Tesla resale

apoorv1993

I financed an M3 LR back in March 2022. Today, I went in to get my car appraised, and the numbers were disappointing. I am looking at closer to $24k in resale value when I still have $33k in pending loan. I was planning to sell M3 and move to another car but this was a disappointment. Considering that the new M3 is available for lease for less than $500, is it worth paying $900 in monthly payments for this car? If I keep this car for another year, I will end up paying $11K in payments in one year + I need to replace all tires. On the other hand, if I lease a new M3 or another car in the same range, I will save more than 5K within a year but need to pay $9K upfront to settle my loan.

Any suggestions on what I should do? Is it worth keeping my current M3? I know it was a mistake to finance this car back in 2022, but I really can't do anything about it.

kyfdx

apoorv1993 said:

I financed an M3 LR back in March 2022. Today, I went in to get my car appraised, and the numbers were disappointing. I am looking at closer to $24k in resale value when I still have $33k in pending loan. I was planning to sell M3 and move to another car but this was a disappointment. Considering that the new M3 is available for lease for less than $500, is it worth paying $900 in monthly payments for this car? If I keep this car for another year, I will end up paying $11K in payments in one year + I need to replace all tires. On the other hand, if I lease a new M3 or another car in the same range, I will save more than 5K within a year but need to pay $9K upfront to settle my loan.

Any suggestions on what I should do? Is it worth keeping my current M3? I know it was a mistake to finance this car back in 2022, but I really can't do anything about it.

Do you have the $9K to pay it off? If not, then keep driving. You've only had the car for two years. It isn't unusual to be under water on a loan after that amount of time. A finance payment isn't the same as a lease payment, because at the end, you'll have a car and no payment.

You are only $9K in the hole, if you sell your car.