I'd like to get some input from some smart people.
Should I trade my almost-new Cruze for an older Honda or something similar? I still owe about $7k on the Cruze and I consider buying it to be my third worst financial mistake. It's a great car but I didn't realize how much it SUCKS to be in debt.
I figure I could sell the Cruze for $10.5k, leaving $3.5k for the Honda. Something like this might work if it's in good shape:
https://albuquerque.craigslist.org/cto/4855866349.html
Here are the pros of each vehicle as I see it:
Cruze
Covered by warranty out to 100k
Free maintenance for another year
Maybe 10 years of useful life left
Nice, comfortable, quiet ride
More respectable vehicle
Honda
Save $7k up front
Faster
Maybe 5 years of useful life left
After the initial purchase, I think it would be a wash, financially. The Cruze will save me on maintenance costs but the Honda would save on insurance.
Thanks for your input! I'm leaning towards keeping the Cruze, but $7k would be nice to have.
BTW my two worse financial mistakes were selling my bitcoin stash at $40 (D'oh!) and not selling some solar stocks when they were up 400% in a year. (Bitcoin is dumb-- it wastes soo much power).