I'm in a financial rut right now and I've been contemplating whether or not to sell my benz. I still owe $6000 on it, but I have credit cards, and other things to pay off. My dad drives an Acura that has some miles on it, but it's paid off, and he's thinking about buying a new car anyway. $6000 or a lil more would pay off all my debt, and I'd be debt free. I live at home right now, so I wouldn't owe any payments on anything, and that way I could save up to later put a down payment on a new car. I need help though because I LOVE my car so I'm having a tough time making a decision, any suggestions?? Could I sell my benz for a lil more than what I owe on it?
2006-08-05 08:01:59 · 11 answers · asked by feisty 2 in Business & Finance ➔ Personal Finance
Yeah your risking debt and perhaps you'll get lower insurance too.
2006-08-05 08:06:51 · answer #1 · answered by gundam_bravo4 3 · 0⤊ 0⤋
Try going to Carmax. They will give you a fair price for it- but its trade in value.
You can also look up the blue book value on kelley
http://www.kbb.com/
You will probably want to sell it for the market value. Are you upside down on the payments? In other words, do you owe more than its worth? You would have to pay the car off, after selling it, in that case.. or you can have someone take over the payments, and give you the difference in value, minus whats owed.
OR you can refinance it. The remaining 6 grand, compared to the original price, would work out to be like 200 or so a month, so consider doing that.
Its just a car, sweetie. You will be better off getting something used, for now. There are plenty of decent cars out there that only cost a couple grand, so just sell that benz, baby.
You can also try using a bicycle for transportation, one or two days a week, to save on gas money.
2006-08-05 15:07:14 · answer #2 · answered by ♥ Krista ♥ 4 · 0⤊ 0⤋
You are driving a Mercedes while living at home and in debt up to your neck? Perfect American lifestyle if you ask me because you are living way beyond your means.
Seriously though, sell the Mercedes that you can not afford and clear your debt.
My predeiction is, if you keep the car you will either wreck it or it will have to go to the shop for some reason and you will not be able to afford the parts and thus, owe more money and have a car you can not drive or sell.
2006-08-05 15:18:52 · answer #3 · answered by murkglider 5 · 0⤊ 0⤋
I'm sure you'd be able to seel it for a good price, but the person buying it will have to take over the payments left on the car by you. I would sell it and get a car more affordable. Nothing wrong with a little Honda. There's tons of people who will never have a Benz or anything of the sort....driving old used clunkers for their whole life. I'm sure you can handle not driving in the upper class for a bit.
2006-08-05 15:08:10 · answer #4 · answered by Dinner 5 · 0⤊ 0⤋
Smart thing to do would be sell it off. Pay for your debts because they'll take it off you anyway if you can't pay up.
Then save whatever's left, rearrange your finances to accomodate what you CAN afford. This means giving up and sacrifiing and some discipline. This way you won't be digging yourself a grave again.
Save up, make a down payment for the car when you can afford it, personally I'd get a cheaper car then move up when I have the dough.
2006-08-05 15:07:51 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Paying off your car with credit cards is NOT a good idea! Besides, it is almost impossible to borrow ourselves out of debt!
Hang in there, pay extra on the car and get it payed off. Then instead of going in to debt for a car, make that car payment to yourself. I would almost bet that if you saved the money you would be reluctant to spend it all on a car!
2006-08-05 15:09:29 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Noooooooooooooo! don't sell it, do extra work, sell some books on ebay or amazing, but don't sell your mercedes benz. They are reliable and excellent cars!
2006-08-05 15:07:20 · answer #7 · answered by Miss LaStrange 5 · 0⤊ 0⤋
naw, dont sell it. work overtime if u relly love ur car
2006-08-05 15:04:56 · answer #8 · answered by ojndoanj 3 · 0⤊ 0⤋
Your car - your decision.
2006-08-05 15:06:11 · answer #9 · answered by Anonymous · 0⤊ 0⤋
yes, i believe it would be wise to help yourself out......you'll be able to get another on one day
2006-08-05 15:07:06 · answer #10 · answered by sweetblood_92 1 · 0⤊ 0⤋