TheRealMafoo said:
Just asking, because you can buy a car outright for 2K, so you could have sold the car for at least 2K more then you owe, bought a 2K car, and not had a car payment (if you have one). |
Yea, I could have went that option. I drive a 05 Honda Civic EX Special Edition. I owed about 5k on it. I wanted to get spare money to actually get ahead on my bills instead of making it paycheck to paycheck. I could have sold it for about 7-9k (Kelly Blue Book has value around 10k at most). Then bought a car for 2k. Basically, I am looking at it for long haul. Civics have good reliability and I like mine (standard transmission, color (color of dirt/ beige), and is in decent shape (hasn't messed up on me yet/ runs great)). I could have sold car and wiped out my car loan debt then bought a 2k car (it just seemed too much of a hassle to me (plus I didn't want to get a lemon car and have to start repairing it) and would rather just keep mine since it is running perfect and has about 52k miles on it (all from me))). So I borrowed 2k more on car (increased payments by about 40 dollars a month and time frame of paying back loan (increased it by 6 more months), but I did least get them to reduce the interest rate to bellow 4 percent. Basically, I was lazy and it seemed like a decent deal at the time for amount of effort. I just wanted to get some breathing space in between bills which I managed (have rent paid off till September now). I wont go too much into my fiances or lack there of but I was kind of screwed for awhile (living paycheck to paycheck).
