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.
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.