About 4-5 months ago, before discovering MMM, I bought a new 2016 Mazda 6 with all the features for a total of $35k, including tax. I discovered MMM about 3 months ago, and have since completely re-evaluated how I spend money. My spouse and I have increased our savings rate from around 25% to about 60%. The biggest thing holding us back from saving more is this car payment, which is $900/month. We realized we could be fine with buying a used car that would be far more affordable, but we aren't sure how to even go about selling such a new car.
Here are some numbers associated with our car situation.
Car Payment: $900/month (36 month loan)
Down-Payment: $3,500
Total Purchase Price (including tax): $35,000
Amount Remaining on Loan: $29,000
MSRP For This Car when brand new: $33.5k
Mileage: 4,000 miles
I honestly don't even know how much money the car should be worth right now. It's still in perfect condition, but I know new cars depreciate a lot as soon as you buy them. I can't even find anywhere online that gives the approximate value for a car this new. We feel like most people who would be interested in this car would probably rather just buy a new one for the small extra cost, so it will probably be hard to find a buyer.
What do you guys think? What options are there for selling a 5-month old car? Is it worth selling it at all, or should we just deal with the monthly payments for now and just keep this car forever? At least it will be owned fully in 3 years, and then I can have zero car expenses for a very long time, since I will now be Mustachian and avoid spending money on another car until this one is fully broken down.