Author Topic: Car Loan  (Read 848 times)

MMMNewGuy

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Car Loan
« on: August 15, 2017, 06:40:24 AM »
Hey all,

Hoping to bounce this idea off the forum to make sure I'm doing the right thing here.

Context: Last year I convinced my Mom to sell her car and buy a used Honda Fit (paid in full). She bought the Fit for about 11k, but always liked driving my Nissan Rogue better so we basically switched. She took over my monthly payments (I had about 14k left to pay on the Rogue) and I started driving the Fit. I'm super happy with the Fit, and she is very much a home-body so she rarely touches the Rogue. Now that I'm seeing the Rogue sit idle I feel like it's time to sell it too.

Actual Question:
Does it make sense to cut my losses on the Rogue seeing as there's still 12k left to pay on it? If it sells for (hopefully) 20k, that's 8k net to let's say purchase another Fit (and have no car payment). Or should I just keep the Rogue, pay the 12k off and then eventually have a very low km SUV completely paid for? I'm leaning towards selling, especially since neither her or I drive all that often.

Edit: if it helps, it's a 2015 Nissan Rogue S AWD with 29,000km on it

Happy to hear what the forum thinks, thanks in advance!
« Last Edit: August 15, 2017, 06:41:58 AM by MMMNewGuy »

Broadway2019

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Re: Car Loan
« Reply #1 on: August 15, 2017, 07:04:14 AM »
Honestly, those are pretty cheap cars. Pretty sure it is only worth about $12k.

MMMNewGuy

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Re: Car Loan
« Reply #2 on: August 15, 2017, 07:53:56 AM »
Thanks for the reply, the local dealership offered me $15,700 for it but I figured I'd try my luck selling it personally first. Maybe I'm overvaluing it though!

Laura33

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Re: Car Loan
« Reply #3 on: August 15, 2017, 07:57:58 AM »
What does your mom want to do?

Yes, it makes sense not to tie up a lot of money in a depreciating asset, especially when you are not even getting use out of it.  But make sure your mom is on board with the plan, first, since the whole reason you are no longer driving that car is because she liked it better than the Fit you now want to replace it with.