Another car post..

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vickers
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Joined: Tue Mar 12, 2013 6:56 pm
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Another car post..

Postby vickers » Tue Mar 12, 2013 7:06 pm

Hi,

I'm a 22 year old college student. I got a 2010 hyundai accent with 16000 miles on it back in November when I had a job that paid very well. I was laid off in January and have been using my savings to pay for insurance and the loan. My monthly payment is about 250 and I still owe about 12k on it. Insurance is higher (400) because I don't have a clean record, but it will be 3 years spotless in september..

I wonder if I should sell the car.

The upside is obvious, mobility. I can get where I need to go without relying on others. I live in Tampa FL where it is difficult to get by on buses.

I have nothing keeping me here except that I cannot currently afford both rent and my car so I have been staying at home with my parents since the layoff to pay for my car..

If I got rid of the car, I could move somewhere car-free living is easier and just worry about paying rent/basic living expenses.
Should I suck it up for possibly another year at home to pay off the car and find a better job to afford it all or just sell it and use my money on other things like education and my own space.

I don't have other debts.
Any thoughts?

troyce1
Posts: 5
Joined: Mon Dec 05, 2011 8:44 pm
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Re: Another car post..

Postby troyce1 » Tue Mar 12, 2013 9:42 pm

You mentioned many things in your post. And asked many broad questions.

You mentioned moving. Possibly moving in with your parents.

You mentioned selling the car? How much is the car worth now? Realistically?

You also mentioned on what to spend the car money on.

You need to find the answer to EACH of those, and work backwards.

Without knowing the whole picture, such as your debt situation, what you were making/employed as, and where you are trying to go its hard to say anything definitively.

Have a serious conversation with yourself, about what you want 3 months from now, and what your goal is a year from now, and form your answers around that.

If you are close to broke, I would say sell the car. You don't live in the middle of nowhere, at least there are buses and you could take them if need be. If you can survive for a little while, why not get a part time job to at least cover your costs.

Again, it's hard to answer any questions specifically without more information.


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