Hey all!
Right now, my partner and I are focusing on paying off debt in order to save up for a house of our own. Thankfully, neither of us have any student loan debt, or credit cards. We both just owe money on our cars. I owe a tiny bit over $7K on mine, and he owes a little under $9K on his.
My question is, does it make more sense to drive my car until it falls apart, or to sell it once it's paid off and get into a different car? Usually this would be a no brainer; drive the car to its death. But my situation is a little different.
I'm a bit of a road warrior, so I drive anywhere from 100-200 miles in a week just for work. My car is a 2011 Ford Fusion, and already has 158K miles on it, and it gets very average gas mileage.
Pretty soon here, we are going to have to replace all four of my tires and my break pads/rotors if I am to continue driving this car, which is estimated to be around $1000. Top KBB value on my car (private sale) is about $2200, and a dealership I brought it to offered me $1000.
Mainly, I am curious whether this $2K car is worth putting $1K into, on top of the $7K I already owe on it, or if I would be better off paying it off, selling it, and using the $2K as a down payment on the new car (probably looking for a reasonable, reliable $10K-12K car).
My partner's car has low miles, is in awesome shape, has a great interest rate, and he is not upside down in his loan like I am, so we definitely want to keep his car.
What do we do, y'all?
Submitted January 10, 2019 at 04:17PM by averyjbyrd http://bit.ly/2VFsqS9
