28F, getting paid 32/hr so I take home about $1700 every 2 weeks.
HYSA: $7500
Bills: about $2200 including rent, grocery (I barely eat out), car insurance, wifi, electricity, gas money
My car insurance is currently $95.
I drive only 4 miles to and from work everyday.
I bought a 2007 Ford F150 (bought for 6k) 6 months ago after selling my 2010 Honda Civic (sold for 5k). Buying the truck was definitely a wrong business move for the side hustle I planned for; I didn't plan everything well so now I’m regretting it and I’m not making any money off of the truck. I just want to get rid of it right now.
I could probably still post the truck on Fb marketplace for 6k negotiable since it has low mileage and I’m only the 2nd owner.
I really just want to get another Civic or Camry for the fuel economy.
If I get to sell the truck for $5k, should I just get another paid off car, or use that for a down payment and get a car loan?
I live in PA and the last winter was crazy, so I feel like getting an upgrade like a car with remote start or heated seats lol 😔
I’m so frustrated with the gas price being at 3.99 from 2.85 and with this V8 truck I can't really afford it anymore
So..
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Get a paid off car and save more money monthly
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Get a car loan and pay the extra $200/month + cheap gas every month.
^yes even if I upgrade I would still try my best to get the lowest monthly payment as possible
Need help about my car situation
byu/Ok_Product_9387 inpersonalfinance
Posted by Ok_Product_9387
4 Comments
Depends on your risk tolerance for vehicle maintenance/failures. Also factor insurance premiums.
On the used car front, you can usually get a remote start installed third party pretty cheap
paid off car. you can add remote start and heated pads later
Paid off car.
Could also get an e-bike for the summer / spring / some fall if it’s only 10 miles round trip.
Could save an extra couple grand on insurance and gas and buy car after summer
honestly the hardest part isn’t the hustle itself, it’s the admin and taxes that come with it. btw r/HustleHacks has breakdowns with real numbers if you want to compare options