You want to get out of the car due to predicted ownership expenses? Or just bored with it and want something new?
Sounds like a Bolt is in order, road trip in rentals, they are cheap and donât burn all your miles up
Just wanted something new
Donât forget that any negative equity you roll in to a new lease gets compounded with rent charge and tax again. That $9k in negative equity is going to easily turn in to $10k by the time youâre done.
Is it worth an extra $10,000 to not have to drive a bmw 5 series for a somewhat short period of time?
What will Carvana give you for your car, is it above the $24k trade in value? Could you write a check for the difference?
If you have financial flexibility it might be better to separately shop selling the car for best offer. I try not to judge peopleâs financial decisions, but if you canât cut a check for the difference it may be better to hold on to it longer. Itâs likely nicer than any car youâll be able to get into for the same payment with after rolling in the negative equity.
Whatâs your current loan rate? Can you refinance at a better rate to cut down on some expense ? Flipping almost $10k neggy eggy (sorry had to) isnât going to be easy or ideal when you wanna flip the car in 2 years because youâre bored and want something new again.
The best way to handle this in your situation is to bring $9,000 to the table when you sign. If you are set on rolling it, you need to consider something other than another bmw.
But you should definitely keep this thing at least another 1-2 years, which by your math will still be at/under 100k.
This.
$9k is a lot of $$ to
Not if you want to stay under 350 a month on certain highly sought after hybrid modelsâŚ
Whenever I have tried to write that on of my posts, I thought Iâll avoid it since I`m sure someone would cringe and I guess I found that person lol.
To the OP
- pay off the - equity or see market value from actual buyers and not a guesstimate machine like KBB
- find a vehicle to roll into that does not depreciate $1/millisecond. Low dollar, high resale, 0% financing with rebates. Or maybe a used/cpo program which gets you a lower cost of entry and offer near 0% financing (honda I think)
- avoid the lease unless its got a ton of EV credit