which car to get rid off?

[dsanner106]

I would definately sell the fit, put the first 4 months fit payments into savings as a car repair bank account. In four months you have 2000 banked, enough for nearly every breakdown you could have. If you don't use it, it gains interest and is a downpayment when you do decide to trade in later. That Honda van might live years more and you are saving 6000.00 a year in payments plus a chunk for insurance too.
Drew in Ga

 

[tvguy]

THe fit has 26 months left and has 5800 miles. interest is 1.8%

5800 miles in 10 months is 580 miles a month. Assuming the Fit gets 30 mpg and the van 15, and you put those miles on the van, your gas usage will double. Instead of 20 gallons a month, you will use 40 gallons, 20 gallons more at $4 a gallon is $80....so you're $420 a month ahead of the game selling the Fit, not counting savings on insurance and upkeep.

 

[sweetdana]

Yes, the loan was a 3 year, 1/3 way done.

Based on this I would keep this car. I would sell the ones with the most problems, least reliable. I also would use that $ as a savings unless you are set on savings then use it to cut off a few payments off the end.

 

[abolanwoski]

Thanks for all the perspectives.

Selling the Fit today. I will be glad to be shed of the monthly payment and the insurance!

 

[DVC California]

If the issue is financial, dump the Fit. The savings on insurance and payments will more than offset any repairs and extra gas used for the minivan.

+1

The Fit will have the greatest impact on your household "outgo" because of the payments saved AND as the newest car, higher insurance premiums and registration costs.

You wrote you were worried about the 8-year old minivan and mentioned that it was in rough shape. How many miles does it have on it? If it is around 100k, it may need some TLC but should run for many more miles. Timing belt and water pump would be the next big expense, approximately $1000 each and sometimes cheaper if done together (labor savings).

You could recoup that in 4 months from the savings on Fit payments .

HTH, Steve