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  1. #1

    Upside down car loan

    So the folks on this forum have got me thinking of possibly getting rid of the car. Especially after seeing the other post showing how Uber can be more cost effective than owning in some situations. We have used our car heavily for business, but we're now refocusing our business efforts to do less of it, and none of it in a car (uber and airplanes will now suffice). We're currently upside down on the loan and will be for some time (at least until January 2018), and in the debt payoff schedule I have created, it's pretty far down on the list of items to get paid off.

  2. #2
    In your opinion, do you think just waiting it out until we aren't upside down is the best thing to do? Or maybe best to just keep the car and pay it off as soon as my debt payment schedule allows us to not be underwater? Or sell it and cover the deficit using other monies currently planned for higher interest debt? This would leave us without any car at all, which would be a huge change but I think could be workable. I just don't know which of these methods would be ideal.

  3. #3
    Do you live somewhere where not owning a car is common practice, like NYC? If so, going without a car might be perfectly reasonable. Otherwise, I'd keep it, or at least replace it with something more affordable (I don't know the details on the car).

  4. #4
    I don't live in an area with a subway, but there's never an Uber driver more than a minute away. There's also a large bus terminal within a 3 minute walk.

  5. #5
    Can you easily and affordably do all of your day to day activities without a car? Things like grocery shopping, going out to dinner, getting to a doctor's appointment, etc?

    I've never lived anywhere where being carless was feasible so it's really a foreign concept to me, but I realize there are people who make it work. Personally, we are too active and mobile for it to be an option. If nothing else, I need a car to get to work, but beyond that, we're always out and about doing something.

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