Bought a 50K car during one of my bipolar episodes. Hugely regret. I can pay it off in a year and drive it for 10-15 years. Or I can sell it now but the depreciation means I lose close to 15K immediately (loan amount = current car value). What should I do?? Job searching in LA and NYC so I’m even more conflicted

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OP: this may seem a bad financial decision (and it is) but you can make it better by paying it off and keeping the car for the 10-15 years. I only buy new cars and I keep them for 8-10 years so, in my mind, it makes sense. Of course, we can always spend less on cars but I think that buying new and keeping for 8-10 years is not too bad.

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let me point out the obvious: you don’t actually have to do anything right now. if you can pay off 50k in a year, while your impulse buy may not have been the most responsible, it doesn’t seem like it will really affect your lifestyle negatively overall. you can decide what to do with it if/when you actually end up needing to move.

also, you’ll need it in LA anyway.

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Good luck driving it for 15 years

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A1- Audi’s in USA are a dime a dozen after 10-15 years... maintenance gets to be more than they are worth pretty quick tbh.

Most people drive a $50k car in LA - so if you move here, keep it. You’ll fit in ;)

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Drive a $50k car but live in a dumpster

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Lease it out on services like Turo and then sell it once you break even.

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Terrible advice.

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Any chance you can try to return it? Is this a common issue you have in your life, it may make sense to have financial power of attorney transferred to someone you trust?

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M1 even if isnt common occurrence 50k is a lot. Maybe putting a hold on your credit so it takes a few days before you're approved for any line of credit. Maybe prevent future episode leading to big financial decisions like this (not sure how long your episodes last but having 3-4 days hopefully you'll be in a diff headspace)

Also I would say if you aren't sure if you want the car sell it. It will be better to take the 15k loss rather than invest 50k in something you arent sure you want. If you plan on going to LA you'll need a car there NYC cars a usually an extra headache

likehelpful

If you move to LA you will need it and might be worth the cost right? NYC not so much, though more and more people are getting cars.

Hope you’re staying healthy 💕

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Even in NYC having a car is nice right now. I have several friends/colleagues who have bought them and we’re considering it too. Nice to have the option during COVID

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50k for an S4 😂. In all serious, I’d pay it off and drive it into the ground. I’m quite surprised the depreciation is that steep so quickly. If you pay it off in 1-2 years and drive for 10, that’s almost 8 years of zero car payments. And probably 3-4 years where maintenance is a higher risk, after the warranties fade. If you perform regular, recommended maintenance, and don’t drive a ridiculous amount of miles per year you should be fine.

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Plenty of “proper, regular care” for an S4!

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The sweet spot for selling a car is around 3 years old and under 30k miles. If you can do that, keep it in good shape and call it lesson learned.

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You bought the car already. Keep it and enjoy it until you pay it off. Gettinf rid of it now makes zero sense.

If you move to NYC, use it for weekend trips out of the city.

If you move to LA, you’re sorted.

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It's going to be okay

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What's your rate? That should impact your decision. If it's 0%, then just pay it out over the life but still drive it until it dies or trade it in when youre above water.

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I own 3 vehicles. 2001 Mercedes SLK, 2003 Dodge Ram and 2009 Mini Cooper. I refuse to buy another new vehicle. Last year I thought the Cooper was dead but I spent $2 grand with a local mechanic and it’s good for another 15,000 miles or so.

As you can guess I would say keep it.

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I actually couldn’t guess where your post was going or the relation...🤣

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Are you actually bipolar or just using the term loosely to describe impulsive behavior?

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I automatically assumed op is actually bipolar... If not this is a whole different situation

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also disagree with everyone talking about insane audi maintenance costs or them not lasting. i drove a 2008 a6 from 2015-2019 (albeit only 15k miles or so, as i traveled for work), and i never had any strange maintenance issues that were necessary to repair and that cost me more money than i would expect.

i did experience one issue with the telescopic steering, which is electronic - it broke in 2018. the fix was unclear because i never wanted to pay them $200/hr to figure out what it was. but again, it wasn’t something i needed to fix, and electronics are pretty dicey at the 10 year mark regardless of manufacturer.

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right now i drive a newer bmw 3 series with more power than my old a6. bmw has more engine options to upgrade to without increasing the cost as much as audi.

in some ways i regret the move to a smaller car, but i would absolutely buy another audi, and they will be on my list when i look for a new car. i think they have the best blend of performance and luxury.

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Which car?

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Dir1 nailed it

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You’ll need a car moving forward even in NYC, having your own wheels is great during COVID. You have the option to get out of the city when you want, tool around Brooklyn. Since we aren’t shackled to Manhattan anymore, a car makes a lot more sense here

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Give me your funds, I’ll manage them

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You will need it in LA. You will also pay a lot in insurance.

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Wait until you actually get a job to make a decision. Also, You can have a car in both LA and NyC.

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