Revvdmedia
1000 Posts Club!
The most important question to me, would be how much of that $17k in equity are you willing to lose.
I'm actually in my 2nd Stinger. My first was a lease (2018 GT2). I had it for 9 months before I traded it in for a 2019 GT2. I traded it for a few reasons : I wanted to own the car instead of leasing but in Texas, I would have paid full taxes on the lease buyout (I had already paid full taxes on the lease) so that wasn't an option I was willing to consider. I was able to negotiate $39k for my trade (I owed a little under $38k on the lease buyout) so I would have $1k in positive equity. I only put $1k down on original lease so I was basically breaking even with the exception of the 9 months of payments I would be out (basically rent on the car). I was only able to negotiate $4500 off of the MSRP of the new GT2 so not the best deal that could be had but I got a great interest rate (.9% for 66 months). Also, I was able to get the tax savings of trading in a $39k car so only paid taxes on the difference. I could have stayed in the lease till the end but I'd walk away with nothing after 3yrs and probably end up owing money for exceeding the mileage allocation. Point to all this story is, I'd definitely try to recoup as much of that $17k as possible in whatever way possible. Whether that's selling it privately or to a dealership (as opposed to trading it in). I understand you're unhappy with the Stinger so no point in continuing to pay any amount for something you're not happy with.
Yeah I think you pretty much nailed it. If I can make the numbers work out in a way I am satisfied with, I will move forward.
Basically, I already have 10% of my earnings going into RRSPs, I tend to moderate and deliberate all large purchases, and I have a positive savings potential of about 15K a year right now (after tax), so this is why I say I can afford it. We also have no kids, so there is that aspect too. Again, what is the money worth to me, and where can I get the numbers to work out will determine this. If I wasn't a car guy at all, I'd just drive the Stinger because it doesn't matter, but unfortunately, it does matter and now I have this in my head lol.




