Hey, y’all.
I’ve recently been taking my finances a little bit more seriously, but unfortunately have decided to do so shortly after purchasing a new car. I’m about 14 months into the purchase of a 2016 CRV worth about 20k according to market research (only 6k miles). I bought it new and owe about 22k on it at .9% APR.
I make 55k and my fiancé makes 70k so it’s not like I’m having trouble making payments, but I can’t help feeing like I’m throwing away money every month with my $500 payments when I could be putting that towards my 5% 30k student loans and driving something closer to 6-8k (which I could pay off almost immediately via savings).
My fiancé brought up the point that if I sold at 20k, being the buyer in that situation seems like a great deal, which made me reconsider selling. I guess what I’m asking is, is that a decent point or am I using the sunk cost here to rationalize keeping it? Thanks for reading and any input.
Edit, quick finances breakdown since people might ask:
22k left on car valued at 20k,
115k/120k mortgage left at 3.75 ARM 30, mortgage/HOA is around 850/m total for the two of us. Condo valued at 135ish.
33k left on student loans at 5% on a 25 year plan,
10kish emergency savings between the two of us,
She is debt free outside of her leasing a civic at around 200/m.
Submitted May 07, 2018 at 07:24AM by wasdqerf https://ift.tt/2rrsFl9
