Author Topic: Should I pay off car loan?  (Read 1036 times)

hirodotp

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Should I pay off car loan?
« on: December 16, 2018, 04:28:04 PM »
Hello,

We are paying off a 2014 Mazda CX5 with 41k miles on it with about $6k left on the loan.  The car was in a major accident in 2014 shortly after we purchased, however the insurance company decided to fix it instead of total it out.  My question is, does it make sense to pay off the loan entirely first and then trade in the car, or, trade the car now and hopefully get some positive equity out of it post accident?

Thanks.

« Last Edit: December 16, 2018, 11:27:38 PM by hirodotp »

ketchup

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Re: Is it time for a different car?
« Reply #1 on: December 16, 2018, 08:48:20 PM »
Your thread title and body text seem to be asking different questions.  Why are you considering getting rid of the car?

hirodotp

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Re: Is it time for a different car?
« Reply #2 on: December 16, 2018, 11:26:24 PM »
More space requirements and it is starting to act up a bit, Concerned we are starting to see it turn into a money pit (already put 1200 this year into fixes)

Jon Bon

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Re: Should I pay off car loan?
« Reply #3 on: December 17, 2018, 08:42:35 AM »
Do you know where you are?

First you don't get a loan on a brand new car.
Second you don't sell a car at a loss.
Third you sure as heck don't trade a car into a dealer!

Never trade the car into the dealer loan or no loan. Recently my aunt had a car, they offered her 2500 for at the dealer. I sold it private party for her in a week for $5500. This car is still under warranty  and your worried about A. a money bit and B. replacing it?!

Also the $1200 you have put into it is what 3 months of a car payment? You keep the car and keep driving it, anything else is spendypants facepunch worthy.


ketchup

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Re: Should I pay off car loan?
« Reply #4 on: December 17, 2018, 10:06:56 AM »
You're worried about a 4 year old car with 41k miles on it turning into a money pit?  Is there some serious defect that's somehow not covered under the factory warranty?  Has there been a recall?