I still owe about 9k on it and my hours are cut so I can no longer pay for my car since I have rent to pay also. Sad but I needed to vent and ask for some ideas from you guys. I still have money in my savings but I'm just going to get rid of the tl for something cheaper. I was thinking of getting a 98 GS300 for $5200 but I want to get rid of the TL asap. Would it be better to sell the TL as private party and use the remaining balance to buy the GS300? Or should I just do a trade in with the dealership for a GS300?

 

Can't go wrong with the GS300. I'd personally have one before another TL. It comes stock with a Supra 2JZ in the states and in JDM land, 2JZ-GTE twin turbo is an option. Sell the TL, you'll get more cash out of it that way.

 

2006@9k ---> 1998@5.2k doesn't seem to be a reasonable downshift to me. OP, is this an issue of affording the car payment?

edit: Ok. I get from your post that it is a car payment issue. That suck - this is a really tough one.

 

Yes since my hours are cut and rent is more important than having a nice car
The Gs300 is nice also but needed some input on the best way to handle this situation. Should I just trade in the TL for a GS300 and keep the remaining balance or should I sell it privately then buy a gs300 with the leftover money?

 

sell privately u will get more money for it ... sorry to hear about the hard times

 

A GS300 is still a nice car. Have you considered getting a more economical car such as a Focus or something along those lines? Of course that's not ideal, but if your rent is truly taking a toll on you financially, you should be worried about getting a cheaper car in general, rather than trying to get a Lexus.

If you are set on getting a GS, try to get as much for the TL as possible by selling it privately. Then take the money that you get from the TL and put it towards the GS. The dealership won't give you shit for the TL if you trade it in.

 

with everything in this post

 

Why not just get a civic/focus (insert some reliable inexpensive car) - it probably will be in better condition, cheaper, and will definitely last longer. You'll probably end up with cash in the bank that you can use in case things get worse.

 

or refinance and lower your payment

 

bingo

 

Why buy a decade+ old car? Especially at $5,200? There is probably no warranty, and even though it's a Lexus, things will go wrong and it will be expensive to fix because it's a premium plate.

I say go with a more economical choice for the time being. It will be temporary (hopefully) so you can just upgrade later. This will drastically cut down on car note, insurance, maintenance, etc.

 

Go with a reliable cheap car and buy it cash.

When you get back on your feet, sell it and get the car you really want.

 

Is there anything else you can do to reduce your monthly bills? Reduce your cell phone plan? Reduce cable to basic? Spend less on entertainment/eating out/grocery bills?

If not, I guess I'd go the cheaper car route like a Civic or something else reliable and good on gas. Buying an older car is not the best idea, as it is bound to need some maintenance.

 

I believe he's trying to eliminate the payment altogether.

 

 

Normally I think it is insane to refinance a car but, it was my first thought as well when I read the OP.

If you owe 9k on the TL, you could probably refinance for <200 a month. Assuming the TL is in good running order I think it would make more sense to go this route than to pick up an older car with an unknown history.

What is your current payment? Do you need to eliminate the payment entirely or just reduce it substantially?

 

My thoughts exactly!