🔺 r/personalfinanceuBrilliant_Reply3479·60 days ago
Should I Sell my Car?
I know this sounds like it should have an Auto flair but the question is really about debt. I have a vehicle that the dealership will pay $33,000 for. I owe $12,000 on it with an interest rate of 2.49%, a monthly payment of $600, and two more years left on the loan. I also have a plumbing loan for about $9,400 with an interest rate of 9.99% and a 10 year term of which I’ve paid about six months’ worth. I am considering buying a used vehicle for $20,000-$25,000 that would likely have an interest rate of about 6%. Would it be a better decision to continue paying off the existing car and plumbing loans, or to sell my current car, use some of the proceeds to pay off the plumbing and auto loans, and use the rest as a down payment on a new car? submitted by /u/Brilliant_Reply3479 to r/personalfinance [link] [comments]