by J. Savings
The following is a guest post from “Crazy J” (my nickname for him) from Budgets are Sexy. I was fortunate enough to meet J at a Personal Finance blogger happy hour recently and got to know more about the man behind the mohawk. J definitely puts personality into his financial articles, which makes his site a great read. Head over and consider subscribing to his RSS feed!
Usually i can’t tell if i want a red widget, or a blue widget and usually come to the conclusion that i wanted the opposite of the one i brought home.
Normally this doesn’t present a problem as i can just return said widget to the store and get the one i think i really want. When it happens with big ticket items, however, i can get myself into trouble. This brings us to today’s dilemma.
To Keep or Not to Keep
To keep my 2005 SUV, or to sell my 2005 SUV? I purchased it last summer as my favorite car in the entire world conked out on me; a ’93 DeVille in pristine condition…well, except for the conkin out part ;). When it comes to cars, it seems my A.D.H.D. kicks into overdrive (no pun intended) and I will usually go to 1 of 2 extremes. An older “classicy” kinda car w/ no car payments, or a newer more reliable kinda car with heavy payments. In this case, i chose the latter.
The PRO’s on this are abundant: Limited Edition, v6 all wheel drive, leather interior, 6 cd changer, chrome rims, sunroof, heated seats!, newer, cleaner, reliable, shiny, more fuel efficient, etc.
The CON‘s are too: WAY more $, and paranoia of someone scratching, dinging, or just plain ol’ wrecking it. Not to mention losing value each month I own it – and more so than the actual amount being paid off each month 🙁
These PRO’S originally sold me on it, however, buyer’s remorse (if you can still call it that one year later) has since played its part. I’m pretty ready to give up my high payments for a decent old beater. I’m guessing this is due to my new found frugality, because I really find my car physically attractive (in a very non-sexual way of course). I got a great deal on it too, but still it’s $24k+ that is still tugging at me asking if i really *need* it, ya know?
Loan left is $24,199.90, and current KBB value is $21,145.00. I can also wipe away a good $1600 from cancelling my extended warranty and selling the chrome rims. My interest is 5.5%, and monthly payments are around $440.
As it stands today, I am 65% thinking of listing it and seeing what happens. I figure if I DO get takers, then maybe it’s meant to be and i should let her go. I could then share my fiancée’s car, split the payments, gas, etc with her and save a good $500/month easy. Maybe do that for a month or two while looking for an older car?
I dunno really. The weather can also get pretty horrible w/ icings and snow all over, and in those times i turn into the SUV promoter! haha… I guess what i really need to just do is weigh the goods and bads thoroughly one more time, and then make a decision once and for all. Or maybe I should just sell it and be done. Arghh…all this wishy-washy drives me absolutely C-R-A-Z-Y.
Are any of you in this predicament? Obviously gas prices are pushing people away from SUVs and trucks, but have you reconsidered your vehicle based simply on affordability and practicality?