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Should I trade in my car for something cheaper? (lemmy.world)

submitted 2 weeks ago* (last edited 2 weeks ago) by [email protected] to c/[email protected]

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In 2022 my car (a 2010 Nissan Versa) kicked the bucket. The engine was broken and needed to be replaced. Rather than spending even MORE money on repairs (I had spent a few thousand or so on various other parts at this point), I decided to buy a newer car that would, presumably, require fewer repairs in the short term.

I bought a 2021 Honda HRV for ~$20,000 at 7.59% APR. I pay $414 a month and have $16k left on it. I bought this car under the worst possible circumstances:

Used car prices were very high at this time
Interest rates were high due to inflation
I needed a car because my previous one had died so I didn't have the luxury of time

My hope, at the time, was that inflation would be tamed and interest rates would eventually be lowered, wherein I could refinance the loan. I no longer believe this is a possibility within the next 4 years or so. I was also hoping to find something small and cheap like a Honda fit, but I learned that they had stopped producing them. An HRV seemed like a sensible kind of car given the modest physical needs of how I used a car at the time

So, here's my question: Should I just sell my car for something older? Maybe like a 2015 or so? Or should I just stick with my current machine until it's paid off and try to refinance after 2028?

If I could go back in time, I would've sold the Versa in 2020 or so, before I had spent a bunch of money on repairs. Hindsight is 20/20 though

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[–] [email protected] 2 points 2 weeks ago

That is a generally accepted rule for repairing a car. It is not hard and fast, as it is not a simple decision. So you are correct, it's not right, but it is also not wrong either. It's a matter of whose yacht you want to finance? Your mechanic's, or your lender's.

The only time I would consider putting more than half the worth of a car into fixing it, is if it is a vehicle that is difficult or impossible to replace. Case in point is I have a friend that has one of the last Toyota Camry's with a manual transmission to come off the production line. He bought it new. About 4 years ago at a bit over 200k on the odometer, he replaced the short block, plus a lot of other work to essentially make the car "new" again. His total bill was over $10k, which is more than the car is worth in total. Why? He just loves it that much and Toyota no longer offers a manual in the Camry. He hates automatics and has declared it will be a cold day in hell before he ever owns one.