what you are going to replace it with. It may be better to just suck it up and pay a little more per month to get the damn thing paid off and then bank on keeping it for a while to ease your depreciation and eventaully give you some equity in the car. If you have liquidity issues now, you might use a home equity line of credit to ease the monthly price down and then write off the interest...as long as you make sure you've got a strong and timely repayment goal.

Or, you can join the ranks of people like myself who have gone lease for the exact reason that I'm sick of dealing with upside down payments in my cars when I want to get a new one. In essence I would have been in the same situation with my second Saab (97' 900S convt) but decided that the depreciation was so high that I'd rather just keep it as a second paid off car for kicks and then lease a new commuter 02' 9-5. Leasing is really very very affordable for monthly payments, and lets us out of the exact predicament you are complaining of but, you know, it is a big fat waste of money unless you really do 'need' to get a new car (for whatver reason) every few years.

If a new lease on a little Honda Civic is $220 a month or so you may be better going this route right now, dumping your upside down car at Carmax for the fast cash, and then leasing a new Saab in a couple of years when your liquidity is better. But, again, if you can find a way to keep the car without ruining your financial life then maybe keep it for the long haul.

Jon



posted by 12.100.24...

• New cars, depreciation and selling a used car, John Davies, Wed, 30 Apr 2003 08:14:39
  • As a general rule, it's never cheaper later....., Mike Lynch , Wed, 30 Apr 2003 14:09:54
    • My general rule is buy one year old and lease new! n/m, Jon in Chicago, Wed, 30 Apr 2003 14:19:42
      • Oh, Forgot to Mention!, Jon in Chicago, Wed, 30 Apr 2003 14:35:07
  • Make sure and do a cost analysis on, Jon in Chicago, Wed, 30 Apr 2003 11:56:22 <-- Viewing This Message
    • BTW Jon and others who replied to my dilema..., bRAD, Wed, 30 Apr 2003 12:38:05
  • Sell now and take the loss rather than more..., TKC, Wed, 30 Apr 2003 10:11:36
  • I'm not sure it matters, phred, Wed, 30 Apr 2003 09:33:21
  • Re: New cars, depreciation and selling a used car, Stephen Goldberger, Wed, 30 Apr 2003 08:34:45

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