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selling my car to save money? Bad idea?
I moved to be closer to a support system and now I cant find a job.
I'm thinking of selling my car to elminate my car payment and insurance, which together is about $400. Right now this is my biggest expense. While I was initially completely againist it, the idea is growing on me. That is a lot of money to not have to spend. And worst case, if I can't find job within another month I won't be able to make payments anyway. Plus my family lives literally next door and usually someone would be available to drive me somewhere or let me borrow their car if I needed to for appointments or grocery runs.
On the other hand, relying on being able to use someone else's vehicle or waiting on a ride would prob get old really fast. I also would be stuck at home a lot. I don't plan to give up on looking for a job, so when one does come around getting to/from could be an issue.
But I don't know. I'm torn. Any advice from other people who have been in a similar situation? My biggest fear is that I won't find a job by baby's arrival and then I'll be jobless and car-less.
I'm thinking of selling my car to elminate my car payment and insurance, which together is about $400. Right now this is my biggest expense. While I was initially completely againist it, the idea is growing on me. That is a lot of money to not have to spend. And worst case, if I can't find job within another month I won't be able to make payments anyway. Plus my family lives literally next door and usually someone would be available to drive me somewhere or let me borrow their car if I needed to for appointments or grocery runs.
On the other hand, relying on being able to use someone else's vehicle or waiting on a ride would prob get old really fast. I also would be stuck at home a lot. I don't plan to give up on looking for a job, so when one does come around getting to/from could be an issue.
But I don't know. I'm torn. Any advice from other people who have been in a similar situation? My biggest fear is that I won't find a job by baby's arrival and then I'll be jobless and car-less.
That is a rock and hard place. I would sell the car and pay off the note. Then buy a used car cheap and outright and just put the bare minimum ins on it.
That way I eliminate my car note and just pay cheap ins on a reliable family car. That way you have reliable transportation for work and your child.
Either way, good luck.
That way I eliminate my car note and just pay cheap ins on a reliable family car. That way you have reliable transportation for work and your child.
Either way, good luck.
That's what I was thinking. $400 a month (with the prospect of losing the car if you can't keep up the payments and probably your credit rating too) seems like a lot of risk. There are reliable inexpensive used cars out there.
Also, what kind of a car do you drive, and what's it worth? If you're planning to sell it and get nothing out of it except relief from making payments, you're kind of in a corner.
If your car is worth something, and you can sell it and turn around and buy something really cheap but reliable like a mazda protege, that might be a way to go.
If your car is worth something, and you can sell it and turn around and buy something really cheap but reliable like a mazda protege, that might be a way to go.
I think that would be basically giving up and painting yourself into a corner.
Sounds like you're only about 16 weeks along? So you have a long time to work before the baby arrives. If you sell your car you're closing off all your options - if someone is "usually" around who might be able to take you on the odd errand, that's not the same as saying you know your family will be available to get you to work.
You don't say where you live, or what you've done to try to get a job, I think selling the car would put you in a very big and irreversable downward spiral.
Sounds like you're only about 16 weeks along? So you have a long time to work before the baby arrives. If you sell your car you're closing off all your options - if someone is "usually" around who might be able to take you on the odd errand, that's not the same as saying you know your family will be available to get you to work.
You don't say where you live, or what you've done to try to get a job, I think selling the car would put you in a very big and irreversable downward spiral.
I'd do it. You can always buy a really cheap car when you get a job.
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