Author Topic: Pay off this car OR buy a cheaper one?  (Read 878 times)

nepidor

  • 5 O'Clock Shadow
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Pay off this car OR buy a cheaper one?
« on: March 30, 2018, 07:23:58 PM »
Hi fellows,

I've been trying to solve this by myself but can't arrive to a definite answer, would appreciate additional brainpower to figure this one out:

I have an infiniti q50 hybrid that I financed for $27,000k last year and I have $21,500 remaining to pay for it. Paid $2,000 to register it and it's financed at 3.25% APR. (payment is like $350 but I'm paying $500 every month)

I'm considering paying it off and keep only minimal insurance on it - right now I'm paying about $100 per month just to have 'mortgage required' comprehensive and collision on it.

Another consideration I have is to sell the Infiniti and buy something with $13,000 cash -like a mazda3 with low mileage, pay $1000 to register it and just drive it until it dies.

Can I have your thoughts on this please?

Reynolds531

  • Bristles
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Re: Pay off this car OR buy a cheaper one?
« Reply #1 on: March 30, 2018, 07:57:47 PM »
My gut says exit. And find a crv or similar. Mazda 3 would be a bridge too far.

But yes the premium SUV should go.

nepidor

  • 5 O'Clock Shadow
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  • Posts: 2
Re: Pay off this car OR buy a cheaper one?
« Reply #2 on: March 31, 2018, 06:05:22 PM »
ok so I found a 2015 mazda cx-5 with 28k miles on it, for $14.9 cash - gonna get this car and drive it into the ground, while selling my infiniti