The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: saucebag on August 23, 2013, 06:44:11 PM
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Bought the wife a New Honda Pilot ($40k) about 6 months ago. (yes it has a back up camera she CAN'T USE!!)
3 weeks ago, I find this website, my life has COMPLETELY changed. (I'm ALL IN...well, trying to be - there is a LOT to undo)
now, what do I do with the SUV? I would say I still owe about $38k.. KBB is around $32K (best case scenario)
Do I just sell, take the loss and get a loan for the remainder, with hopes of paying that loan off within a year? (i don't have the cash to pay off the difference - working down my $2500 CC debt - that is my top priority)
55 mph into a tree? it has GAP insurance?
pay someone to "borrow" it forever?
Talk to me Goose...
ANY help is GREATLY appreciated.
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Ummmm....what's the wife going to say if you sell it? You have stated elsewhere she's not interested in mustaches.
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lets just assume she will be onboard soon and i am planning my stubble....thanks
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Hi,
there are similar questions posted. Basically the answer is that you've bought the car, it's a sunk cost, so don't worry about it - just get back what you can. The cost of *keeping* the thing (further depreciation, running costs) will be much worse the longer you do (until 10 years from now, say!).
Sell it now, take the $6-8k hit, move on. You replace it with an equally functional vehicle but without the debt. Or at least with much less of it!
Good luck.