Is this a stupid idea?
Okay, so I am really trying to get my Debt under control (as posted earlier in the week). I am currently paying 370 a month for my jeep wrangler at 12.9%.(for about 6 months now) Here is the problem (besides the interest rate), I owe about 5K more than what my jeep is worth according to blue book value(because of previous vehicle carry over). I am looking to save money on my traveling expenses, and better gas mileage would certaily be a big factor. I have come up with the idea of buying like a new Hyundai Elantra (or something comparible). Now, I would end up paying more like 18K for a 13.5K vehicle, and my payments would probably be the same, or at least close, but I figure I would save between 150 and 200 a month on gas and insurance. I also believe I could get a better interest rate because I got 12.9 due to the fact that the jeep was 6 years old. Is this a stupid idea? Do you think it is even possible?
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