Which car should I sell?

Question

I am trying to get out of vehicle debt. We have two vehicles. One is a little pickup that is paid for and could probably sell for $4000 (we just stuck $1000 in it recently). The other car is a really nice vehicle that I could maybe get $6000 at the very most for, but still owe $7500. There is no way I can get that kind of money for it! What should I do?

Answer 1

It depends on how much money you have and how much you need money. If you sell the $6000 one, you'll have to come up with $1500 in order to sell it, and you won't wind up with any money out of the deal, but won't have payments. If you sell the pickup, then you'd end up with $4000 but of course would still have the payments to make on the other car.

Only you can decide which is better for you. Consider how much you're likely to have to put into each of them over the next year or so when deciding - I realize that's a guess, but you might be able to have some idea on it.

Answer 2

Selling the more expensive car does get you out of vehicle debt, but requires 1500 in cash to do so. I am guessing you do not have this much to spend right now. Try listing your more expensive car at 7500 on craigslist or some free place with decent exposure. Then drop the price with the pay-off amount each time you make a payment.

Answer 3

I respectfully disagree with Patti.
The answer lies in your 1st sentence. You state
that you just put $1000 in the pick-up for repair.
I trust it is still dependable. If so, keep it, and sell
the other vehicle. Should you get $6000 out of it,
you only have $1500 left. You can pay that off in
under a year. Also, more of your payment goes
to the loan principal, not the interest.
Finally, next time you buy a car, save for it,
don't take out a long-term loan.
I wish you the best!

Answer 4

i say.....if i were u id sell the 6000 one.if u owe 7500,u would rather get 6000 for free and not 4000 for free.right?if its nice.and all shiny lookin,it dosent matter.if u sell 6000,u only need 1500.or would u rather get 2500.it matters....only for the money u owe.like imagine asfter u pay the whole thing,u might win the lottery,or save up some money or your children will give u money to buy a new car. just like if i buy candy,i eat it.tommorow,theres no more,i just waisted 1 dollar.i would rather get 1 dollar.so,wut doo u think.anyways,goodluck!

Answer 5

I don't think you have any choice but to sell the paid for car. Work on paying off the other one and you will still have a good car to drive.

Answer 6

Try putting both in a free ad paper and see which one gets the best response.
Check Cars.com for comps on both vehicles
You might also consider which has the lowest operating costs and keep that one. Good luck.