Hey guys,

Shortly after the diesel manual Jetta TDI fiasco my roommate and I decided we are moving at the end of May because our lease is ending. (We currently live in a 2 bedroom house that’s a 45 min commute for both of us).

Our new humble abode is within walking distance of everything I need, including work and the state college I’m attending, the hospital, and the mall. It’s ideal.

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This preamble is setting up the idea that I’m considering selling my car to Carmax when we move. For those unaware my current car is a 2017 Hyundai Elantra which I purchased last November. My greatest motivator for this is that I’ve had a car loan in various forms for over three years now and due to trading here and there my loan balance is virtually the same as it was then.

I want to be done and out of debt and this would be the quickest way. So, the details:

  • I owe probably around $5k more than the Elantra is worth which I’d have to pay at time of sale, so I’d have to take a small loan from my credit union to pay part of that.
  • I’ve calculated that between my monthly payment, insurance & gas my car costs me a little over $700/mo. I’d be able to pay off that small loan in ~6 months and then start saving up to pay cash for a car
  • I’m an Uber driver on the side so my car represents potential income for me, but I have to Uber hundreds of dollars a month just to cover the car and then I’m riding up my gas, maintenance and tax costs.
  • I have a solid bike & I’m fit, I can easily bike 30+ miles if necessary.

Can’t believe I’m actually considering giving up my car...but I would LOVE to be out of debt. A year from now, I could be loan free and well on my way to paying cash for a fairly cheap car.