What if.....

July 10th, 2008 at 02:36 pm

Well here it is, payday again and I'm down to $39.00 left over. That still doesn't include fuel/transpo to work and around town, food, or anything else that might come up. What if I tried to sell my car. I looked on Kelly BB and it should be worth $7500. I owe $8400. Giving up a car is unimaginable. Its like "hello! am i seriously thinking straight?" family and friends would think that I am seriously flippig out, and I would wonder if I did. But first of all it would be a good $500 off my back. I could move into a two bedroom apartment for my son and I (yes we currently live in a one bedroom) very crammed. How would I go about selling my car? I put my ad on craigslist and didn't get one response.

Posted in Uncategorized | 9 Comments »

9 Responses to “What if.....”

momcents Says:
July 10th, 2008 at 02:39 pm

Maybe see if you have a CarMax in your area. I have heard good things about them offering a fair value. Good luck!
ceejay74 Says:
July 10th, 2008 at 03:34 pm

I know it sounds unpleasant, but if you do end up selling the car and reducing your monthly bills, I would try and survive in that tiny apartment a bit longer and see if you can use the extra money to get on top of your other bills. Maybe you can shovel out some debt and reduce your bills further before you move!
compulsive debtor Says:
July 10th, 2008 at 05:05 pm

I agree with ceejay. Hang on to the one-bedroom and pay some bills down to give you more breathing room.
saj Says:
July 11th, 2008 at 07:34 am

If I don't sell my car I would live in my 1 bedroom for 3 more years. I'd have to get really creative with a son growing into a teenager. But by then, my income will have increased (hopefully) at least 3% each year, giving me a little extra every year. Then again, if I finish my teaching degree, I might start out with a lower salary.
Pumkyn Says:
July 11th, 2008 at 07:35 am

I agree, with what you are going through. But you have to do what you think it is best for you and your son. I personally think if you sell your car get a cheaper one and use it for emergency and misc.
ceejay74 Says:
July 11th, 2008 at 10:19 am

So are you saying you would need to move if you get rid of your car?
saj Says:
July 11th, 2008 at 12:54 pm

If I keep my car, continue to pay it off, and live in the one bedroom, until I am caught up with my debt. A two bedroom would be very nice, but it might not be the best financially. A two bedroom is around $850. I know there are cheaper ones around the city, but it is important that my son attends the school he is in now (public) he is doing great.
ceejay74 Says:
July 11th, 2008 at 02:57 pm

Sorry, I'm not asking the right question. IS there any way to sell your car and keep your current apartment for the next two-three years? If it freed up $500 per month like you say, and you didn't put that toward a higher rent, you could pay off the private-school debt faster, get current on bills, have more money to start an emergency fund with, and you'd be in a better place financially when it became imperative to find a 2-bedroom place.
saj Says:
July 13th, 2008 at 12:23 pm

Sorry, for the confusion. I think that staying in the one bedroom is the best thing right now. Even if I don't sell my car, the extra $200 a month for a bigger apartment would be a strain. I do want to have more space and a room for my son, but if I think about things differently, financially, I could stick it out and have a better plan. I don't know if I really want to sell my car...but I continue to take the light rail, which may not save much gas, but saves wear and tear on my car.

Saj's Personal Finance Blog

What if.....

9 Responses to “What if.....”

Leave a Reply