I currently have a motorcycle I'm making payments on, $204/mo. I owe $7,872 @ 4.6%. It's worth $8k via NADA. I have no other vehicles, but if I can sell this thing I'd like to pay cash for a used Honda or Toyota - something frugal. The bike does serve several roles as I can attach panniers, the weather here is rideable year round so it has quite a bit of utility. I'm not in any need to get rid of it and into a car other than simply the debt of having it.
I currently have no debts otherwise, $7800 in a retirement account, and $3500 in savings. I just recently made a hardcore effort to pay off several CCs, consequently the low savings, which I'm aggressively trying to build - hence wanting to be rid of the auto payment. The savings right now is a general emergency/vehicle fund. I have a $5,000 LoC I can tap in emergencies, as well as plenty of available credit on CCs (that I'd like to never use again, if possible).
So the question is, do I throw all available cash at paying off the motorcycle (which has been up for sale for a month with no interest), or keep building my savings with that spare income - eventually passing the point where I can pay off the bike and then just do it then? The problem with this of course is that 4.6% over my head. But if I drop all available cash into it I can get rid of that payment sooner and replenish my savings decently, but I'll have no cash to purchase a good vehicle that shows up.
As you can see, lots of possibilities, I'm sure plenty I haven't considered, like even buying a cheap car now and having them BOTH (gasp) until I can sell it. Just looking for some guidance or general advice/experience from you kind souls to help me through.