So younger me (still young) made some bad judgments with money as i’m sure some of us may have, I’m currently 25, during the pandemic lockdown, I used my money to invest and also bought a used 2007 Lexus IS350 from a dealership. I made a good amount off investing which I owe $2600 back now.
Lexus i’ve already paid $9500-9700 as well as an initial $3k down payment so that’s about $13.8k already spent for a 20 year old car, 145k miles, great car but burns oil. I still owe $4021, 14 months left. Deep down I feel it’s not worth spending $18k on a 20 year old car.
I think I can sell it for $9-10k. Might have to take my losses.
I can pocket $5k and pay off my $2000 Cc Debt and the $2600 IRS. Sure it leaves me with nothing but at least I won’t have any debt looming over me, I think down the road, I can buy a cheaper car for around $5k, does this seem realistic and like a good idea?
Sure I can just grind my ass off for that $5000 debt but I will still have to pay another $4k for one more year for this car and i’m just not sure if it’s worth it at this point. If you were in my position what would you do? Tough it out? Thanks
submitted by /u/Dapper_Ad58
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