I graduated last winter and bought a 2019 Chevy Trax for $16K financed before used car prices shot up. I currently owe $13K on it with $320 monthly payments and 4% rate, and I might drive it like 2-3 times a month because I work from home most days and am able to take the subway whenever I have to go into the office. Caravana is offering me $16K for the car, which would net me $3K after paying off loan and basically mean I got to use the car for a year without losing money.
$3K would be a good chunk of money and let me pay off my credit card and put half of it onto my student loan. On top of saving from gas prices and $1.2K a year on car insurance.
I mainly bought the car for road trips and took one in it last summer, but don’t see myself using it regularly anytime soon, especially since my boyfriend has a paid off car and does most of the errands, and I can take the train to visit my parents.
My only concern is maybe wanting to buy a new car in a year or two if I switch jobs or have to travel for work again and whether or not prices will be back down. I really like my car & it suited my lifestyle before wfh, but I feel bad that it sits around all month while I’m paying ~$400-500 month in loan, insurance, gas, etc. A monthly transit pass would still cost me significantly less than that.
Are there any pros/cons to keeping the car besides having a car with an affordable monthly loan payment and lower apr? What pro/cons for selling it besides a little extra cash and being limited to which Taco Bell I can go to or not doing the rare impromptu day trip?
Submitted March 23, 2022 at 02:20AM by thestolenlighter https://ift.tt/Odw7RBt
