Hello all!
Thanks in advance for taking the time to read this and any advice will be very much appreciated. We filed for bankruptcy and were discharged/closed recently. We have two vehicles and we did not reaffirm either of them. The newer car we plan on keeping and we keep going back and forth on the other one. From a financial stand point I think we should just let it go but i'm not sure. I owe about as much as its worth (under 6K) but the trans is slipping and it will need about 1500-2k dropped into it at some point. It probably has about 130k highway miles as my husband used it to drive back and forth to work but I don't even drive it 10 miles a week so it might last me awhile. The car was purchased in FL but we moved north since and the car just isn't winter friendly since it is RWD. So far that has not effected us but i'd like peace of mind that in case of an emergency that I could drive to wherever if need be without relying on others.
Here is the reason's I like the idea of keeping it. We are 2nd owners of it but we bought it with less than 20k miles so we know how its been maintained for a majority of its life and it hasn't really given us a lot of problems but its getting older so i'm sure that will start at some point. Besides routine maintenance I think we have replaced a tires, headlight bulb and two batteries. We have bought used vehicles before in the 8k-10k range that has given us a ton of problems before. Seems like every other day we were throwing 50-200 dollars on little things plus replacement of engines/trans and our own manual labor on top of that. Let me say its been a nice 7 years with no problems and I cringe thinking about having to deal with that in the future if we pick out a used lemon. We bought it for about 29k and only owe less than 6k which could realistically be paid off within a year then we would own it free and clear. The idea of starting all over again in a long payment plan really isn't exciting me either.
So if this was your car what would you do? If you think it would be best to get rid of it do you think it would be better to let it go ASAP or keep it a bit longer to wait for our credit scores to go up before purchasing another vehicle? (I know the payment of these vehicles do not help our credit at this point but if we work on our credit other ways then maybe we could get a better rate?) Sorry for all the rambling. Trying to think this through instead of making any rash decisions. Thanks in advance for your input
Thanks in advance for taking the time to read this and any advice will be very much appreciated. We filed for bankruptcy and were discharged/closed recently. We have two vehicles and we did not reaffirm either of them. The newer car we plan on keeping and we keep going back and forth on the other one. From a financial stand point I think we should just let it go but i'm not sure. I owe about as much as its worth (under 6K) but the trans is slipping and it will need about 1500-2k dropped into it at some point. It probably has about 130k highway miles as my husband used it to drive back and forth to work but I don't even drive it 10 miles a week so it might last me awhile. The car was purchased in FL but we moved north since and the car just isn't winter friendly since it is RWD. So far that has not effected us but i'd like peace of mind that in case of an emergency that I could drive to wherever if need be without relying on others.
Here is the reason's I like the idea of keeping it. We are 2nd owners of it but we bought it with less than 20k miles so we know how its been maintained for a majority of its life and it hasn't really given us a lot of problems but its getting older so i'm sure that will start at some point. Besides routine maintenance I think we have replaced a tires, headlight bulb and two batteries. We have bought used vehicles before in the 8k-10k range that has given us a ton of problems before. Seems like every other day we were throwing 50-200 dollars on little things plus replacement of engines/trans and our own manual labor on top of that. Let me say its been a nice 7 years with no problems and I cringe thinking about having to deal with that in the future if we pick out a used lemon. We bought it for about 29k and only owe less than 6k which could realistically be paid off within a year then we would own it free and clear. The idea of starting all over again in a long payment plan really isn't exciting me either.
So if this was your car what would you do? If you think it would be best to get rid of it do you think it would be better to let it go ASAP or keep it a bit longer to wait for our credit scores to go up before purchasing another vehicle? (I know the payment of these vehicles do not help our credit at this point but if we work on our credit other ways then maybe we could get a better rate?) Sorry for all the rambling. Trying to think this through instead of making any rash decisions. Thanks in advance for your input
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