My fiancee and I bought '02 Civics new last year in September. We both drove '98 Saturn SC2s before the purchase. We also both owed about $9000 on the Saturn loans and negotiated $5500 trade ins. Soooo, basically after negotiating the price of the Civics and adding on the upside-down'ness of the Saturns, we bought ~$18,000 Civics...two of em. We did this for a few reasons.... reliability, interest rate, gas mileage, warranty, wanted a new car, etc. Well, we regreted the purchases approx. two months after owning the Civics. Why? The cost of such a boring econobox vehicle.
We both pay ~$340 a month for the payment... and we both pay about $2000/yr for insurance. Moreover, we pay about $600/yr each in gas ($50/mnth). That is close to $7,000/yr for an econobox. We want out! =) We make $10/hr like most other college students and $7,000 a year is about half our annual salary. My goal is to drop into the $150-200/mnth category along with cheaper insurance ala used car.
So anyway, my research is left me with the conclusion that it is possible to get out of a car purchase, but none of them are possible to me at the moment:
(1) Sell car on street for about $13,500. My current loan payoff is $15,900 so I'd have to come up with $2,400 ... not possible.
(2) Total car out - That's illegal, I'd never do it.
We need to save about $10k for wedding+honeymoon in 2yrs so I'd really like to find a super cheap, reliable, cheap insurance car to last me a couple years. Similar to what I did with the Saturn/Civic purchase, could I slap my current approx $2,400 on top of older car (like 5,000) to make a $7,400 loan and pay the sucker off fairly quickly? Advise me!
We both pay ~$340 a month for the payment... and we both pay about $2000/yr for insurance. Moreover, we pay about $600/yr each in gas ($50/mnth). That is close to $7,000/yr for an econobox. We want out! =) We make $10/hr like most other college students and $7,000 a year is about half our annual salary. My goal is to drop into the $150-200/mnth category along with cheaper insurance ala used car.
So anyway, my research is left me with the conclusion that it is possible to get out of a car purchase, but none of them are possible to me at the moment:
(1) Sell car on street for about $13,500. My current loan payoff is $15,900 so I'd have to come up with $2,400 ... not possible.
(2) Total car out - That's illegal, I'd never do it.
We need to save about $10k for wedding+honeymoon in 2yrs so I'd really like to find a super cheap, reliable, cheap insurance car to last me a couple years. Similar to what I did with the Saturn/Civic purchase, could I slap my current approx $2,400 on top of older car (like 5,000) to make a $7,400 loan and pay the sucker off fairly quickly? Advise me!
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