- 3 years ago
Hey bees. I’m coming here for some advice, support, and to vent a little about how stupid I am.
So I recently traded my gas hog of an SUV in for a newer, more fuel efficient vehicle. I drive 60 miles per day for work. with my old SUV, I was spending about $70/week on gas. With my new vehicle, I spend about $35-40 per week. Sounds great, right? Well my monthy car payment is $30 more expensive and my insurance went up $10 per month as well.
Overall, I am saving about $80/month with this newer vehicle. Which isn’t terrible, but I wanted to be saving a lot more.
I just feel like I shouldn’t have purchased it. Originally, I went there to look at a vehicle that was older, better on gas, and would have lowered my payments/principle loan balance than the SUV I was driving. That vehicle wasn’t at the dealership because an employee took it home for the weekend. So I was persueded into checking out this newer car, which I eventually purchased. I have a stupid high interest rate- more than double what I was paying on my old car. I’m not really sure why? My credit score stayed about the same as it was when I purchased my old vehicle. This new car also isn’t nearly as equipped as the one I was originally considering (no cruise control, no heated seats, hubcaps instead of alloy wheels, just an overall cheap feel). Though, the car I purchased is 4 years newer, has less miles, and has a certified used warranty (which are awesome to have)- all things the original vehicle I was considering did not have.
My first payment isn’t due for a month. I’m trying to think of ways I can get out of this. I have some money I could use to pay it off, or at least a good chunk of the balance, and then try to sell it. I’d obviously take a hit on it- probably around $3k-$4k. Or do I just stick with it, make payments as usual, and then try to refinance/sell in about a year or so?
I’m just really disappointed in myself for not fully considering what I was getting into. I originally wanted an older, fuel efficient, and less expensive car than what I brought home. I even brought FI so he could stop me from making stupid decisions like this, but he was obviously sold by the salesman too. Ugh. Kicking myself here.