m3t4lm4n222
New member
Before I note what I am planning to do, I want you to keep in mind that I am 20 years old. This is my first ever car purchased from a dealer and I limited knowledge of how taking out a loan really works.
So here it goes...
I purchased my Sonic back in August of 2014, brand new, for about 19K total. After my down payment, I owe'd 17K. It's a 2014, well optioned out LT with MyLink, Backup camera, 6MT, etc. After much deliberation, I decided to buy the car.
Here we are 6 months later..tax returns and some bonuses are coming in within the next couple of weeks and well..I don't really have much passion for it.
Don't get me wrong, it's a good car but I am just not in love with it. I had a 1991 Ford Festiva before this car that I actually had more of a passion towards. I think it's a combination of still owing $15K on the car that's worth maybe 12K now and the fact that the M32 Manual transmission is..well..janky in my opinion. The multy inertia flywheel makes the transmission feel jerky, I am already (3,500 miles in) experiencing a 2nd gear grind and driving it just isn't that exciting.
Anyways, I am having deep thoughts about taking my tax returns and bonuses that are coming in, applying them to what I owe on the car and trying to sell it Private party. My real question is, how does this work. If I owe 15K on the car, can I sell it private party for ~12k, get the cash, pay the car off for 15K and give it to the person who purchases it from me? Will the warranty carry over?
Another option would of course be, to trade it in, but at that point I would be breaking even, as it looks like this Sonic is only worth a whopping 10.5K with trade in (According to KBB.com)
Thanks guys!
So here it goes...
I purchased my Sonic back in August of 2014, brand new, for about 19K total. After my down payment, I owe'd 17K. It's a 2014, well optioned out LT with MyLink, Backup camera, 6MT, etc. After much deliberation, I decided to buy the car.
Here we are 6 months later..tax returns and some bonuses are coming in within the next couple of weeks and well..I don't really have much passion for it.
Don't get me wrong, it's a good car but I am just not in love with it. I had a 1991 Ford Festiva before this car that I actually had more of a passion towards. I think it's a combination of still owing $15K on the car that's worth maybe 12K now and the fact that the M32 Manual transmission is..well..janky in my opinion. The multy inertia flywheel makes the transmission feel jerky, I am already (3,500 miles in) experiencing a 2nd gear grind and driving it just isn't that exciting.
Anyways, I am having deep thoughts about taking my tax returns and bonuses that are coming in, applying them to what I owe on the car and trying to sell it Private party. My real question is, how does this work. If I owe 15K on the car, can I sell it private party for ~12k, get the cash, pay the car off for 15K and give it to the person who purchases it from me? Will the warranty carry over?
Another option would of course be, to trade it in, but at that point I would be breaking even, as it looks like this Sonic is only worth a whopping 10.5K with trade in (According to KBB.com)
Thanks guys!