Question

If you’ve sold your car to get out of debt or speed up the process tell me all! I can’t decide if this would be a good decision in the long run or not. We have a 2017 Chevy equinox, only 35, 000 miles on it and love it. My husband drives a old beater to work. We were going to buy him a different $1000 little commuter just for the lower gas and the fact this one is on its last leg. Things are constantly wrong with it and I can tell my husband is at his wits end. We are getting a large tax refund and could pay off the amount we’re over on our car loan. And then trade it in or sell it? And get a more affordable vehicle? And then upgrade in cash my husbands work vehicle? We have an 18 month old little girl, so I could definitely drive a car which would be much more affordable than an suv. Idk i hope this makes sense I know I’m rambling and I’m just not sure the best way to go about this! Or if we should just stick with the equinox and pay it off (we’ll be able to be debt free this year, but I feel like my husband should have a little better car). Thank you if you take the time to read or respond  

Answer 1

Personally I would use the tax money to buy a better car for him in cash. I wouldn't trade in a car you love and will last a long time, especially if you'll pay it down in a year. Or just tough it out another year and save up for a better car for him after you gave everything paid off.  

Answer 2

Depends how much is the payment vs how much is the new payment and if it’s worth it. There’s more than just turning it right side up and having better payments. If you’re spending several thousand for a worse vehicle and losing money, it’s not worth it. Also depends how many years left vs financing New Years. We traded in my 715/mo for 390/mo but it raised insurance and gas to the tube if 300-400/mo. Traded it in upside down 3k and got what I wanted. It’s 450/mo with $100/mo in gas. Same ins.  

Answer 3

I would just use the tax money to buy him a car then put what's left toward your equinox and you can still be debt free this year. You will make out better that way, I think, because you won't get what the equinox is really worth to you if you trade it. Plus selling it for a good price could take longer than just paying it off if you think you are in shape to do that this year anyway.  

Answer 4

Okay thank you ladies! My only hesitation has been if we end up trading in and paying off an older one with more miles we won’t see that money like we will with keeping the equinox! I think I needed some more clarity that in the long run that makes more sense. I think we’ll use the tax return for a better car for him now and just take a few months longer to pay off the Chevy ☺️

Comments

@aynat that's what I would do. A few extra months is nothing in the long run especially considering you love the car and you'll get several years worth out of it.  

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I have the same 2017 equinox and I love it. :) Definitely worth keeping to haul the kiddo around :)