Should i sell my car?
isaiah davis Asked: Should i sell my car?
i drive a mazda 6 and my payment is 319.29 a month. I am now on ssd unfortunately and only get 1272 a month. Also my remaining balance is about 10,700.00. My monthly expenses are as follows,
installment loan – 169.19
credit card – 89.00 minimum payment
medical – 50.00
then there is food which varies month to month
i only pay 200 a month in rent atm thanks to friends helping me until i recover. This includes utilities. I am truly grateful and lucky.
also if i keep my car, my car insurance is about 140 a month. Very expensive. I looked at a lot of quotes, this is the cheapest thanks to my stupid decision to drive drunk one night and get a dui.
And that is about it. I may be able to get by just barely.
Any suggestions?
Answers:
I understand you have bills everyone does. If your car is mechanically sound and you like it. Work it in your budget. that's my suggestion
You may owe more than its worth which means you cant sell it without putting the difference up in cash.
Look at it like this – if you sell it, you will be lucky to get enough to pay off hte loan.That leaves you with no car at all.No way to hunt for a job, get to the doctor, etc.If you get more than the loan balance, it wont be much more.Then you have very little cash to buy an older, problematic used car.You will find repair bills to be more than your current car payment.
As the first person said – keep it, work the budget – find a way to make a little side cash.You will be better off.