| Should I sell my car for a loss |
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The Name
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l lost 60K in the stockmarket last week, got canned by my gf, moved into an apt.l have about 10K in debt CC.l have a Porsche that about 600 a month in payments, l owe about 16K on it, the car is worth over 20K in a good market.l ws thinking just get pay off to get out from underneath it....Use thae 600 dollars a month to pay down debt, but l will miss my Sunday driver
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hehe
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Sell the Porsche. Right now u do not need a Sunday driver. You need debt relief. That extra $600 a month can pay down ur cc bills very fast. Start by paying down the cards with the highest interest rates faster than the others. But always pay more than ur monthly minimum on each one. And do not wait until ur due date. Make ur payments sooner. It will save u on the interest charges since they r revolving credit.
And do not forget the extra savings in insurance & gas too once u sell the car. As well as maintenance costs. Those savings can help pay down ur debt.
As for ur stocks, hold steady there. Stocks will eventually rebound. It may take another year or two. But they will come back to life. Remember, stocks r a LONG term investment. All the hot shots who kept short selling took it in the shorts really bad. And those who ride out the down times do alright.
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Dudley
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Sorry to hear about the girlfriend. Unless u SOLD ur stocks last week, u did not lose anything. It is just a number on a pice of papar. Ride the market & ur stocks will rebound. If u still have ur job u can pay ur bills.
But sell the car. buy something practical & inexpensive if this was ur only transportation. Pay down ur debt with all that extra cash & then live debt free.
You wo not miss that ''Sunday driver'' because u will be too busy watching ur debt disappear & ur assets recover. Stockpile cash.
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Couture
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Sell it. You will miss it , just like you said..
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