Hey guys, thanks for your assistance with my past career post.
I have another question for you all.
My wife and I are currently working towards mustachianism and we are set to pay off our CC debt this month which leaves me with my next question, what to pay off next?
We bought a house for $60k last year and according to our realtor it's worth $75k right now and possibly $90k with a little bit of doable renovation/painting and such.
We owe about 30k in student loans, 60k on the house, and $7500 on the car and $1300 in CC debt which we will pay off this month. We make $4200 a month and have $1700 left over in our budget (give or take other purchases)
The car is what my question is about, we foolishly bought it brand new for $15k two years ago with putting $5k down. It is a 2011 Ford Fiesta with our payments being $169 a month and $75 a month on insurance. If we sold it right now according to KBB we could get $9k which actually puts us ahead on the car. Our other car is a 1994 Honda Civic DX with 99k miles on it that I got for $2200 6 months ago when we started our path down frugal-dom.
I'm wondering, should I sell the Fiesta and try to buy another reliable older car or pay off the Fiesta in 6 months and just keep driving it? We both really like the car, how it drives and it's super fuel efficient.
We are working on finding jobs or moving to allow for us to only have one car, currently we each drive 30 miles on average round trip for work and if we sell our house we actually come out ahead maybe $10k after is said and done..but that is a discussion for another day based on if we find new jobs and what not.
What are your thoughts?