Southeastern US city. She is a surgery resident so her free time is spent sleeping. But we are miles off topic now. OPs original question shouldn’t really consider their residency status. It’s a bad financial decision in really any situation.
Get really proactive about getting remote appraisals from dealers. You need to establish a bottom line of what you’d accept from a private party.
And keep throwing money at the loan balance to get it down.
Remember, the quicker you sell this thing the quicker you can take it off your insurance.
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Bad news is no way to get out of the negative equity. The good news is once youre done with residency, the couple of K in negative equity wont mean much. Annoying yes, life changing not at all.
Physician responder here. Save time, Headache, aggravation (tire kickers for old Land Rover…. Ummm YES!) by taking the Give me the Vin offer. Drive that old Acura RL until it dies. If that RL is not available long term, buy yourself one with 100k miles. THEN when that old beater dies, get a new (or better yet a lease return car) in the $30-40k range (and add on an extended Warranty). Plan to hold on to your car for 7-10 years. As finances get better, THEN get a more luxury type car. When you are in practice, Follow Tax advisor advice for lease vs buy depending on if you can deduct Lease expenses. By the time your beater Acura RL dies, there will be tons of new and lightly used battery/ hybrid/PEHV to choose from. Personally I could easily get a $110k car, but recently I opted to pay $41k for a 3 year old gently used SUV that had a $70k sticker price. If your student loans are at or under 5%, pay the Minimum on them Forever, invest money in Real estate or Stocks rather than paying off Student Loans.
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Shocked that a wholesale buyer offered you 7k for it…I would take that ASAP and pray someone with some sense at the company doesn’t see it first. You won’t sell a 13 year old Range Rover with 131k for more than that, that thing is a ticking time bomb, those cars are specifically the reason why “mechanically totaled” became a common phrase. You’re going to get a bunch of broke idiots trying to act like something they’re not come and test drive it wasting your time. The thing will crap out long before you find someone dumb enough to buy it who also is somewhat smart or shady enough to have 10k saved up.
Not always. I have had a few of them until starting a family and my true cost of ownership has never been positive . Those were the days!
Tax season is the perfect time to sell that car… I think the target audience is the mom getting 10k back with no sense of vehicles or her boyfriend who spends her money.
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