All right, I kind of need your help in making this decision. I currently own a 04 coupe with 37K on it. I'm 20, and up until now, I have been commuting to school and working full time. I just got accepted to Drexel with an $11K Transfer scholarship, and I will be living on campus in Univ. City starting in Jan.. So you know that my car will get banged up from ignorent drivers.

Here's the dilemma, I currently pay $450 per month for my payment (finance, 5Years, 2 1/2 to go w/ $13,000 payoff), and $345 per month for insurance. That’s $795 a month that I can't afford. Will be at school for about 3 more years with co-op.

Should I:

A) Sell, and take my $13,000 equity and buy a nice used car (like 350Z for $17,000) in cash, and get minimum coverage?

B) Take out more student Loan and Pay car off, and lower coverage?

C) Sell car and buy a beater used car (like 95 Integra), with little insurance.

D) Sell car and buy a used sports car for the same price (like '99 M3 w/100k, '96 RX-7, another MR2 Turbo) with minimum coverage.

Thanks for your help every one!

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Where is the $13,000 "equity" coming from. Did you put $20,000 down.

 

I went to drexel and your car will definitely get dinged up....I would sell the car, paying $345 for insurance is crazy...

 

1. lol why sell oyu car fro a 350z i odnt think thast a down grade lol

2. just dont usw sallie mae they suck

3. and 4. do whatever u want to do..if u like ur car and want to keep and and can manage to i would..but if u need to sell it to save moneya and stuff do i caue u want to not cause someone told u to

 

350z = more insurance than a coupe and you'll lose on the resale value in the long run.

just keep your coupe it's clean

 

what he said

 

Thank you for your input every one...

Well I have 13k in equity because I put 12K down when i bought it, and I have a 4.5% rate.

I love my car, and I like G more than the Z's, but I can get a Z for slightly more thatn 13K and own it, there for allowing me to get lower coverage.

Yeah, I know, $345 a month is crazy for insurance, it's killing me. 2 accidents when I was 18 will do it for you though. 1 wan't even my fault!

Do you think I should just get a fun little sports car for a daily driver? Like an MR2 or RSX? Something that will be under $10,000 and that will be fun to drive. I Already have an MR2 for show, and got tones of extra parts.

Man, I'm just so confused....I dont know how I'm going to afford $795 a month any more. I can only work a max of 4 days a week (if that)

 

Kinda cliche but... School first, so....
Sell the car and get some of your money back.
Buy a beater. (I'd say, get a jeep wrangler. perfect vehicle for a "I don't care" environment and fun to drive).
$345/mo insurance is outrageous. Get rid of that payment. That's just being foolish with money.

 

I would get whatever is cheapest to insure. I'm paying about $100/month for insurance now. An SI or RSX would be good, plus its small and be easier to fit into those tight parking spaces. Parking is horrible, expect to get your bumper hit a couple times...

 

Well I hate settling, but do what will make you happy and keep you with a car you want to drive. The insurance is crazy though. Although since you are going back to school, and looking at all the bills I have now, etc. I would probably say the best thing would be to sell it, get a car you wouldn't mind driving and not worry too much about at school (getting dinged or banged up a little) and then get something nice afterwards. Good luck!

 

If Drexel is anything like most mid to large sized schools, they will have big parking lots, usually with the 2 or 3 rows farthest away from everything relatively empty. That is where I park here in U of Maryland, and my car has been fine. Maybe a ding or two, but nothing really big.

 

Drexel is in the middle of philly with almost NO parking at all. The Univ. City section of the city isnt the greatest either

Id sell the G man, pocket the loot and get the worst car for the lowerst price that you possibly can.

Be smart with your money now - while your relatively young - and when you graduate, youll have the chance to buy a car WAY nicer than a G35.

 

If you can't afford the payments, then don't put yourself in a situation where you're going to be money stressed.

Sell it, take the equity, buy a new civic or almost new civic outright...drive that around till you graduate and then buy a car that you really want.

 

dood, you're still in college and at a very young age. Don't let this high car payments stress you out. Also the Z will not lower your insurance because it's a 2 seaters car. Take your time to sell it and get a civic/integra etc for 3/4 years until you're done with school. At least that's what I did and have no regret about it. Good luck!!

 

Let me see:

You're a 20 yr old student...
Living in part of Philly where there is little to no parking...
Have outrageous insurance...

I think the question is do you want to put yourself in a situation where you'll be in debt just so you can drive a nice car, worry about it in the streets, etc?

I toughed it out many years driving beaters while in school... but I ended up not being in debt like my friends who spends $$ like there's no tomorrow while in school racking up debt.

Be smart with your money... you can pocket $12k+ in equity right now. Get a beater for a low payment, and get part-time coverage since you probably won't be driving it much anyways.

Take what's leftover in equity you have on the car after down payment on a new one, and invest it... When you graduate, have a nice income job, and that nest egg you built up from your equity from 2-3 years, treat yourself to a nice car then.

You don't want to end up in a neverending rat race while in school with nothing to show for it (except debt) come 2-3 years.