I've come upon some tough times with balancing studies and athletics, and the G may have to go because of it...I dont drive her nearly enough to warrant the amount I pay to keep it...Its been 2 years and I have 16k miles on her...Pardon my ignorance but I have a couple questions for anyone who's been through this...

1. How do I go about selling a car that still has money owed on it? I've sold a car before but only one I had completely paid off...I still owe another 3 yrs on my coupe...

2. Does anyone think that the loss I'll feel from this is going to be major?? Im barely making the grade on payments right now because of how busy my schedule is, and I dont drive her...I put 13k down on the car and have paid off 2 yrs at $420 a month with 4.9% apr...I still have 36 months left on the term...Can someone help me figure this out?? If I'm able to sell the ride for 28-29k how big of a hit would I take? I know this should be simple math but I'm so upset about possibly selling her that I feel I'm missing something...

3. Anyone know somebody interested in a 04 Pearl Coupe w/ graphite interior?? Manual, spoiler, splash guards, and 40% huper optik tint in the tri-state area?? I have a couple possible buyerss but incase they dont come through I'd like some others...Thanks

4. Anyone know some winning lottery numbers so I can keep my ride without having to worry about work???

 

33 54 67 18 14 42........


what abou thaving somone just take oveer some the payments? and giving you like 12k down..? i think does that make sense?

 

dont sell it...

 

Doing some quick estimates..
Your original loan amount after your down payment was about $23340? So total purchase price was $36340
With 4.9% apr @ 60 months = about $420 a month
After 2 years of payments your balance should be around: $14050
You have paid a total of $9200 plus $1800 in interest. (and 13K down)

So if you sold the car for $29K-14K(owed)=$15K- 24K(payments into car) = -9000, so if you sold your car now, you would have paid 9K to drive it a whole 16K miles in 2 years.

 

Thanks for the great writeup!!

I really dont want to sell her guys...And paying 9k for 16,000 miles of driving seems awfully foolish...But I might have to cut my loses and run...Being in the city right now I never need to drive...I can take the money that I get back from the sale and invest...God I hate talking about this..

 

bad idea, unless the get their own financing.

you take a risk of them skipping out on your loan which you will be held responsible for.

 

yeah its always a bad idea to sell your car that hasn't been fully paid for. imo keep the car...g/l

 

Not true at all. By virtue of being upside down it may not make immediate sense, however. He is not upside down but will have taken on the hardest hitting years of deprecation and sell the car. However all he should worry about it the future - the past is gone and those sunk depreciation costs are gone whether he's keeping the car or not. If you save $ and still get around - and you need the $, sell it and focus on school. Someday you can buy a GTR or a 911.

 

Thanks Six - Thats exactly how I feel at the moment...Whether or not I sell the car now or at the end of the 5 yr term Ill have already taken the hit on depreciation...However, if I sell now i can use the money from sale to invest or take care of other financial responsibilities...Being in the city I can commute via train, taxi, or even walk...Im a car fanatic and I imagine top notch cars in my life for years to come, but I think its time to part with this one and focus on my last year of school...

 

I had 70k miles on my 04, Owed 21k on it!

Did a consignment deal with a dealership that sells similar vehicles in my area. The car got lot's of exposure and by the time they saw the prices on the other G's, my Blk/blk/blk DPE's and 70k miles looked like a great deal to some young lady.

I originally purchased the car as a present to myself for a stellar year in the mortgage business! As you can see I spent more time in my car than at my desk.

 

Sage advice.

 

Ironic.. I have been fighting the same issue with my 04 DG 6mt Coupe. I too am in my last year at school, owe about 14k on the car, payments are about 440/month!

I only have 13,000 miles on her. I love the car, but I am anticipating some tough times aswell as I am taking 20 units this quarter. I also have a beat up 92 VW Corrado that is relatively reliable as a daily driver.

With 20 units and therefore less hours at the job I can't come up with a good reason to keep the car.

So do we relax and sell or suffer with one awesome car? Are we crazy? Any more advice appreciated guys!

 

Amazing how the stories are so similar...I myself am taking 19 credits this term...I'm also a D-I soccer player and I'm rehabbing a torn ACL...I have no time to work and afford the car comfortably...At the moment every last penny is going towards these payments and INSURANCE payments...Its great having an amazing car like this at 23, but I'm afraid I cant do this any longer...

 

The worst day of my life was making a somewhat bad decision my freshman year to get a 1989 brand new Honda CRX si - Black on Black with a **** stereo and pre vtech 98 horspower. I was in heaven even after paying too much and paying 2k for insurance already until the bill went up to 4500 bucks for having done some points damage in the prior state I lived in.

My record caught up to me and I had to sell my car immediately and I was making too little to go to school and support the payments. It was the toughest thing I had ever done to part with that thing. I had it for 4 months or something. Now I realize driving an 82 regal for 4 years after that and sucking it up was the best thing I ever did. Delayed gratification will make that 2010 G37 seem all the better.

 

Bite the bullet and sell it. School should be first priority....look at me sounding like my old man ! By the time your done w/ school and situated, you can always get a newer G or even better. While I was still at school, I came across an nice Audi S4 that I've always wanted. I saved enough money and was working to be able to buy the car. But I knew, once those payments come in the mail, I would suffer in the end. So I just waited til I was done w/ school and had a decent paying job. This happened about 2yrs ago so it was fairly recent. I think you'll enjoy driving a nice car no matter what it is after your done worrying about school.

Then you'll have to worry about everything else that comes with post-college life, which is a whole different story ....