Question

Hi there!  New to budgeting and we have our main goal to pay off my car by the end of the year.Hi there! New to budgeting and we have our main goal to pay off my car by the end of the year. The engine in my car blew about a year and a half ago, and I’ve become a SAHM in that time so our income was cut in half. In the last year we worked to pay off all collections and debts so all we have are two car payments. Curious what others would do with the non running car? We owe 11k on it and to get it fixed in a shop is about 8k. should we just pay it off and sell it as is? We get by fine with one vehicle so a 2nd isn’t necessary for us. Thanks

Answer 1

What model is it and how many miles are on it? What’s the resell value with a new engine?  

Comments

With a new engine you should get lots more life out of it. What’s the plan if you don’t fix it? You are in a tough spot since you owe so much on it.  

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@otoole that’s the route I would recommend.