Time to Sell a Car?

DAVE SAYS: Time to Sell a Car?

Dear Dave,

I have two cars. One is paid for, and I owe $23,000 on the other. These are my only vehicles. I’d like to sell the one I still owe money on, but no one wants to pay enough to cover the balance. I make $85,000 a year, and I also have enough money in savings, with plenty left over, to cover the difference on one of the offers. Still, I was wondering if there’s a rule of thumb to determine whether or not to sell a car in this kind of situation?

Jimmy

Dear Jimmy,