So a year ago, we decided it was time to get rid of our 2001 vehicle that had over 200,000 miles as we averaged about $250 in repair a month. We ended up buying a 2008 CRV which now has 100,000 miles on it for a little less than $13,000. A year later, we owe $12,000 something and it's worth about $10,000.
I HATE having a car payment, especially with no end in sight and a surprise baby on the way, so the money I thought we would have when I was done with grad school will be daycare. (The only other time we had a car payment was about 5 years ago and we paid it off in less than a year).
Would you sell the CRV, take the $2000 loss and buy an older vehicle with about the same amount of miles and we would pay cash? My hubby hates that we would take a loss, but in the long run we would definitely come out ahead, wouldn't we?
I was the one that got trapped into the having a newer model...we had a 2001 and our truck is a 2003. Now I feel like a fool and am pissed and hate the $300/month we are throwing away. I would probably keep putting $200/month away for repairs and eventual replacement of the other vehicle.