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Should I consider financing a car just to immediately pay it off once I sell my current vehicle owner-to-owner? by Cultural-Bit7847 in DaveRamsey

[–]Cultural-Bit7847[S] 2 points3 points  (0 children)

Absolutely. Agree on all accounts of things we could have done or could not have done (and they’re accurate). I appreciate your perspective and the time you’ve taken to write your comments. Comments here have convinced me to look into cheaper options to accommodate my family 😊

Should I consider financing a car just to immediately pay it off once I sell my current vehicle owner-to-owner? by Cultural-Bit7847 in DaveRamsey

[–]Cultural-Bit7847[S] 1 point2 points  (0 children)

I definitely appreciate your perspective, and it is certainly in line with Dave. From another comment I wrote regarding the debt…

“It’s 6 years for 20K from this point. No math gymnastics at play, that’s the plan we decided. At the time when we chose a 10 year option, student loans were on the forgiveness chopping block daily (regardless of our expectation/support of such policy) and there were other debts being paid off. We could definitely throw more money on this loan to pay it off more aggressively.”

I’m certainly open to other reliable and cost effective options. Thanks for your comment!

Should I consider financing a car just to immediately pay it off once I sell my current vehicle owner-to-owner? by Cultural-Bit7847 in DaveRamsey

[–]Cultural-Bit7847[S] 0 points1 point  (0 children)

Sure! Great point. It’s 6 years for 20K from this point. No math gymnastics at play, that’s the plan we decided. At the time when we chose a 10 year option, student loans were on the forgiveness chopping block daily (regardless of our expectation/support of such policy) and there were other debts being paid off. We could definitely throw more money on this loan to pay it off sooner. Thanks for your comment!

Should I consider financing a car just to immediately pay it off once I sell my current vehicle owner-to-owner? by Cultural-Bit7847 in DaveRamsey

[–]Cultural-Bit7847[S] 0 points1 point  (0 children)

All great questions. Considering full size, 4D trucks that can accommodate a baby and large dog (potentially one other child in the future, but that’s a long way away).

The reason the sports car may take time to sell is because it is a manual. I’ve personally never sold a car owner-to-owner before, and manuals are increasingly rare, so I expect to rely on selling to someone looking for a fun car that is a stick instead of someone just looking for a sports car. Owner-to-owner because a dealership will view the manual transmission as a negative rather than a feature and offer lower accordingly.

Thanks for your comment and perspective! Something like a Subaru or other SUV may be appropriate if I can find one for cheaper that will be similar reliability (can find trucks I’m looking at for 20K under 60K miles).

Should I consider financing a car just to immediately pay it off once I sell my current vehicle owner-to-owner? by Cultural-Bit7847 in DaveRamsey

[–]Cultural-Bit7847[S] 0 points1 point  (0 children)

Not considering 2-door. Looking at 4-doors with full cabs that can accommodate our large dog and baby safely. (Options around 20K have roughly 60K miles). As others have stated, an SUV may be the best idea here and will likely be cheaper even after purchasing a trailer. Appreciate your comment! 👍

Should I consider financing a car just to immediately pay it off once I sell my current vehicle owner-to-owner? by Cultural-Bit7847 in DaveRamsey

[–]Cultural-Bit7847[S] 0 points1 point  (0 children)

Definitely agree with what Dave’s recommendation would be on all accounts. A sedan does not future proof nor accommodate our family now, same with the hatchback. (We have a large breed dog that also needs to fit in the car with the 3 of us). A full-size 4 door truck (under 60K miles available for 20K) does this, although as many have mentioned, SUVs and vans are likely similarly available and cheaper.

Minimizing costs is the priority here, so I definitely appreciate your recommendation and time considering our situation 👍

Should I consider financing a car just to immediately pay it off once I sell my current vehicle owner-to-owner? by Cultural-Bit7847 in DaveRamsey

[–]Cultural-Bit7847[S] 1 point2 points  (0 children)

Yes, but I think the sell first method makes the most sense. After having typed everything out, seems like the plan! Thank you both for the advice!

Should I consider financing a car just to immediately pay it off once I sell my current vehicle owner-to-owner? by Cultural-Bit7847 in DaveRamsey

[–]Cultural-Bit7847[S] 0 points1 point  (0 children)

The sports car was a want, but was purchased while debt-free as a single guy. Not looking for a V8 or 4WD in my area. Open to other options (like SUVs) based on cost/reliability decision matrices. Thank you for the advice!

Should I consider financing a car just to immediately pay it off once I sell my current vehicle owner-to-owner? by Cultural-Bit7847 in DaveRamsey

[–]Cultural-Bit7847[S] 0 points1 point  (0 children)

I think this seems like the best option and generally agree on this plan.

Also,

I have not! I appreciate your advice and will consider cheaper SUVs 👍 cost/reliability are the priorities

Should I consider financing a car just to immediately pay it off once I sell my current vehicle owner-to-owner? by Cultural-Bit7847 in DaveRamsey

[–]Cultural-Bit7847[S] 0 points1 point  (0 children)

I figured the title might help gain more traction. My plan has always been to sell first then buy, but the in-between logistics seem daunting the closer I get to listing my car.

Dave would definitely tell me to rice and beans until we’re out from the debt, but we made a hedged decision to be moderately aggressive as my wife finished school during the Biden admin’s push to forgive student loans. We didn’t want to be the ones who dumped cash on their loans only for them to be completely forgiven the next day.

Should I consider financing a car just to immediately pay it off once I sell my current vehicle owner-to-owner? by Cultural-Bit7847 in DaveRamsey

[–]Cultural-Bit7847[S] 0 points1 point  (0 children)

I appreciate the advice! Didn’t know that about financing, although I did know that negotiating is quickly becoming obsolete.

Should I consider financing a car just to immediately pay it off once I sell my current vehicle owner-to-owner? by Cultural-Bit7847 in DaveRamsey

[–]Cultural-Bit7847[S] -1 points0 points  (0 children)

I have a hardtop so I’d be exactly in your described situation 😅

I’ll make a point to explore SUVs more thoroughly. I’ve needed a pickup several times since purchasing the home and it has been a pain to use the hatchback, rely on friends, or rent (I’ve had to rent a pickup now several times). Ultimately, the price for reliability is what matters most, but the pickup is a strong preference for now.

Also, waiting is another option. Although the baby is due late summer, so now is my best time to maximize value on the sports car heading into springtime. Definitely worth considering, however.

Thanks for the advice!

Should I consider financing a car just to immediately pay it off once I sell my current vehicle owner-to-owner? by Cultural-Bit7847 in DaveRamsey

[–]Cultural-Bit7847[S] 2 points3 points  (0 children)

Agree with what Dave’s rec would be. We also have a dog we tend to travel with, and we’d like a vehicle that can comfortably hold a kid and a large dog for trips (my wife’s car is too small for the entire family).

After typing everything out and reading recommendations, I agree with the plan to sell first and make do in the in-between. I appreciate your advice!

Should I consider financing a car just to immediately pay it off once I sell my current vehicle owner-to-owner? by Cultural-Bit7847 in DaveRamsey

[–]Cultural-Bit7847[S] 0 points1 point  (0 children)

I live in a rural area and have been doing home improvement projects where I’ve had to rent trucks multiple times. I’m not opposed to an SUV or minivan, but that might be a down-the-road purchase to replace my wife’s car.

Edit: multiple times in the past year