Quote:
Originally Posted by ray
Not quite. If he sells the car and buys something cheaper at the end of the loan period he'll have a used-up beater rather than a still perfectly-good Si that he's owned since new and as such been able to mantain properly. It will still likely be worth a substantial amount, and will incurr no repair costs over that time due to the extended warranty. And he'll have been able to enjoy the style, performance, safety, and reliability of the Si all that time. There's no way to drive for free, and a new honda is about as cost-effective a decision as one can make.
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You're overlooking what the OP has said. He is getting hurt financially right now. He can't afford to continue to make the payments. The issue is apparently one of monthly cash flow. It's not about what he wants to enjoy, it's about what he can afford.
He's already beyond the point where he's going to lose money. Now the question is how much is he going to lose. Is he going to die a death of a thousand cuts (payments he can't afford over 5 years) or take his lumps now and be done with it?
No, you can't drive for free. But you can reduce what you pay for a car. A used Honda would have been a good choice and would have allowed him to get a late model Civic for under 10K. As you said, dead reliable so this would have been a good choice.