I'm wanting to get a newer car but with current prices I will just wait a year or however long it might take for prices to finally settle back. So my dilemma is that I checked my vehicle price with Carmax and they said it's worth ~$3500 over what I owe on the loan.
I'm trying to figure out if it would be worth selling it and wiping my debt/loan out completely with extra money on top, which I could use with some of my own saved money and get a cheaper car maybe $4-$8k to drive until I can find that newer car I want at a good price.
I currently owe ~$14k on my loan and Carmax's website said they would buy it for ~$17500. If I could find a cheaper car for the mean-time I feel it could be worth it since I would no longer have a car payment. This would allow me to save a bunch of money for a good down payment.
Other option would be to just keep my car and keep paying the loan down normally. Then when the time comes just do a trade up, but I wouldn't have nearly as good of a down payment.
\EDIT* I did a bit more research by checking KBB and a few car selling websites for vehicles similar to mine in my area. It seems Carmax's offer is actually on the low end of pricing based on KBB and other sites. KBB ranges my cars value from $17,500-$20,500 for a private party sale. Also, cars similar to mine in my area start around $21,000 for around the same miles.*
Submitted October 08, 2021 at 10:45PM by Donald_Trumpy https://ift.tt/3oKR04J
