 4:34 am to achenator
Is it still wise to keep it and drive it into the ground if the note is heavily impacting his monthly cash flow? Not trolling, legitimately asking.
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 5:35 am to Ric Flair
Not really cash strapped. And I have no other debt to speak of. Just curious if there was a smart way to go about it, that may save me $ in the long run.
Posted on 8/24/17 at 11:07 am to themasterpater
quote:
Not really cash strapped. And I have no other debt to speak of. Just curious if there was a smart way to go about it, that may save me $ in the long run.
Keep it. And learn a lesson from this.
Oh and drive it until the wheels fall off. It's a Toyota so you have that working for you against your mistake of buying new with no money down.
Posted on 8/24/17 at 12:52 pm to themasterpater
That's a lot for a corolla Keep it long term
Posted on 8/24/17 at 1:53 pm to themasterpater
quote:
Just curious if there was a smart way to go about it, that may save me $ in the long run.
Pay as much as you can each month on it. It'll shorten the horizon of paying it off, and save you some interest. Maybe re-assess a year from now after paying more than the minimum each month and see where you stand.
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
Posted on 8/29/17 at 8:00 am to SECdragonmaster
quote:
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
You guys really advise paying extra even at only 2.8%? Legitimate question
Posted on 8/29/17 at 8:56 am to The Easter Bunny
quote:
You guys really advise paying extra even at only 2.8%? Legitimate question
I wouldn't.
You're better off selling, taking the hit now and get a $5k replacement. Don't compound one mistake my making another.
Posted on 8/29/17 at 9:06 am to The Easter Bunny
quote:
You guys really advise paying extra even at only 2.8%? Legitimate question
depends on if he is putting money elsewhere. If he is maxing out Roth and 401k and has his 6 month emergency, and isnt saving for a down payment on a house, then yes pay extra. Otherwise pay the min.
Posted on 8/29/17 at 9:15 am to seawolf06
quote:I think that would be a even worse mistake. He would be paying $10k for a $5k car at that point. A $5k car of unknown history. Right now he has relatively new, reliable transportation. Yes, he paid too much but he has 0 car problems.
I wouldn't.
You're better off selling, taking the hit now and get a $5k replacement. Don't compound one mistake my making another.
And on paying extra, if everything else is funded, I would only because you are SO upside down. If you actually need to get rid of it at some point you are going to have to pay for it to go away. I'm hoping you have gap insurance?
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