So I own a nice car and make payments on it. I bought a used car through my work because my other car was ready to die( I miss you Tracer you Can’t Replaca). So i found a used Benz( Now Benzo De Lorenzo) for 2K under Blue Book. If I would have stayed with my current job I probably wouldn’t be saying anything, but life is full of surprisesso I have to at the very least bring up this topic.
Pros of Selling the Benzo de Lorenzo
· I save over $300/month not including the $100/month insurance and $100/month maintenance. OMG when I say it like that this, $500/month that is a lot of money
· I will get great exercise, I mean it is about 10 miles on a bike to work each way, plus any other trips I would make to the library, grocery, etc....
· I would have a great tan and be in the best shape of my life, think Lance Armstrong with 2 testicles, sexy isn’t it.
· Never pay for parking, not that I spend a lot on parking, but I’m sure it amounts to at least $10/month and I rarely park in the paid areas, I will walk a mile before I pay $5.
· Vehicle registration, speeding tickets(I’m fighting one right now), tags, car washes, lots of extra hidden costs.
· Pay off my debt that much faster, I mean basically an extra $500/month or more
Cons of Selling the Benzo de Lorenzo
· I drive a really nice car, it makes me feel good about myself, I own something nice.
· I would have to take the bus/train/bike/walk everywhere, everywhere
· It costs money to take the train and bus, it’s not a lot but it would certainly prevent me from going a lot of places.
· I would need to wake up much earlier to go anyplace. I figure a 15 or 20 minute trip could take take an hour or two just to get there.
· I truly believe in keeping cars for a long period of time after you have paid the vehicle off. I had my first car since high school and drove it for at least 3-5 years after it was paid off.
· I put a lot of miles on when I first got it, so like all cars the value has decreased and for me a little faster than I expected. So currently I owe about 2K more than the car is worth. So I would need to sell the car for a higher price than it is worth, which would be unlikely.
· It could affect my job/future job. I plan on getting into financial advising/education whether it be now or in the future
I’m sure there is more things to consider and please comment if any come to your mind. I’m sure many of you are saying trade it in and get a less expensive car where I would still be saving $200/month and yes I have considered that also, but life is full of choices make sure you weigh all the pros and cons!!!