What would you do with your automobile in this situation?

Question

I am moving to an apartment in chicago but I am currently making 400 dollar a month car payments on a car I won't really need. I'd like to save as much money as possible, and I have about 10,000 dollars left on the loan. Would you

a) Deal with it and keep the car for unexpected uses, b) trade the car in for a beater, c) trade the car in for a sweet moped, or d) trade the car in to the dealership and pay off the remainder, or e) none of the above

thank you very much

Answer 1

D. Get rid of it. Gas prices suck, paying for parking sucks more, and $400 is a huge car payment for a car you don't need. Get a moped/motorcycle if you really need transportation.

Answer 2

have the lender find someone to buy the remainder of the loan.

Answer 3

B

Answer 4

c

Answer 5

answer e

Answer 6

I'd trade in for a beater.  Seems to be the best option. Cars are better than a moped for the unexpected uses.

Answer 7

get the sweet ped my friend. and a hairmet (not helmet) so when you take it off you still got a narley style. With the money you save trip it out with neons and a air horn. You will save money on gas and with the growing prices not a bad plan. Also check out how much the ped drop in price.,..... not at all if you choose a good one so its a good investment. Insurance also cheaper. click me for best answer

Answer 8

depends on parking costs.  if you're sure you won't need the car, dump it. parking in chicago is expensive. but you'll need something for groceries and stuff. i'm in a burb of chicago and i have a smart. for trips downtown, i take METRA trains in. you got 25 payments left.  you have to think about the freedom a car brings, you can go anywhere, anytime, not relying on a bus or train. parking and insurance in chicago is expensive.

Answer 9

B, or sell it for the payoff amount.

Answer 10

Hmmm that depends on how much your car is worth compared to how much you owe. If you owe way more than the blue book value then your only option is option A or D.

Answer 11

d) trade the car in to the dealership and pay off the remainder for a sweet moped.

Answer 12

You can ask for the dealership or the financing company to look for a buyer of that car or trade it in for a better one. There are many types of deals you can avail of. But in your case, by the situation itself, given that you won't have any much use of the car, it would be better to give it up and look for one that really suits your needs.

For more options, you may want to check these sites:

http://www.carleasingsecrets.com...

http://poddcars.blogspot.com/

http://carmoneylogues.blogspot.com/...

http://cartipsnetwork.blogspot.com/...

Answer 13

I'd take the B option and I'll tell you why:

Driving a piece of S$#@ is actually a good thing because you can have it paid off, so that eliminates your $400 a month payment right there. Then, additionally, your insurance will lower a ton (you will notice this immediately)

Then even if the car needs more frequent repairs, this is still much cheaper than making 400 payments and paying out the a#% in car insurance.

Good luck I know its a tough thing to have a car that expensive