Hapa DC5

So I'm torn here. I don't have a new car itch or anything like that I have a work vehicle assigned to me now. My G will be two years old this July. I have been paying over the minimum each month and purchased an 8 year 120k warranty late last year as my intentions were to just keep it until the wheels fall off.

Now that I have a work vehicle, I have literally driven my G 500 miles the last two months. It's not a crazy stretch for us, but I usually pay $650-700 a month. At this rate the car will be paid off around August-September 2014.

I feel this money could be going somewhere else (pay off debt, save money) since I don't drive this car and was thinking about picking up a cheap lease $150-200 per month (Focus, Elantra, etc).

It feels great when I do get to drive the car, but it's a lot of money for a car I hardly drive. I must admit the idea to have the title of a car in my hand and no payments until another car is "needed" sound pretty good to me.

What would you do? Keep the Infiniti and just pay it off or save the cash and having a cheap lease since I hardly drive my personal vehicle?

Thanks all!

StreetKA

iTrader: (8)

if you have no problem driving a focus... your call

Street Spirit

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You don't need us.

mrmako

I think you answered it yourself. Selling and getting something lower cost will pay off in the long run.

Crazy Bimmer

Guess it depends how much your car is worth and if its worth unloading it at that price. If you come out ahead then it makes sense.

Also what if at some point the the company car is taken away from you, will you then get pissy that you had sold the G? That would be my concern.

Aman

I think you should sell the G, use some of the money to do responsible things (like pay off debt, etc.) and maybe get a true "weekend" car.

civicdrivr

iTrader: (9)

Id sell it.

Hapa DC5

My wife wants me to keep it I keep telling her cars will come and go. She wants me to pay it off and be done in two years. She's the boss so I might be stuck..

Right now I have a Crown Vic for a work vehicle. I'd have to do something really stupid to get it taken away from me, may be busted down to an admin job before anything.

Anyway, whatever equity I have in the car I'd put towards the lease or walk away with a check. I owe about 21k now, it has about 21,2xx miles on it. Cars with similar mileage/packaging are selling for ~28-31k. I figure they'd give me 22-25k for it. After my wife's response this morning I don't even think it's an option for her.

My idea was go on a three year plan with a cheap lease and pay off some of our wedding and save towards something Bavarian or supercharged V8 from Detroit maybe she can see right through that lol. I'll let everyone know if she opens up towards the idea.

civicdrivr

iTrader: (9)

I assume the wife has her own car, right? Id push to sell the G outright and use the remaining ~$9k towards debt.

Hapa DC5

Yeah she has a Highlander. I still need a vehicle though even for short trips or errands (that's why I was thinking a bullshit lease), can only use the work vehicle when I am on duty.

Aman

No chance you could share the Highlander?

Hapa DC5

Not with our schedules. When I am home she works and vice-versa. Working out the logistics would be very difficult. Negative on a bike either, two dogs and her paranoia cut out my motorcycle ideas for the time being.

Her thought system is, pay off the Infiniti and keep it until the wheels fall off since I've been paying over the minimum for two years.

Aman

You could tell her considering depreciation and how much you use it, it's throwing good money after bad money

AZuser

If I was in your situation, I'd sell the G and get something else.... probably even a used car since it's rarely driven. Use the money to pay off debt. Personally, I hate being in debt.

Make your money work for you, not the other way around.

doopstr

S2000

civicdrivr

iTrader: (9)

I like how you think. Unfortunately, you'd end up spending money to get rid of the G. I think a POS beater would be the best bet. Something in the $2k range, and toss the remainder of the money from the G towards debt.

Aman

Probably the cheapest bet. An S2000 would definitely make those weekends more fun. He could get an AP1 and still have plenty of money to pay off some debt.

Depends on what you want OP. Selling the G and getting a beater is the best move financially, but I'm guessing you'd still want a little automotive excitement in your life. Choose your balance.

civicdrivr

iTrader: (9)

Itll be tough to pull that off. He said he owes ~$21k on the G. Lets say he gets $28k for it. That leaves ~$7k to play with. Hes not finding a worth-while AP1 for less then $12k.

old coastie

How about step by step? Put the "G" up for sale, and if you get your price then you have some options. If not then go with the wife's plan and keep it and pay it off early. If you sell then decide how much you want to put toward another car and how much to use for debts, etc. As other posters have said there are lots of good used cars out there like S2000s, Miatas, etc. If you're on this forum that probably means you're a car guy and would need a reasonably interesting, fun car as a replacement.

Hapa DC5

Haha, can't do an S2K. She will NOT go for that. I may have to go with what Coastie mentioned. Try and sell it, if it doesn't move, then keep it.

It's not like we're struggling here, but I just don't want to put so much money into something I hardly drive.

I wouldn't mind a beater either, since it would literally just serve grocery, errand duty. Wedding debt paid for, CC debt done, savings towards a home, then maybe my CTS-V

pttl

1. If you are comfortable financially with the status quo....just sit tight. Keep making your payments ahead....you'll build equity faster in the G, and you can always sell it later if it really keeps eating at you. Besides if the wife is happy with it...you are happy with it.
2. If you really detest spending money on a car you don't drive...Sell it, and go the total beater route. An old El Camino would be cool! Just sayin'
3. Why lease? Renting a car and then having nothing to show for it in 2 -3 years except a hole in your pocket is the least appealing option...to me at least. At least with the G you will actually own something.

Hapa DC5

Yeah she doesn't want to put it up for sale lol. Looks like the G is here to stay. Happy wife, happy life

Ken1997TL

I still say go for the S2K

charliemike

As someone that sold a car in the same situation I would say keep it.

In two years it will be paid off and you'll have a great, low mileage weekend car.

I miss my S4 because I sold it to buy a practical car for daily use when I should have bought a beater.

You have the beater from work. Keep the G

Aman

neuronbob

Since you barely drive the car....sell it, use proceeds to buy a beater, pay down debt, save money for retirement and a CTS-V .

Most (not all) debt sucks.

Majofo

Hate to say it... sell it.

Continue the payment into a savings account.

Legend2TL

As others have suggested sell it and pay down debt.

Aman

More than an unhappy wife?

AZuser

JS + XES

iTrader: (1)

Sell it.

Hapa DC5

A car is a car, while they were a huge passion for me from my teens into my early 20s, that has changed. Other priorities have taken precedence.

Trust me I still want a CTV-S or a C/E63 and will hopefully get one someday. But we're not scraping by and she really wants me to keep it. If she's happy, I'm happy.

Now say :knockonwood: we were having trouble making ends meet, this would be the first expense to cut out as I have my cruiser to drive on duty and get a beater to rock.

Moog-Type-S

Sell it.

ThermonMermon

why is this even in question?

nothing worse than watching your unused car depreciate from age, not mileage. youre not even using it, and the car is still depreciating as we speak, and your continuously losing money on the interest portion of each payment. sell it now.

instead of paying interest on an unused car finance, advance payments on your outstanding debt (whatever that may be). youre really losing money two-fold by keeping the car.

stashing away 600-700 a month into your bank account, or towards debt, is going to put a much larger smile on your face then some weekend beater.

CONVINCE. THE. WIFE.