Timeline for Should I sell my car, refinance or trade in?
Current License: CC BY-SA 4.0
13 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Feb 23, 2021 at 8:29 | comment | added | Nij | An average profit of $2000 per vehicle does not allow any conclusion that the market value of this particular vehicle is even $17500, much less that it's "at least" this much. The presumption that something about oneself (capability, property value, worthiness) must be at or above average, despite distributions often making this less likely or equally likely to the converse, is well-known and yet still astounding. | |
| Feb 22, 2021 at 21:26 | comment | added | Hart CO | As of a couple years ago Carmax averaged over $2k gross profit per car sold. So you can expect fair market value of your car to be at least $17,500 (not sure how much their operating expenses are per car sold but could estimate a couple hundred at least and add that in). Other dealerships also buy used cars, probably worth cleaning it up as best you can and trying to sell both to private buyers and other dealerships. | |
| S Feb 22, 2021 at 21:22 | history | suggested | spuck | CC BY-SA 4.0 |
Adding hard numbers provided by the OP in the comments.
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| Feb 22, 2021 at 20:28 | review | Suggested edits | |||
| S Feb 22, 2021 at 21:22 | |||||
| Feb 22, 2021 at 20:06 | comment | added | Sam_in_real_life | @DStanley we could afford extra payments but that is what we're trying to avoid having so much money going out every month. The loan still have 5 years on it :( | |
| Feb 22, 2021 at 20:06 | comment | added | Sam_in_real_life | @chepner if I've learned anything from this whole process it's that. Yeah the 10% interest is super high we have pretty bad credit rating at the time and it has improved a lot since then. | |
| Feb 22, 2021 at 19:53 | comment | added | chepner | Whatever you do, don't spend as much on your new car as you did on the previous car. Consider as well whether a good used car will suffice. You may need to replace it sooner, but a far bigger chunk of your money will actually go into the car, rather than the internet payments. (Especially if you can't do better than a 10% interest rate, which is absurdly high.) | |
| Feb 22, 2021 at 19:41 | answer | added | Orange Coast- reinstate Monica | timeline score: 2 | |
| Feb 22, 2021 at 19:36 | comment | added | D Stanley | Can you afford to make any extra payments than the required payment? If so, how much? How much time is left on the loan? | |
| Feb 22, 2021 at 19:34 | comment | added | Sam_in_real_life | @HartCO The car is worth 15,500 to CARMAX and I owe 23,000. | |
| Feb 22, 2021 at 19:24 | comment | added | Hart CO | How much is the car worth and how much do you owe on it? | |
| Feb 22, 2021 at 19:15 | review | First posts | |||
| Feb 22, 2021 at 21:22 | |||||
| Feb 22, 2021 at 19:10 | history | asked | Sam_in_real_life | CC BY-SA 4.0 |