Looking for a sanity check...Selling my MS6 for a ??

[jdub260]

I said I will have ~$1300 left over, meaning after I make the Fusion payment and insurance, pay my cell phone bill and keep $600(high estimate) a month out for gas and spending money. That means that I will have ~$1300 a month to pay for the living expenses like lot rent, utilities, insurance and mortgage. All of which, according to a co-worker who currently has all of the aformentioned expenses will amount to ~$1000 a month, based on averages of his last few months of bills. And he has two huge fish tanks, several pets and a wife that's home all day. So my expenses will be less than his because I won't have to keep the temp just right for animals when I'm at work, there won't be any fish tanks or lights on during the day and I will have half as many loads of laundary and showers to pay for also.

When I move out in about a year, give or take a couple of months, I won't have a credit card bill because it will all be paid off by then. I could afford to move out the day after I sell my MS6 but I couldn't pay off my credit cards untill I was 50, so my goal is to put that ~$1300 a month into my credit cards and get those paid off ASAP. Then save that ~$1300 for a few of months so that I can afford to put some money down and buy some furniture, a new bed, a TV, a lawnmower, etc... and still have some money in the bank when I move in.

I figure that with my tax return next year and a modest 3% raise(I've never got less than 6%) I can make it all happen in 12-18 months, depending on how much extra money I want to have in the bank.

Could I have kept the MS6 and made it all work? Maybe, but it would have took a lot longer and been tighter than I wanted it to be. I've decided that having a nice car is great but having my own place and a 1 year old reliable car is better. Not to mention that the payment + insurance + gas money each month for the Fusion will come to ~$15 a month less than just the payment on the MS6. Trading down to the Fusion will save me ~$275 a month and remember I just sold my ATV as well which saves me ~$150 a month, so these two moves will save me ~$425 a month. Plus any other money that I would have been tempted to throw at the MS6, like a CP-E tuner or FMIC or a BOV. Hell I've looked at parts for the Fusion and I could get almost all the same parts that I got for my MS6 for about a third of the price, but I won't because it will still suck performance wise when I'm done, but I bought it for reliability not performance.

 

[07MS6]

Car isn't worth $23k. Good luck trying to get that. Pay cash for a used car like a Civic. Lowering your car payment $150 or so isn't even worth the hassle

 

[jdub260]

I know it's not worth quite that, but it is a starting point for the haggeling process....and between the payment and insurance I'll be saving $275 a month, plus I'll be getting better gas mileage and I won't be as tempted to mod the Fusion.

 

[tritonheat1]

Regardless that's not the point!! Getting rid of a car and knowing it's easier 2 not modify it is dumb. I know you said your saving that extra $275 a month, but are you really going to pocket or save that money and put it to the side. I doubt it. It's kinda hard not to!!

it's more easier to save when you know u can barely afford to pay your bills. Because when you know you can't spend money and you don't have it, you can't really exceed ur budget. Unfortunately if someone was, they r really stupid.


I would rather make 3,000 a month and have couple hundred bucks left over for the month and have all my bills paid, with only about 1-2yrs left.

Rather than:

makin 3,000 a month and pocket 500-1000 bucks left with new start over payments 5-10+yrs over a period of time.

But anyways i hate to see your MS6 go, hopefully you'll enjoy the FORD mind (FUSION) you made........LOL J/K

 

[jdub260]

Regardless that's not the point!! Getting rid of a car and knowing it's easier 2 not modify it is dumb. I know you said your saving that extra $275 a month, but are you really going to pocket or save that money and put it to the side. I doubt it. It's kinda hard not to!!

it's more easier to save when you know u can barely afford to pay your bills. Because when you know you can't spend money and you don't have it, you can't really exceed ur budget. Unfortunately if someone was, they r really stupid.


I would rather make 3,000 a month and have couple hundred bucks left over for the month and have all my bills paid, with only about 1-2yrs left.

Rather than:

makin 3,000 a month and pocket 500-1000 bucks left with new start over payments 5-10+yrs over a period of time.

But anyways i hate to see your MS6 go, hopefully you'll enjoy the FORD mind (FUSION) you made........LOL J/K

I REALLY hope English is a second language for you.!!

and you are a fool if you'd rather only have a couple of hundred a month left over instead of a thousand. So your argument just dosen't hold any weight.

Not to mention you have never met me and you don't know me so what makes you an expert on wheather or not I'll actually save that $275 a month?

I have never been more motivated to do something in my entire life than I am to get my credit cards payed off ASAP and get my own place.

 

[Igve2shtz]

JDub, dont listen to any of them. You sound like you know whats going on. Sure, it may be tough at first, and you may be eating peanut butter and jelly for dinner, but you know what? It will be PB&J in YOUR OWN KITCHEN.

You are definetly thinking wisely by paying off the credit cards first. First of all, it will definetly help out your credit score for lower interest payments. Also, thats more money in your pocket for the mortgage. I dont want to tell you how to run your life, but you might want to look into paying off the car also, or atleast making a few double payments while you are still at home, that way you still ahve a "buffer zone".

I have also heard about "staying at home as long as possible" but, if that were the case, no one would ever move out. You have to take the plunge at some point. Good luck, congrats, and trust your gut ... Not the forums.

 

[07MS6]

I know it's not worth quite that, but it is a starting point for the haggeling process....and between the payment and insurance I'll be saving $275 a month, plus I'll be getting better gas mileage and I won't be as tempted to mod the Fusion.

So you're saying you have no self-control.

 

[07MS6]

I REALLY hope English is a second language for you.!!

...get my credit cards payed off ASAP and get my own place.

I think English might be your second language.

 

[07MS6]

JDub, dont listen to any of them. and trust your gut ... Not the forums.

Then why post it here?

 

[tritonheat1]

I REALLY hope English is a second language for you.!!

Yeah dude whatever u say.......smart guy, this thread is about you not me!! (ugh)

and you are a fool if you'd rather only have a couple of hundred a month left over instead of a thousand. So your argument just dosen't hold any weight.

You really must be retarted. I Really think you need to reread and comprehend and take it into consideration.

Y in the Fu%k would you want to re-start on payments all over again and again and again, and pocketing money into your pocket for the time being, but in the long run. YOU will be in debt.

I'm only trying 2 give you advice not tell you what to do.

Not to mention you have never met me and you don't know me so what makes you an expert on wheather or not I'll actually save that $275 a month?

Because you already said if you kept the MS6, it's not so tempting to modify the MS6. Your character speaks for yourself. So indeed i know you really wouldn't stash that 275 bucks on the side a month, it's hard not to spend it while you know you have it. unfortunately, that's for most people. TAKE A LOOK AROUND THE FORUMS, THERE"S MORE MODDED CAR'S THAN STOCK

I have never been more motivated to do something in my entire life than I am to get my credit cards payed off ASAP and get my own place.

Well let me tell you it ain't easy. The best way to buy a house is to really have good credit and have the three most important things they look at.

Car payment, Credit cards, jewelry!! Those are three things company's look towards as far as good credit.

You wan't to buy a house, cool. But your trying 2 rush to fast, and that's your biggest mistake. Not only that, getting out of a car and getting another one to get a house is really dumb. You may think it helps you because your pocketing money, but in the long wrong your not, and your just putting yourself more into debt..............

But anyways good luck on what you wan't. It just doesn't come in a short period of time.

 

[1BADSRT]

you think it has to do with where you live? maybe people arent as reckless/bad drivers over there lol...

naw, actually i live on one of the busiest hwy's in cali. there are accidents just about every day. my comprehensive actually went up a $100

 

[Olestra]

Yikes, I might have to agree with tritonheat1. He isn't getting his point across in the nicest way but he is right in that getting another car just to lower payments isn't the best way to save money. I could only see this being true if you couldn't afford the payments at all and there was a chance it was going to get repo-ed.
Cars are the worst investment ever, they are depreciating assets. Since you were already stuck with a depreciating asset, you should have just kept it rather than getting another depreciating asset.

Not sure if you factored in the amount of money you lose from selling the MS6 but the $275 saved a month will be offset by that. So hopefully you break even or maybe you did run the numbers properly and you're out ahead.
Also, you can't just look at payments and say, I saved 275 a month. How much is your interest and how long is your loan term? If your interest payments are higher, then you're putting more money into nothing. Also, if you're stuck in a loan and extra 2 years longer than you would have been with the MS6, you're losing out there.

I think the real issue here is the credit card debt. CC debt rapes you on interest. Once the CC debt is gone, you may have been able to afford mortgage + Ms6 payments.

Don't take this post as telling you what to do, just trying to offer some advice for the future. I didn't run your numbers so I could be wrong, but you know them, so let us know.

 

[jdub260]

OK here is the math I still owe $22,300 payoff right now on my MS6, if I continue to make payments for the term of the loan I will pay about $26,400 from this point on.

$489 a month * approx 54 more payments = $26,406

So the MS6 will cost me a minimum of $22,300 and a maximum of $26,406.


The Fusion has a payoff right now of $14,586 or if I make all the payments it will be $18,460.

$260 a month * 71 more payments = $18,460.

So the Fusion will cost me a minimum of $14,586 and a maximum of $18,460.

So even if I have to take a loss of 2-3K on me MS6 I will still pay out less in total than if I kept it. Not to mention that I would also pay more in insurance and more in gas money for the MS6 over the coming years.

MS6 insurance $115 a month, Fusion is $66.

MS6 gets 21/26(93 premium gas), Fusion gets 24/32(87 Regular gas) MPG.

You can all do the math and figure out that the Fusion is a more affordable car and it should have fewer problems in the long term. I'm not saying the MS6 isn't built good, but it is just a fact that the MS6 is a much more complicated design with a far greater number of "Moving Parts" which we all know just means that it has more parts to break when the time comes. It may turn out the other way in the end but I think the odds are that the MS6 will have more problems at 100K than the Fusion will.

Also, don't forget that I had mods on my MS6 that would have, most likely, shortened the life span of more than one important part over the long term.

Trust me I didn't get the Fuison because I wanted a new car, I still love my MS6 and if I could keep it I would. I got the Fusion because of the afformentioned credit card debt that I have approx 16 months to get myself out of because at that point I HAVE to be out of my parents house and into my own place, for reasons that are personal and don't need to be aired over the Internet.

I no longer have the luxury of looking at a car as a fun toy that gets you places, I HAVE to look at a car as a mode of transportation to work and school. The Fusion fits that perfectly, and it does if very reliably and cheaply.