Hello everyone, I came to the realization that my cool SUV (Toyota FJ Cruiser) is not as practical as I had imagined. Many of the things I planned on doing with it I am not doing. It probably gets between 15-20 MPG if I had to guess. It will be paid off in 16 months and I currently owe $5500.
Am I best to sell it now, buy a used, cheaper, more fuel efficient car with the money, and continue to make the payments on it once it is gone (SUV)?
Should I keep it until I have it paid off, then sell it?
I will be moving halfway cross-country in September. Should I sell it closer to then? I could sell it in May after graduation and not buy another vehicle until after September. For this route, my family will no longer be receiving the GI Bill come summer and that cash from the SUV would go a long way.
As I type everything out I really like the third idea because we already struggle to make ends meet. Since we are new to frugality, what do y'all seasoned pros think?
February 09, 2017 at 09:19AM
