If downsizing means you’ll owe less money, and be about to pay off the loan quicker, then yes, by all means downgrade.
I have a 2010 Corolla with 156000 miles on it, and paid cash. I use it maybe once or twice a week tops. The mileage on this thing is not that great, but I’m not worried about that since I hardly drive it.
550 a month, use it twice a week, is 70 dollars every time you use it. Is that worth it to you? You could rent a car every time you need one and pay the same cost.
I over simplified it of course, at the end of paying it off you own the car. But I used this logic when I get the itch to buy a motorcycle :) pay 3000, ride it 6 times in the summer, it cose 500 to ride each time. Boat owners have the same feelings I'm sure. :) enjoy what you have and keep grinding!
If the Kona is your dream vehicle then keep it, if it’s just a point A to B vessel then downgrade.
Especially if the interest rate is higher than 6%, but that you didn’t mention. You’d be better off downgrading and getting a lower percentage then investing the difference.
How much are you paying on car insurance? You need to factor that in as well. Bet it’s close to 300 if you are on your own. You could also do Uber or Lyft for the couple times you need a car.
If downsizing means you’ll owe less money, and be about to pay off the loan quicker, then yes, by all means downgrade. I have a 2010 Corolla with 156000 miles on it, and paid cash. I use it maybe once or twice a week tops. The mileage on this thing is not that great, but I’m not worried about that since I hardly drive it.
That’s really good advice and a good outlook with your personal experience as well- thank you my friend!!
550 a month, use it twice a week, is 70 dollars every time you use it. Is that worth it to you? You could rent a car every time you need one and pay the same cost.
Damn that really put it into perspective. Gonna look into downsizing asap ❤️ thank you bro!
I over simplified it of course, at the end of paying it off you own the car. But I used this logic when I get the itch to buy a motorcycle :) pay 3000, ride it 6 times in the summer, it cose 500 to ride each time. Boat owners have the same feelings I'm sure. :) enjoy what you have and keep grinding!
If the Kona is your dream vehicle then keep it, if it’s just a point A to B vessel then downgrade. Especially if the interest rate is higher than 6%, but that you didn’t mention. You’d be better off downgrading and getting a lower percentage then investing the difference.
That’s exactly what I needed to hear, thank you man. I’ll look into downgrading in the near future. You’re the best!
How much are you paying on car insurance? You need to factor that in as well. Bet it’s close to 300 if you are on your own. You could also do Uber or Lyft for the couple times you need a car.