Jump to content

  • Welcome!

    Register and log in easily with Twitter or Google accounts!

    Or simply create a new Huddle account. 

    Members receive fewer ads , access our dark theme, and the ability to join the discussion!

     

Need Advice on my Car

tarheelpride

By tarheelpride,
in Huddle Lounge

Recommended Posts

tarheelpride Contributor

tarheelpride

Posted
Posted

I have an '09 Corolla my mom got for me a few years ago (2010) and I'm about to take over payments. There's still around $9k owed on my car and when I take over payments, I will have about 3 1/2 years of payments left (6 year financing).

My concern: lately, I've been putting up TONS of miles on my car going to work and back (well over 100 miles a day). I think i've put nearly 7,000 miles on it in just over 2 months, going from around 49k to near 56k. I'm worried that the value of the car will plummet and I'll be stuck paying for a car that may not be worth half of what I'm paying for it and I feel I'm hitting that mark very soon.

I looked at the interest rate and it's over 10%. I'm willing to bet I can refinance it with my credit and get that rate cut in half, if not more.

I don't want to pay for the car 2 and 3 years down the road and not be able to sell it or trade it in due to all the miles and wear and tear (even though I keep up with regular maintenance). Then again, I won't be able to do anything about it until a few months down the road.

What should I do in this situation? I know cars depreciate rapidly, but there's something about paying $250 a month on a vehicle that I think isn't worth it in the first place that's bothering me. Is it something I should worry about at all?

Link to comment
Share on other sites
Jackofalltrades Rising Star

Jackofalltrades

Posted
Posted

It's a Toyota, they're dependable for a loooong time and hold their value well. As long as you're not on a lease the mileage shouldn't be that big of a deal. As for a refi, talk to them and compare what you would pay on a new rate and how it compares to what you'll pay for the rest of your original loan. If they refi for a lower rate but extend the term it could end up costing you more.

Are you upside down in the car now?

Link to comment
Share on other sites
lymelizzard Newbie

lymelizzard

Posted
Posted

I have an '09 Corolla my mom got for me a few years ago (2010) and I'm about to take over payments. There's still around $9k owed on my car and when I take over payments, I will have about 3 1/2 years of payments left (6 year financing).

My concern: lately, I've been putting up TONS of miles on my car going to work and back (well over 100 miles a day). I think i've put nearly 7,000 miles on it in just over 2 months, going from around 49k to near 56k. I'm worried that the value of the car will plummet and I'll be stuck paying for a car that may not be worth half of what I'm paying for it and I feel I'm hitting that mark very soon.

I looked at the interest rate and it's over 10%. I'm willing to bet I can refinance it with my credit and get that rate cut in half, if not more.

I don't want to pay for the car 2 and 3 years down the road and not be able to sell it or trade it in due to all the miles and wear and tear (even though I keep up with regular maintenance). Then again, I won't be able to do anything about it until a few months down the road.

What should I do in this situation? I know cars depreciate rapidly, but there's something about paying $250 a month on a vehicle that I think isn't worth it in the first place that's bothering me. Is it something I should worry about at all?

If you were to refinance that 9,000.00 at 5% is around 160 a month for 60 months, 255 for 36 months, 196 for 48 months.

Secondly 56k isn't high miles the car if properly maintained is good for 200k or so if you keep maintenance up and change oil regularly.

It is a Corolla so it isn't going to rise in value and will keep depreciating. Based on your commute and the price of gas I would keep it and drive it until the wheels fall off. If you spring for another used car do you know its service history? With this car you know if it has been taken care of or NOT. In four years the car will value will probably be around 3k (guesstimate)

The real question is..........Do you like the car enough to keep and drive?

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

Go to topic listing

  • PMH4OWPW7JD2TDGWZKTOYL2T3E.jpg

  • Topics

  • Posts

    • CRA
      Hey You, You Don't Know Quarterbacking

      By CRA · Posted

      yeah, I can get a little of that.  But that's not what he is posting in his argument just now though.   He said people wouldn't even concede to the literal ability to do it when pressed on the literal ability.  I have never seen that.  He maintains it exists somewhere.  I mean, using anomaly games to make arguments about players just isn't the way.   There wasn't a defender within 10 yards of our guys on 2 of those 3 throws Sunday.  No one within 5 on the 3rd.   That's not Bryce Young answering questions about his play downfield..  That's Bryce Young taking advantage of coverage busts by a bad D.  Which hey, that's part of the game too.  Recognition and seeing the field.   It can't totally be dismissed.   That's still good play.  You want your QBs to make those plays.  But it's not getting into the long standing critique of BY IMO.   
    • strato
      Adam Thielen on Young

      By strato · Posted

      Deserved, I wouldn’t use that word. Asked for? For sure. Am I upset over it? No.  People forget that AT was throwing his helmet in frustration last season over his QB’s ineptitude. The same QB was pretty inept to start this year, no guarantee AT would have helped him in those games any more than he did last year.  Just sayin.  And Dan doing him a solid probably did not go unnoticed by players around the league. I think it increases his rep with potential FAs. It sure can’t hurt it. 
    • kungfoodude
      Adam Thielen on Young

      By kungfoodude · Posted

      You think that was the fault of the guy that was lighting it up or maybe the bums around him? Funnily enough, those bums are still being bums in his absence. Who would have thought!
×
×
  • Create New...