I owe ~$5300 on my 2011 Subaru Legacy. KBB says it can sell for $15k (29k miles, very good condition). I do not have a bike (yet).
My problem: I want out of this stupid hair-on-fire debt but to buy a MMM-type car, I think I need to be able to negotiate from a position of strength; ie: cash in hand, ok to walk away & find another. I do not have cash in hand and will not..until I sell the Subaru.
Possible plans:
--tap the credit union for $5-6K loan (personal or car) to fund the new car, then pay it & the Subaru off when Subaru sells, funneling extra funds from the sale into my other stupid debt (credit card).
--tap my 401(k) for a loan EXCEPT I don't think I can just pay that off as previous (stupid) loans from that plan had to be paid over time out of payroll deduction, otherwise, same as above.
--other scenario I don't have the knowledge/imagination to perceive yet
Being without any form of motorized transport is untenable as I am on-call for work and have to be on site in a timely fashion any hour of day or night.
What am I missing? When I feel trapped like this it's usually because I've not considered something glaringly obvious because...I feel trapped and my brain fails.
Thanks for any input. :)