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Keep it or Sell it?
If you were in my shoes, owning a car that you're not 100% happy with and it's value is rapidly depreciating, but in lieu of all this it's almost paid off and has really low miles. Would you sell and finance for something you want or continue college car payment free with strong beliefs that when you're done, you car can't be sold because it may be worth nothing.
I'm a very very conflicted person. It's so hard for me to make a decision on anything if there's any level of doubt. It's as if regret is one of my biggest fears haha.
I currently own a 2009 Cobalt SS Turbocharged with 27,000 miles on it and I've been pushing 300WHP since it had 5,000 miles. I bought it used with 989 miles on it. I'm currently at 350 FWHP/397 Torque and I achieved these numbers January of 2012. It's a fun little car, but there's things I dislike and these reasons are causing me to want a something else.
I live in Colorado so AWD and FWD are more practical for year round driving. Plus I'm way up here in the Mountains and N/A V8s aren't as efficient. RWD's in the snow would also make life hard. So I want to stay away from high torque RWD cars as much as possible. I typically beat Camaro SS's, 2012 Mustang GT's (especially from a roll), but I typically get worked by S/C'd V8's. I know it may be hard to believe, but it's true, high alt. and N/A cars don't work well together. If you don't believe me, lets just leave it at that. I wanna keep this as on point as possible.
Anyway, the things I hate about my car are build quality, reputation, daily drive, refinement and functionality. The daily drive is poor, rough and the I find things all over the place that screams "I didn't cost much and if you're too rough, I'll break". That aside, my car's engine has been great. I haven't had any issues with it and I feel like it's reliable enough to make it for a long time. The maintenance is super cheap and when things do go sour, it's a cheap fix that I can do myself usually with my basic tools. I typically don't beat on my car regularly so I have that in my favor. As for reputation; if you find it hard to believe I don't get a hard time for owning a Cobalt SS/TC then I don't know what to tell ya, but I do and it happens more often than you'd think. I know that shouldn't matter, but sadly it does. Perhaps I have low self confidence, however there's no need to get into that.
I'm looking for a car that I can mod to about 280-300 WHP, but I can settle with as little as 250 WHP. I no longer care about becoming the fastest guy on the road, which was the mentality I had when I got the Cobalt. Now I just want something peppy that I can mod to a 250-300 WHP tire spinning fun little car. Above all, class, style and quality.
Now that that's out the way, my Cobalt depreciates so freakin fast. I owe $4000 on it now and it should be paid off next year especially if I dump my tax return into the loan. I've asked some people and they say keep it and go without a car payment for a few years. But I feel like the rapidly depreciating value will make it worthless after a few. Where as if I sell next year I can get... say $13,000-$14,000 that I can use for a more refined car, such as a GTI, Focus ST, Mazdaspeed 3 or something along those lines.
A buddy of mine suggested and tried to convince me of the sweet life without a car payments. While I clearly see his points, I also see mine. It's a tough call for me.
So I'm reaching out to total strangers as logical as that is.
Thank you for the help..