I am trying to live car light. I mainly drive to school twice a week, which is 30-40 miles away with no real safe routes there.
My dilemma is this: Before I was even aware you could live car light or car free i bought a new car, this is 3 months ago or so. Now I am downgrading everything and for reasons I won't get into I am moving and have to pay more for rent. On the plus side I will be in a better location for biking everywhere. Since i have this new car, I barely use it, and it costs a ton, but I am willing to pay for it. But I was thinking of trading it in for a smaller for efficient car. This would cost me less in payment, insurance, and gas. But in doing so i would lose $3000 on my current trade. So my new loan would be car cost + $3000.
I am stuck on buying a new car, since I have never had any luck in the past with used and I know if I can take care of a car from day 1 I can make it last 10+ years (I do my own work on them as well). But, should I do this downgrade even if it only saves me $100 a month in payment? I pay $500 now and could probably get something for $270-$300.
I have been so wasteful in the past with money and resources. It is finally catching up to me and being car light and tightening up my finances will be good for me.
Does anyone have any experience with this sort of situation? I can't get rid of the car because I still need reliable transportation to get to school, the bike repair shop, occasional large shopping trips for necessities, and in case of injury. Should I just pay on what I have or try to downgrade and take a hit on the depreciation?
Thanks in advance for any advice.