Hello Mustachians!,
Last summer, before I started reading MMM posts, I bought and financed a 2015 Subaru WRX STI (My dream car for years) for $34,700. The car is an absolute Blast to drive, but I have been learning that it really is not a daily driver and I have been having buyer's remorse. Between the oil changes, horrible MPGs, insurance premium (~$140/month), tire changes (snow tires), upcoming maintenance costs, and the advice from MMM that a Subaru WRX is one of the worst cars to own in the long run, I have decided to get rid of the car. I definitely love the car and love the driving experience it provides, but I know that selling the car is the financially smarter decision to make.
Financially speaking, I am upside down on the auto loan. I did not put money down (I was stupid), and my interest rate on the loan is relatively high ~4.3%. I pay around ~$500 a month and still owe ~$32k on the loan. I also have student loans in excess of $50k to pay. I have a decent paying job, and can budget for everything (rent,utilities,student loan, auto loan, groceries/food, etc...), and still have some money left over to put into savings. But I want to live the MMM way and get rid of any and all unnecessary costs.
I have gone to several dealerships (Subaru and non-Subaru) to get my vehicle appraised, and they're all appraising my vehicle in the high $20k's. The most reasonable offer I have received is from CarMax at $30k. My question is whether I should sell the car to CarMax and take the ~$2k hit, or to continue paying the car until the loan reaches about $30k and then try selling it privately?
Any help/advice is appreciated! Thank you!