New or Used: Debtors Prison Edition

Hi there, I would like some advice on how to sell my new car. I bought a 2011 Subaru Outback Sport a little over one year ago and quickly realized that I made a huge mistake. It's not anything to do with the car, in fact, I love the car. It has everything to do with the fact I "traded" an almost new Mazda3 for it and now I am "upside down" and I have found myself in a pickle. I have come to the realization that I cannot afford the car any longer with gas prices going up and up, the payment itself, and the economy. So, do you have any advice on how to sell it QUICKLY? I owe more than the car is worth and that is where my confusion comes in to play. How do you sell a car that you owe more than it's worth? Steve Says: That's easy! You don't! Keep what you have. Have gas prices gone up? Then drive less. Are you upside down? Then honor your commitments and eventually you will find yourself right side up. Want me to pull a Judge Judy or Dr. Phil on you? No thanks. I pass. The truth is that virtually all of us make a dumb financial decision at one time or another. We buy a car that's too expensive… or a house… or find ourselves doing business with a douchebag. Life happens. In your situation I would propose less leisure time and finding more work. Yeah, I know the economy isn't a well oiled machine at the moment. But it hasn't been that way since 1999. Your Subaru should serve you well for a long, long time should you chose to become a long-term keeper instead of a debt ridden trader. I would pursue a long-term investment in a debt free existence. Good luck! Sajeev Says: You wanna know how you sell a car that you owe more than it's worth, QUICKLY? Do you really wanna know? By grinning, bending over and taking it up…well, you see where this is going. We haven't walked a mile in your shoes, so we sure as hell better not be judgmental. So my advice? Sell your new ride and drive an old hooptie. Time to punish yourself: trade it in for a used, $10,000 family sedan from a dealership with a reputation for taking in clean used cars. With any luck, that purchase will negate the thousands in negative equity so you can make a fresh start. An older Camry/Corolla is ideal, both on their quality reputation, fuel economy and fantastic resale value. Learn to love your Cam-rolla, and fix it on the cheap too. And when you are in the black, no longer in your current circle of debt, don't make this mistake again. Learn from your mistakes. We all gotta do it, and we've all been there. from The Truth About Cars http://www.thetruthaboutcars.com

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