Car loan too high..

[Evilinacloset716]

Hi all. Please be easy on me, I made a ridiculous financial decision a couple years ago. While planning as of late, I feel like I am stuck because although the answer seems obvious i really want to be as smart as possible. I just turned 26 and my boyfriend and I are thinking of moving to a more cost effective state (were right out nyc). I still live at home for now and only have about 9k saved ugh. Anyway, I bought a new car 2 years ago... I pay 400/mo and I have 3 more years to go. Where I'm looking to move that would literally be my share of rent. I do like my car but that seriously irks me and I was not thinking ahead, clearly. My parents don't want me to go anywhere so of course I listened to them cause I pay the payments just fine...for now. Unfortunately my car I would literally only get back 14k according to Kelley Blue book and I have no experience selling cars. And also I do not pay interest and won't at all. That's why I wanted to ask. Should i sell the car? I owe 13,700 and there's only 10k miles on it. I know getting a used car will give me pop up emergency expenses. No credit card debt just student loans 200/mo.My bf has a new car but manual so I can't drive it smh and we're thinking on Knoxville where you would need a car most likely....... I really feel like I'm drowning in NY....I wanted to move within 6 months or so. Any advice is welcome thank you so much

[bjl584]

Do you have jobs lined up where you're moving to, or will you both be unemployed?

Selling the car would probably be the smart thing to do. Advertise it today on autotrader.com. Sell it for as close to blue book as you can. It's gets a little tricky since there is a loan on the car, but you aren't upside down, so that's good. The loan will need to be paid off before the title can be transferred. It's all a timing issue. You and the buyer will need to coordinate everything with the lender.

[rennigade]

Just go to carmax...trade it in for an amount that is reasonable...then buy one from there outright. If your car is in good shape and it does have low mileage...you may be surprised how much they give you.

[greenskeeper]

you shouldn't have a problem selling since you aren't upside down on the loan. Sell the car and the buy something used WITH CASH from your savings and keep it under $5k....there are plenty of fine used vehicles that aren't beat to death for that money.

[Evilinacloset716]

Thank you all very much. We do not have jobs lined up. We're still in the process of researching and yea need a job before we go anywhere

[snafu]

Driving a standard is not difficult, merely different. You will likely be proficient driving a standard with a few hours practice. Does the research confirm you'll need two cars in Knoxville? Suggest also looking at locations that support your career preferences. Internet often has lists of states and cities/areas with best employment opportunities.