What to do?

[SVTcobra2]

Im in a weird situation....I have a 2007 Mustang GT currently. Im in college and my parents helped me pay for it and ended up paying it off and i am supposed to pay them just as i would the loan company. Problem is im not really making enough money any more. Im spending so much on gas and other bills that i cant pay for it. I know they would let me keep it without, but that was not the deal. The deal was for ME to pay for it.

Ive been tossing up the idea of selling it and getting a bike and maybe a beater. Another possibility would be to get a really cheap motorcycle with the money from the extended warranty.

I fill up about every 5 days and at $4 a gallon it is killing me. I cant do anything anymore!

 

[roadbratt]

If there is public transportation, why don't you take advantage of it? What about walking more and driving less to class, if you live within walking distance. I live about a 10 minute walk from my campus so I rarely drive, unless it is to get food. I fill up about twice a month and I even get single digit mpgs on these damn mountains.

 

[SVTcobra2]

the school is about a 25minute drive....4 days a week. Work is about 5 miles, 5 days a week, but i cant walk or bike there because i get out at 12am.

 

[SIr RicCuS]

I say that you keep it if your parents allow you to. Tell them your situation (which I'm sure they sort of have an idea of already) and tell them what you're planning on doing to correct it.

Make a payment plan that you can afford and pitch it to them, but let them know that you're gong to pay more when you can and definitely plan on paying it off down the road.

You're going to school and doing what you can. Looks like you've got your priorities straight. Good move on your part.

And try driving less or carpooling with a little hottie classmate when possible.

 

[LS2GTO]

Live in the dorms, get a job on campus...problem solved and you'll get a much better college experience.

 

[Midnight Venom]

work with your parents maybe they can come up with a plan that better suites this crappy economy especailly if selling your car means your going to lose money in the long run. I know mine would in a heart beat and I understand that you want to pay them off so maybe paying less at the moment will work out and they will agree with the way things are going at the moment. You can always go back to paying as much as you are now when things level out.

 

[SVTcobra2]

i do carpool sometimes, but i have to drive 10minutes through the city to get to my friend's house. it doesn't save too much more than 20-25miles on the highway.

it isnt just the not paying the car situation. i have money for almost anything except necessities.