My husband and I have a car each. My husband is trying to shift his as he pays €300 a month repaying the loan.
Problem is the car market has obviously taken a nose dive and the car is valued at approx 9k with an outstanding loan balance of 13k.
I presume we have no sensible option but to hold onto car? My car is prob worth about 3-4k, which I will pay off by November 09.
The plan had been to sell my husbands car (he was willing to take a hit but not as big as 4k) and then aim at clearing the balance and having no car loans asap.
Does anyone have any advice - would it be a good idea to sell my car (I use it rarely) even though the loan repayments are almost up but it would mean that there would be no running costs to pay i.e. tax,insurance etc. Or would this be a bit pointless in overall scheme of things?
Sorry for rambling, would welcome any feedback.
Problem is the car market has obviously taken a nose dive and the car is valued at approx 9k with an outstanding loan balance of 13k.
I presume we have no sensible option but to hold onto car? My car is prob worth about 3-4k, which I will pay off by November 09.
The plan had been to sell my husbands car (he was willing to take a hit but not as big as 4k) and then aim at clearing the balance and having no car loans asap.
Does anyone have any advice - would it be a good idea to sell my car (I use it rarely) even though the loan repayments are almost up but it would mean that there would be no running costs to pay i.e. tax,insurance etc. Or would this be a bit pointless in overall scheme of things?
Sorry for rambling, would welcome any feedback.