Hi fellows,
I've been trying to solve this by myself but can't arrive to a definite answer, would appreciate additional brainpower to figure this one out:
I have an infiniti q50 hybrid that I financed for $27,000k last year and I have $21,500 remaining to pay for it. Paid $2,000 to register it and it's financed at 3.25% APR. (payment is like $350 but I'm paying $500 every month)
I'm considering paying it off and keep only minimal insurance on it - right now I'm paying about $100 per month just to have 'mortgage required' comprehensive and collision on it.
Another consideration I have is to sell the Infiniti and buy something with $13,000 cash -like a mazda3 with low mileage, pay $1000 to register it and just drive it until it dies.
Can I have your thoughts on this please?