I am having a vehicle dilemma so I am soliciting advice from all quarters.
Summary -- Totaled my trusty Mazda in December. Sarah and I shared a car until March, when our frustration and impeding baby led us to Carmax and a Subaru Impreza Outback Sport. We had some bank issues, so we had to finance through Carmax. The Impreza has 99K miles, but runs great and looks fine for being 10 years old.
So what's my problem? Well, it bugs the crap out of me that I may very well be making payments on a car with 150K miles, since we financed for five years. I feel I made a number of mistakes in buying this car. It's too old to have paid what I paid for it. The interest rate kinda sucks. Also, while it runs great and looks fine, it is ten years old and that shows in spots (a few seat stains, lamp covers that no longer fit, etc). Additionally, the insurance on this car is relatively high, for some reason. I have 55 payments left. Ugh.
I've been whining about this car for awhile now, so I am trying to take action. This is a good week to get a new one, as it is model-year clearance on most of the 2007's.
The way I figure it, I have four options:
1. Get a new car, probably a Civic.
Pros: I have a new car, which I have never had before. It will be reliable, under warranty, and I'll be able to drive it for a long time. It will look good and I'll feel good driving it. I'll get a lower interest rate. My insurance will probably go down, or will at least not go up.
Cons: My car payment will double. This will stretch our finances a bit. I'll have to add the money I still owe on the Subaru to any new car purchase. Taxes will be higher on the new car.
2. Get a different used car, probably a Civic
Pros: A nicer car, one I can drive for a long time (hopefully even after it's paid off). Reliable, maybe a warranty. Feel better about driving it.
Cons: Still a used car. Maybe not as much wiggle room on the price, especially when you factor in the Subaru balance. Still a used car, even if a nicer one.
3. Keep Subaru, but make new car payments on it to pay it off quickly
Pros: Subaru paid off faster. Can then trade it in or dive it till it quits.
Cons: Still have Subaru AND big car payment, at least for a couple of years
4. Suck it up and keep on keeping on
Pros: Manageable payment on decent car
Cons: Will be paying on the car awhile. Will continue to be annoyed at my car mistake. Will car make it until paid off?
So, any advice? I have to make a decision quickly!