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Cynthetiq · 04-25-2010, 08:18 PM

If it were me, I'd be prepared to hang onto the car and be willing to purchase the replacement or repairs that are required of the vehicle. I'd be trying to reduce the amount of mileage on the vehicle and considering the actual benefit. What I mean by this is that if the primary goal was for gas/mile benefit and you're driving 50 miles on the highway, you aren't getting the benefit of the battery anyways.

The vehicle itself isn't the same kind of debt you should be ridding yourself of, unless this is an extra vehicle. By the mileage driven on it, it sounds like your daily driver or primary vehicle.

Three kinds of debt you can hang onto, housing debt, student loan debt, and vehicle debt. While you can control how much debt you get into for these three items, I'm of the opinion that if you're a nickel in, you're a dollar in.

Two ways to reduce the debt of these things, first and foremost, paying it off faster than the interest accumulates. Or restructuring the debt in some fashion such as getting a cheaper loan ala refinancing the loan or consolidating debt into one loan.

I assume that you're doing all the rest of your debt clean up? You've got other debt in cards and other loans? If that's the case, then you should be piling up your money onto those loans first and this one rides until a later time that you've finished paying down all the other loans like credit cards and lines of credit.

For what it's worth now, whenever looking at financing look at the TOTAL amount of the payment to get an exact idea as to how much you will be spending. My guess is that the Kelly BB was probably what was listed but you're paying so much more because of the interest, thus when you signed on the line, you were buying that vehicle not at the BB value but at the value at the end of the loan.

04-25-2010, 08:18 PM	#4 (permalink)
Cynthetiq Tilted Cat Head Administrator Location: Manhattan, NY	If it were me, I'd be prepared to hang onto the car and be willing to purchase the replacement or repairs that are required of the vehicle. I'd be trying to reduce the amount of mileage on the vehicle and considering the actual benefit. What I mean by this is that if the primary goal was for gas/mile benefit and you're driving 50 miles on the highway, you aren't getting the benefit of the battery anyways. The vehicle itself isn't the same kind of debt you should be ridding yourself of, unless this is an extra vehicle. By the mileage driven on it, it sounds like your daily driver or primary vehicle. Three kinds of debt you can hang onto, housing debt, student loan debt, and vehicle debt. While you can control how much debt you get into for these three items, I'm of the opinion that if you're a nickel in, you're a dollar in. Two ways to reduce the debt of these things, first and foremost, paying it off faster than the interest accumulates. Or restructuring the debt in some fashion such as getting a cheaper loan ala refinancing the loan or consolidating debt into one loan. I assume that you're doing all the rest of your debt clean up? You've got other debt in cards and other loans? If that's the case, then you should be piling up your money onto those loans first and this one rides until a later time that you've finished paying down all the other loans like credit cards and lines of credit. For what it's worth now, whenever looking at financing look at the TOTAL amount of the payment to get an exact idea as to how much you will be spending. My guess is that the Kelly BB was probably what was listed but you're paying so much more because of the interest, thus when you signed on the line, you were buying that vehicle not at the BB value but at the value at the end of the loan. __________________ I don't care if you are black, white, purple, green, Chinese, Japanese, Korean, hippie, cop, bum, admin, user, English, Irish, French, Catholic, Protestant, Jewish, Buddhist, Muslim, indian, cowboy, tall, short, fat, skinny, emo, punk, mod, rocker, straight, gay, lesbian, jock, nerd, geek, Democrat, Republican, Libertarian, Independent, driver, pedestrian, or bicyclist, either you're an asshole or you're not. What's the best nation in the world? DO-NATION!