Overhaulin'

Should I sell my car or keep it?

I have a 2007 Nissan Versa which has low mileage and factory warranty still on it...it is currently being financed (the loan amount is $14538) I got a pretty decent interest rate but now I kind of want an older without any car payments. Im currently a college student with decent credit (lowest score is 690 and highest is 700) i only have $500 in credit card debit...but I still have to pay for books, food, and a $500 balance for school. It's a cool car but I really would like to build up my savings even more. According to Vehix.com the retail value of the car is $14,850. What should I do...I dont really know anything about selling cars let alone if I could sell a financed car. The only reason why I purchased the car was due to the fact that I'm the only driver in my household and my school is a 2 hour drive away...and I have no one to take me back and forth.

Public Comments

1. That's kind of hard to say, on one hand i understand that school is expensive & you cant afford another payment each month, but on the other you will need a real reliable newer car to take the two hour drive each day. That's one of the reason i don't like buying new cars because your always gonna pay more then its worth. You can sell the car & let someone take over the payments, but you wont get anything back to buy another car. I say keep it just for that fact you need a reliable car & theirs no telling whats gonna be wrong with that used car. Good Luck (sportscars19)
2. the 2007 nissan is a good car and stepping down to a older used car has it's problems unless you are on great mechanic you won't gain a thing .. Deal is either you make car payments or you pay repair bills.. Car payments are structured and repair bills can run from nothing to thousands of dollars .. for example on a modern car the heater core cost around 50.00 at the auto parts store and if you have to take it to a shop to put it in the bill will be close to a grand . hope this helps
3. you're really in a bind. while the 'retail value' is 14850, getting someone to actually pay that may be tough. in todays economy, i could buy a new one cheaper than that from the factory (not even the 1.6 which is a whole different issue). that means noone is relaly going to pay that which in turn means that you will still owe money even if you sell the versa... then you get the joy of having a car payment on a car you don't own... my personal experience has been that once you figure in repairs on a used car they cost about the same as buying new... without the peace of mind when travelling that a new one provides.
4. Once you bought a new car, you waved goodbye to the chance of saving. It loses a large percentage of its value a soon as you drive off the dealer's lot.