Recently found this site, wish i found it a few years earlier.
I'm trying to figure out if selling my 2012 VW GLI with 29k miles on it makes financial sense. I bought in Dec of 2011, financed 20,500 at .9% (I was so excited at the time!) It's ok on gas, about 24 mpg. Insurance runs about 70 a month, i don't foresee much savings there with a different car.
I still owe a little over 11k on, with payments of 350 a month. How can I tell if its best to sell it, and buy a used civic/sentra/corolla type for a 3-5k cash?
The car is worth 17,500 as per KBB, I expect to realistically get 15-16k if i sold. If I sold, I could pay off my car loan and buy one of the cars listed above for cash; not having a car payment would be great!
But am I just locking in the depreciation of my current car? I don't want to downgrade into a car with 100k on it that needs brakes, tires etc. I'm single now, but if I got married and had kids in the next few years, I'd certainly want them to be in a safe reliable car.
I recently moved (to stamford, everything is so expensive in CT!), but now drive ~5000 miles a year.
Is there a calculator you recommend using to do the math? What would mr money mustache do?