deep, meaningful questions
ok, this is for all you regulars and randoms, because i need input and i'm taking an informal survey. it will help immensely if you have practical knowledge of the subject to draw on, because it's potentially quite expensive. so.
i want to sell my car. i bought this car six months ago, and owe about $10K on it. i don't like the car. i have to spend about 2.5 hours a day in this car, and i'd really rather drive a car i like. the question is, is it a bad idea to sell it now? if so, how long should i wait to sell it? my idea was, sell it, buy a much less expensive vehicle, pay the residual to the loan company, and continue with payments until the loan is done. however, of course, i have been educated and understand that when a bank/loan company is involved the loan pertains to the car and you can't just transfer it to a different car. i think that makes sense. i don't particularly want to get a new loan, but i will if i have to. i think it would work, although it might screw up my credit... i don't really know how that works. now the part that i don't understand and don't particularly agree with is this: supposedly you lose money if you sell the car too soon. wtf?? you're gonna lose money no matter when you sell it. ever heard of depreciation? there's no way an average citizen is going to make money off a car they buy, drive, then sell unless they find a gold brick in the spare tire. especially since i'm putting 400 miles a week, or more, on this thing. but no way am i going to hang onto this thing for (the possibly mythical) necessary seven years just to get my money's worth. whatever. i just want to get rid of this thing.
any thoughts? anyone want to buy a car?
i want to sell my car. i bought this car six months ago, and owe about $10K on it. i don't like the car. i have to spend about 2.5 hours a day in this car, and i'd really rather drive a car i like. the question is, is it a bad idea to sell it now? if so, how long should i wait to sell it? my idea was, sell it, buy a much less expensive vehicle, pay the residual to the loan company, and continue with payments until the loan is done. however, of course, i have been educated and understand that when a bank/loan company is involved the loan pertains to the car and you can't just transfer it to a different car. i think that makes sense. i don't particularly want to get a new loan, but i will if i have to. i think it would work, although it might screw up my credit... i don't really know how that works. now the part that i don't understand and don't particularly agree with is this: supposedly you lose money if you sell the car too soon. wtf?? you're gonna lose money no matter when you sell it. ever heard of depreciation? there's no way an average citizen is going to make money off a car they buy, drive, then sell unless they find a gold brick in the spare tire. especially since i'm putting 400 miles a week, or more, on this thing. but no way am i going to hang onto this thing for (the possibly mythical) necessary seven years just to get my money's worth. whatever. i just want to get rid of this thing.
any thoughts? anyone want to buy a car?