I have an 03 with 41k miles. I love the car to death and keep it babied and in the garage all the time. I put about 50 miles a month on it and with insurance and car payments i am paying about $800 a month. I currently make ~40k a year and that $800 a month is really starting to get to me.

I was thinking i should sell, save up some money pay off some credit debt and then maybe after my next promotion/raise look for a X.

The only problem is i currently owe $24k and i am definitely negative. To sell the car i would have to pay the difference of what i sell it for to get the title..correct?

It is going to be so hard to let this car go but it is really hindering my ability to save much money. I have had it for over a year now and would hate to see it go...

Any words of advice? How do people usually go about selling a vehicle that is not paid off?

Thanks guys, I hate to have to do this but the payments are killing me!

 

Refinance?

 

yup balance must be paid off first

 

Refinancing is a good idea, also, try shopping around for car insurance too - I had Geico, which was the cheapest by far for me when I was under 25, but now that I turned 25, other brokers gave me much cheaper rates. SCM insurance got me down to $679 every 6 months for max coverages.

Another thing too dude, I was in your situation with my Mustang in 2004. I bought the car and after 1 year got real sick of it. I was $2,000 upside down on the trade - and nobody wanted a used 2003 Mustang when the 2005's were debuting.. so I had to eat it on the trade-in. Sucks, and I'll never do that again. Lessons learned, I guess.

You may sell your car pretty easily privately, but upon sale, you'll have to have the remainder of the balance to transfer the title of the car over to the new owner.

May/may not help.. but good luck man.

 

It's too late for me to tell you that you should have thought about this car before you purchased.. I know a lot of people that get into the hype of owning this car only to realize it's much more expensive than it seems. They post threads about it all the time and you hear the majority of us that know the truth always preaching not to purchase the car. Unfortunately you made a choice.. and there isn't much you can do to get out of it besides getting another loan.

You can sell the car lets say you sell it for 21K, you take out a loan for 3K and pay that off. That's about your only bet.

Ofcourse the what some people do is simply get full coverage and they make sure they have gap insurance, The car mysteriously gets lost stolen or burned and that's the end of that problem.. Then again it's illegal..

Good luck, and think of this as a good lesson for future purchases.

 

Or you can go to a dealership, get a trade in for a much less expensive car, have them basically buy the car off of you and transfer over the balance.. Those are your options good luck.

 

Wow, you're paying $300/month for insurance?!?

 

I did refinance, My payments went from 580 to 490.. Still killing me, i mean i can live with it but cant seem to save anything!

 

you can sell it for how much you've payed and let them take up the notes, ive done this before. its simple.

 

Well with the mileage on the car and the amount you owe, you wouldn't be flipped extremely bad on the loan if you were to trade-in (given that you get at least 20k for the car). You must have some rough bills though. I just graduated college last may, now I'm making 45k a year and don't have a problem owning the car. It's feeding my want to mod that kills me. :P

I had a friend who decided to trade in a Focus SVT for an '03 Evo VIII and ended up paying 40k out the door for the used car. Why, I don't know. Personally I would have sold the car privately paid of the remainder of the loan and bought a brand new Evo IX.

 

I just checked your history briefly on evom and I found it funny to read the posts you wrote only a year ago. Funny how we change our minds so quickly. Now it seems you can't get rid of it.

 

I do agree i jumped into this car not thinking down the road a bit. While i can afford it, i would like to be able to save more money than i am now. I may just take out a loan for the difference, hopefully i can get 21k for it and will be stuck with a 3k loan. But thats better than a 24k loan. I already have a second car so thats a none issue.

So the person buying the car would have to wait until i receive the title from the bank? How long does that usually take?

 

Wouldn't they just need to do a title transfer? Then it would take the typical 4-6 weeks to get the new title in your name from the DMV.

 

omg dude you're in connecticut - ok, this is NOT a sales pitch, and I am in NO way affiliated with this company.

but, call this guy for insurance. He's in our autocross club and he owns this little brokerage firm. He saved me mega monies on insurance, and he's based I think in Bridgeport area.

SCM insurance - ask for Keith Scala, http://www.scmins.com/ phone: Ph: 203) 374.9453

 

Wow look at that lol. I really do not want to let the car go. I just would like to start saving more than im spending. I do have credit debt that i am currently paying off as well. ~$800 is just alot.