Will a new car benefit me or only put me more in the hole?

I bought a 2006 Honda Accord V6 at the beginning of December. I had been car shopping for a while and %26quot;settled%26quot; on a 6 year finance option for $400/mo.

The $400/mo is not a problem, but my insurance went up $60 (V6) and my gas expense has gone up $40/mo. (V6)

My main issue now is the thought that I won%26#039;t have this paid off for 6 years!!! And I think now that I should have just leased.

The car under 6,000 miles. Do you think a dealer would give me a good trade if I want to get a 3-yr lease instead? I would even like to lease an Accord (i love the car, just not the thought of having it 6 years after $400/mo). I%26#039;ve also thought of looking at Toyota Camry%26#039;s to lease. Any thoughts? Would it even be worth my time to talk to a dealer? Or am I just going to loose a lot of money? Do I just need to get over it and deal with it for 6 years? Thanks for the advice!

Will a new car benefit me or only put me more in the hole?

There is a term in finance known as %26quot;sunk cost.%26quot; You have that in the value that the car lost once you drove it off the lot; the sunk cost is money you will never get back. If you buy or lease another vehicle, you will face that immediate depreciation all over again, so what will you gain? You made your choice and got a great car, so live with it. If you have a low interest rate, there is little incentive to pay it off early. If you have a high rate, work to pay it off quickly. In any event, keep the car well maintained and hold on to it so you get your money%26#039;s worth for that depreciation when you %26quot;curbed%26quot; the car (drove it out over the curb from the dealer%26#039;s lot).

Will a new car benefit me or only put me more in the hole?

You cant get rid of it without taking a bigger hit because you now owe more than it is worth.

Your best option is to find some extra money in your budget each month to apply towards the car. Get it paid off as soon as you can and learn from this mistake.

Will a new car benefit me or only put me more in the hole?

sell it take the hit. buy a car with cash.

a flease jut means you are paying someone to borrow a car and will always be paying.

try daveramsey.com

Will a new car benefit me or only put me more in the hole?

You can do anything you want you would get a great deal. Push for it.