I can't see realizing the depreciation of your car is going to help much. If you have a loan, get a home equity loan to pay off your credit card debt first, assuming your credit card has the highest rate comparing to your other debts. This will reduce your monthly payment and prolong your repayment time.

The long term solution is to spend within your means. If you are considering selling your car or other assets to cover your debt, that means it is about time that you have to reassess your spending habit.

I know it is painful. I did it myself a year ago.

Good luck!

 

Damn, Thomas knows his sh1t when it comes to finance.

 

You guys do realize my real driving factor here is justification for a brandy-new car right?


You're not really helping me convince myself. 3 years is the longest I have ever kept a single car...

 

I hear that JMRobins I get "bored" with cars quicky for some reason. Even after making mods to it. Part of the reason i mod every car ive owned and will own in the future is to keep me from getting bored with it. To add a little something new and some excitment to it. I guess it keeps me happy and more interested in the car. Ive tried this with women too, but i find it doesnt work as well.
So i too have been looking at new cars. Including others, like the Acura TL with the 6-speed tranny (What a car!) and belive it or not, i really like my Girlfriends Mini Cooper S. Its a cool little car, light and quick, with many luxury feautures that many euro-luxury cars have (i wish the S had a stereo like the harmon-kardons! the thing jams!!!)

 

yeah well I for one think you should go for the new car seeing that's what it really sounds like you want to do






Oh yeah and I'll take that Comptech exhaust off you hands

 

Justin we just got a screamin' yellow GTO in stock it would be perfect for you!

 

i say sell it if you want to... and if you are gettin a MY04 or MY05 still, then sure, why not?

 

I think that deep down Justin wants a blue S

 

So ... the idea here is that you are thinking of using the equity you have in your car to pay off your debt. As long as the debt will be gone and you are willing go stock for a while and end up with no equity in you car at all then I think it's ok. Remember this is a one time thing! If you let it happen again you'll lose the S for good. Going to a stock S2000 after having been FI'd is bad. Just go drive one and see if you are willing to give up what you already have.

 

Actually... that is one of my two choices. Rio Yellow or Suzuka Blue...

Any word on a new color for '05?