Author Topic: I think I need to get rid of my NEW car  (Read 4024 times)

IMLEGEND

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I think I need to get rid of my NEW car
« on: May 20, 2015, 10:58:30 AM »
So I have been lurking around here for a little while and am starting to get get all my finances in order and a realized how much i screwed up 6 months ago.

So 6 months ago I got a new job which gave me a raise of $15k. At the time I had a 2007 BMW 328xi that I bought used 2 years prior and was having a lot of issues with. Anyway i decided it was time to get a new car, surely with this raise i would be able to afford it. Anyway I definitely went overboard and pick up a brand new fully loaded 2015 Jeep Wrangler Sahara, basically the most UN-Mustachian thing to do, but I didn't even know who MMM was and the thought of early retirement wasn't even the faintest of thought in my mind.

Anyway now I'm stuck with a $532 car payment for the next 5 1/2 years. I want to get rid of it and get something much more reasonable and sensible, maybe a VW Golf TDI. Wranglers are know for retaining their value, but how can I possibly get rid of this car without loosing a ton of money? Is there any possible way to do it? Do I have to wait until the 2016s to come out to be able to get rid of it and not be totally screwed?

Please help!

thd7t

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Re: I think I need to get rid of my NEW car
« Reply #1 on: May 20, 2015, 11:15:11 AM »
You're losing a ton of money by keeping this car.  Do you want to be screwed by paying for a car that you regret and maybe selling at a better time or do you want to get rid of the car?

Just sell it.

Jeremy E.

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Re: I think I need to get rid of my NEW car
« Reply #2 on: May 20, 2015, 12:14:05 PM »
Go wash/wax it and clean the interior and take pictures of it in the sun today, then put it on craigslist tonight! after you sell it buy a used car.

neo von retorch

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Re: I think I need to get rid of my NEW car
« Reply #3 on: May 20, 2015, 01:01:13 PM »
First, accept this fact. You have already lost money.

I'll say it again. You have already lost money.

Got that internalized? Good. Now you just have to make the best decision for your future. If you keep the Jeep, you'll continue losing money on debt payments and depreciation. Sell it ASAP and buy a less expensive car, and you'll lose a lot less money in the future.

IMLEGEND

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Re: I think I need to get rid of my NEW car
« Reply #4 on: May 21, 2015, 07:54:00 AM »
Yea, you guys are basically saying exactly what I was thinking, but I needed to hear it from someone else.

TreeTired

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Re: I think I need to get rid of my NEW car
« Reply #5 on: May 21, 2015, 07:57:53 AM »
 
Quote
brand new fully loaded 2015 Jeep Wrangler Sahara....

 =... $532 car payment for the next 5 1/2 years. 

woweee!   what's the sticker on that beast?   That's only $35k in payments and then you'll own it!

wrangler05

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Re: I think I need to get rid of my NEW car
« Reply #6 on: May 21, 2015, 11:20:07 AM »
I recently found MMM and was in similar position as you are now.

I bought a Jeep Wrangler sport in 2012 and traded it in 2013 for a brand new scion FR-S, with negative equity on the top of $25 loan.

Then I moved to CT, where my FR-S which is stick, RWD sat in the garage all winter. I cant take the damn thing out to a gas station when there is < 1 inch of snow. ( buying this car was just one of the numerous worst financial mistakes I made)

I came here and needed that little push, sold my car and had to pay $2k out of my pocket. I didnt SELL it, I got RID of it :)

though I had to pay $2k out of my pocket to pay off the difference between the selling price and loan amount, I dont have to pay $600 every month for a car that rests in garage all winter.

Please make that decision and sell it for loss, if you have to. I am sure, after 1 month, you will have a smile on your face when you dont have a huge monthly car payment.

jooles

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Re: I think I need to get rid of my NEW car
« Reply #7 on: May 21, 2015, 11:29:17 AM »
The first thing I did, when embarking on the journey of getting financially fit, was sell the new car.

Best decison ever!

jooles

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Re: I think I need to get rid of my NEW car
« Reply #8 on: May 21, 2015, 11:32:20 AM »
Did I mention I had to pay to get rid of the new car.  I forked out 2K inorder to get out from under an overpriced gas guzzling debt and I'm glad I did.

snogirl

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Re: I think I need to get rid of my NEW car
« Reply #9 on: May 21, 2015, 11:35:37 AM »
You have awareness now, go forth and sell the Jeep!
I have been where you are for sure.  Best of luck with your plans!!

benjaminbutton

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Re: I think I need to get rid of my NEW car
« Reply #10 on: May 21, 2015, 12:43:21 PM »
I bought a truck at $21,500, sold it maybe 4 months later when I realized how stupid it was to buy it with all of my student loan debt.  I lost probably 2k when I sold.  But.. by getting out from under the payments of $350 a month plus $100 of insurance and the gas I figure I have saved close to 7k by switching vehicles. 

You also don't NEED a Golf TDI...

Le Poisson

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Re: I think I need to get rid of my NEW car
« Reply #11 on: May 21, 2015, 01:19:48 PM »
When the buyer asks why you're selling, blame your SO - "Damned SO wants something stupid like a Golf. Can you believe I'm giving a way a sweet ride like this so I can buy a crappy little car like that???"

As soon as you say you're in too deep financially or that it sucks gas, you're going to hurt your selling price. Identifying the car as fantastic and the reason for selling is beyond your control, you take away from their negotiating point while reinforcing desire to own the car.