Should I sell my Prius?

Question

I'm financing a 2005 Toyota Prius with all the add-ons to a total of U$32,000 with monthly payments of U$500 and 30K Mileage.

In your opinion, what would be the best financial move? Should I keep the car and use it until the end? Sell it? Trade in?

Answer 1

That depends on what your interest is on the debt, how many years you still have to pay off and how much you drive per year. And how happy you are with the Prius so far.

A car is never really an investment, they lose value too fast. The Prius does pretty ok though, not sure what you would get for it now. Certainly less than the 32K.

And it also depends on what you would want to do with the money which you may have left over after buying a different car (let's say a cheap used one which does not consume too much gas). Wold you want to spend it or do you need to make some other investments? Would you save it?

All things you need to consider and calculate through. And not enough information here to analyze it all.

Answer 2

SELL IT, buy a economy car that get you from point A to point B without broke down. If 500$ payment put restraint on your life style, why you have to slave for a car. You could buy a TC scion with good milage without broke your bank. put extra money to saving