How to sell an upside down car?
November 15, 2006 5:34 PM Subscribe
I owe more than my car is worth. My monthly auto-expenses are too great. I would be better off with a truck. Advice?
Car: 2006 Toyota Corolla S, 24000 miles, 5 year, 100,000 warranty, Kelley Blue Book says its worth $15000 making me $6000 upside down (See Loan).
Loan: $21000 left to go, $390 per month
Insurance: $350 per month, Progressive, must carry full coverage and $500 deductible. So far Progressive is cheapest. Expect insurance to go up in December (see Record)
Record: 1 speeding ticket, 1 small accident, 1 new speeding ticket will hit in December
Discounts: Will turn 23 in July. Was told this would lower my insurance rate.
Desire: 1 pickup truck in decent shape with decent appearance, to be used for handyman/construction work.
Budget: Paying $800 per month for loan payment and insurance. Would like to be less than $500.
Summary: My car is too expensive, I'm upside down on my loan, I don't need this car, I need a truck. I can't afford the monthly expense for this car. I need something cheaper. I can't sell this car because it is upside down and I need to pay off the loan before I can transfer the title (I assume). I've got one month before this car gets more expensive.
Anyone have a suggestion?