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re: Need advice on whether to sell car to pay off some bills
Posted on 8/10/13 at 9:20 pm to AnonymousTiger
Posted on 8/10/13 at 9:20 pm to AnonymousTiger
See if you can refi the auto loan to convert some of that equity to cash. Use the cash to pay the credit cards.
Carmax (like any dealership) isn't going to make an offer that is "fair", their offer probably builds in a couple of thousand they will have to pay to inspect the car, clean it up, warranty it, etc. in order to put it on their lot. So the car is probably around a $12K asset, plus you are going to pay the dealer a second time for your replacement. So I'd seriously look into keeping it and using it to get an auto loan instead.
Carmax (like any dealership) isn't going to make an offer that is "fair", their offer probably builds in a couple of thousand they will have to pay to inspect the car, clean it up, warranty it, etc. in order to put it on their lot. So the car is probably around a $12K asset, plus you are going to pay the dealer a second time for your replacement. So I'd seriously look into keeping it and using it to get an auto loan instead.
2
Posted on 8/10/13 at 10:07 pm to foshizzle
1-Sell the car
2-Pay off you CC's
3-Take the 2K and buy a beater
4-Save, save, save till you can move up in car and pay cash for it.
That's what Dave Ramsey would do
2-Pay off you CC's
3-Take the 2K and buy a beater
4-Save, save, save till you can move up in car and pay cash for it.
That's what Dave Ramsey would do
Posted on 8/11/13 at 11:32 am to foshizzle
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.
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.
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