A little bit about my situation. I owe $14,500 on my truck, have paid half of it off. I really want to get out of this loan already, but I'm living off of the GI Bill (going to school full time) and living with my sister. (so atleast I'm not throwing away $500-$800 on rent every month in some stupid apartment)
My only payments are the truck: $400 and other monthly costs (gas, insurance, phone bill, groceries) and the total is roughly $1,100 monthly.
I make $1,700 monthly total with disability+GI bill, and not saving as much as I would like to. Ok so here is the real pickle...
I want to get out of my loan as fast as possible, but $14,500 is alot haha. I got my 2010 appraised and their third offer was at $23,500.00 for my truck as a trade in.
I found a used 2012 corolla for $15,999. (only has 14,000 miles) but with their offer on my truck and all the money down I would be able to bring down the total to ROUGHLY $6,000 on the car.
So their offer on my truck: $23,500
and I owe........................$14,500.
I get a total of ................. $9,000 for my truck
The corolla costs...............$15,999 (negotiable)
minus the .........................$9,000
I would then only owe....... =$6,999 ($7,000) instead of my current $14,000.
I know the payments would drop significantly and I'd be saving on gas like it's cool, oh and the look of the car doesn't bother me, it is one of the most reliable after all.
SO, if y'all were in my shoes, what would you do?!?!
I know this is tacomaworld, and there might be some bias towards the keeping the taco, but I would like to hear as many unbiased/honest opinions as possible!!!! Give me your opinion, ask your SOs, your friends, parents, neighbors, and give me their opinions!!
I really love my truck, and from the beginning the plan was to keep her until the wheels fall off or I kick the bucket and to hand the keys over my future son/daughter. The plan was to one day tour the country in my truck after graduation. If I could just win the lottery and pay her off, I could care less about my shitty mpg haha.
I was reading some of Dave Ramsey's stuff and it really opened my eyes to saving much more than I currently am.
A smarter person would trade it in for a cheaper car and get completely out of debt, but I would rather have something I know is very reliable with half of my current debt, but you opinions please!!