Should I sell my 2005 Chevy Cobalt and buy a older cheaper car?

Question

I was considering selling my '05 chevy for something older and cheaper like a '01 or '02 car because I will save on the payment (if there even is a payment) and insurance??? Is that smart? I want to save for a condo so I think it would be easier to save if I cut back on my car expenses plus when gettin approve for a mortgage loan, it would look better to have less car debt than more

Answer 1

There isn't much 'cheaper' than an '05 Cobalt.

If the Cobalt isn't giving you any problems, there is not one financial reason you should get rid of it. You will not get what it is worth and will be starting over payments on an older vehicle.

Buying an older car could mean buying more problems, which will not save you money in the long-run.

Answer 2

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Answer 3

well there are several ways to look at this you will save yourself a car payment but an older car will not be as fuel efficient and you cobalt plus with the older car you are potentially looking at more maint... sometimes and older vehicle is more expensive on insurance cause the also judge on safety and how much damage it will do to other cars... hope this was helpful

Answer 4

If you can sell the Cobalt without losing money and purchase a less expensive vehicle then yes, I think the money you're spending on a car payment would be wiser spent on saving for a condo.

Answer 5

Need mote info like how much you owe.  Chances are not too good that you'll make money on the sale of your car.  Especially enough to pay it off and buy an 01 or 02.  I think you're better off just making as big a payments as possible every month to pay it off as fast a possible.