Hello all! I stumbled upon this community through an internet search about a problem that has been nagging at me for several months now. About a year ago, I purchased a 2010 Honda Accord for around 20k after fees. I'm now realizing that it's been an unnecessary drain on my funds, in gas, car insurance, and car payments.
I was thinking about swapping for something cheaper and more fuel efficient but I can't decide if it makes sense or not. My car currently has around 58,000 miles on it (KBB estimated value of 13990, last I checked). My remaining loan is 14,827. I pay 600 a month towards the car loan (and I just recently pushed my whole tax refund into it).
Work is 25-30 miles away and I make the drive to Chicago around once a month (140 miles one way) to see family and friends.
I live with my girlfriend and we share a ride to work every day.
Does it make sense to trade down at this point? My car is getting 27 mpg and I think I'm paying around 600 dollars biannually for car insurance.
There are so many factors!