My last job required a car to commute (not reachable by public transportation) but unfortunately I was laid off only 1 year into my car loan. My current job makes my car absolutely unnecessary now and I'm stuck with a $380 payment and $120 for insurance - $500 that's absolutely wasted.
I'm upside down on the loan (a cheapie nissan versa, not a BMW - keep the snooty attitude about living beyond my means to yourself!) and I expect to make less at this current job than the last, so that extra $500 will come in very handy.
I already have reached my before-30s goal of buying a house and don't anticipate needing credit for 2 years... My wife thinks we should just surrender the car or let them repo it but that seems dangerous, but wasting $500 a month for a car when I have a subway station across the street in NYC is getting tiring..
UPDATE
Figured that I got some great (yet obvious to everyone but myself) advice and you guys were owed an update.
We're keeping the car. I was a bit past due but I made a mother of a payment after I got my first commission check and everything's completely kosher. My wife and I figured that we'll eventually need a car when we get a kid so this will be that car. Figure I spend about $10 a day on smoking (NYC and her cig taxes!) so I agreed to quit to help make the car payments. I also plan on using the car for work over the weekends, driving in will actually be fun and free parking on Sunday - woot!
Thanks for helping me think clearly, it was easier to throw in the towel but ultimately a dumb decision.
I'm upside down on the loan (a cheapie nissan versa, not a BMW - keep the snooty attitude about living beyond my means to yourself!) and I expect to make less at this current job than the last, so that extra $500 will come in very handy.
I already have reached my before-30s goal of buying a house and don't anticipate needing credit for 2 years... My wife thinks we should just surrender the car or let them repo it but that seems dangerous, but wasting $500 a month for a car when I have a subway station across the street in NYC is getting tiring..
UPDATE
Figured that I got some great (yet obvious to everyone but myself) advice and you guys were owed an update.
We're keeping the car. I was a bit past due but I made a mother of a payment after I got my first commission check and everything's completely kosher. My wife and I figured that we'll eventually need a car when we get a kid so this will be that car. Figure I spend about $10 a day on smoking (NYC and her cig taxes!) so I agreed to quit to help make the car payments. I also plan on using the car for work over the weekends, driving in will actually be fun and free parking on Sunday - woot!
Thanks for helping me think clearly, it was easier to throw in the towel but ultimately a dumb decision.
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