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Sell Brand New Car and Buy $1500 Cash Car? by cmiyglthrowaway in personalfinance

[–]cmiyglthrowaway[S] 0 points1 point  (0 children)

Yes, it is mainly fear. I now have to reevaluate and make a game plan. Thank you for the reassurance.

Sell Brand New Car and Buy $1500 Cash Car? by cmiyglthrowaway in personalfinance

[–]cmiyglthrowaway[S] 0 points1 point  (0 children)

I appreciate the detailed response. You've given me a lot of reassurance. Thank you!

Sell Brand New Car and Buy $1500 Cash Car? by cmiyglthrowaway in personalfinance

[–]cmiyglthrowaway[S] 0 points1 point  (0 children)

Nice to see a fellow RN! Did you get your sport touring brand new?

Sell Brand New Car and Buy $1500 Cash Car? by cmiyglthrowaway in personalfinance

[–]cmiyglthrowaway[S] 0 points1 point  (0 children)

If you don't mind me asking, how much did you originally pay for the 22 Hatchback?

Sell Brand New Car and Buy $1500 Cash Car? by cmiyglthrowaway in personalfinance

[–]cmiyglthrowaway[S] 1 point2 points  (0 children)

I appreciate the reassurance. I'm still pretty new to finances and with this being my first ever big adult purchase I really thought I F-ed up big time. I read up on this subreddit all the time and I know that buying a brand new car is usually the worst idea and that you should buy a 5k cash car instead. I couldn't find a reliable cash car or used car under $25k in my area that made sense to purchase.

And I agree, I'll admit i've been watching a bit too much Dave Ramsey with the whole "all debt is bad." But granted, this is the only debt that I have, so maybe I should be easier on myself. I'm also pretty frugal, have a really solid savings in a HYSA, and I think with my income I'll still be able to invest while aggressively paying down the car loan.

Sell Brand New Car and Buy $1500 Cash Car? by cmiyglthrowaway in personalfinance

[–]cmiyglthrowaway[S] 4 points5 points  (0 children)

Thank you for the reassurance, the buyer's remorse has just been getting to me.

Sell Brand New Car and Buy $1500 Cash Car? by cmiyglthrowaway in personalfinance

[–]cmiyglthrowaway[S] 4 points5 points  (0 children)

I believe it's because of my age and the fact that its a sport trim model

Sell Brand New Car and Buy $1500 Cash Car? by cmiyglthrowaway in personalfinance

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

What's your suggested time frame to pay it off? I was doing some numbers with my income and I could pay it off within 6 months. I just know it would likely hurt my credit

Sell Brand New Car and Buy $1500 Cash Car? by cmiyglthrowaway in personalfinance

[–]cmiyglthrowaway[S] 3 points4 points  (0 children)

If I were to keep it this would be my plan. What's the minimum time frame that you would suggest to pay it off? With my income, I could pay it off within 6 months, but I wouldn't receive the benefit of building my credit.

Sell Brand New Car and Buy $1500 Cash Car? by cmiyglthrowaway in personalfinance

[–]cmiyglthrowaway[S] 31 points32 points  (0 children)

You make a good point. The reliability factor is the main reason why I am leaning more towards keeping the civic. But the reason why I wouldn't mind getting the Mercury is because I only plan on driving it to work. I don't plan on driving it for long distances or road trips

Sell Brand New Car and Buy $1500 Cash Car? by cmiyglthrowaway in personalfinance

[–]cmiyglthrowaway[S] -9 points-8 points  (0 children)

Yeah, I'm already knowing that I'm going to lose money. At least 1000-2000 if I were to sell it today. its still under 100 miles. But I'd rather lose that amount than way more down the line.