Bought a new car I can’t afford … and now I’m stuck with it

Bankruptcy
1

I thought I was making a smart choice, but now I’m really feeling the stress. I bought a new car earlier this year, hoping it would help bring in some extra cash. Unfortunately, that plan didn’t work out. Since I got it, there have been 4 recalls with no fixes, and now the car has a reputation that’s making it hard to sell.

I have a job and an emergency fund, but things are tight. I’m considering getting roommates or maybe picking up a side gig.

Anyone got any other ideas?

2

Take a breath … you’ll get through this.

3

Nuri said:
Take a breath … you’ll get through this.

Thanks, needed that reminder :face_exhaling:

4

Unless you bought a CyberTruck to flip or put on a rental service, you’ll be fine. The issues will get sorted, and you’ll have warranty-covered wheels for a few years.

5

Zaire said:
Unless you bought a CyberTruck to flip or put on a rental service, you’ll be fine. The issues will get sorted, and you’ll have warranty-covered wheels for a few years.

Not a CyberTruck … but yeah, I was planning to rent it out.

6

How were you planning to make money with it?

7

Kellen said:
How were you planning to make money with it?

Was going to list it on a rental platform … it’s not just a regular daily driver.

8

Chill, maybe look for a better job or a side hustle and put in some hard work.

9

Is it a Kia? You could do deliveries (Uber, Skip) and keep it listed for sale. You might get lucky.

10

Maybe try Uber or DoorDash, or look into seasonal jobs at places like Target, TJ Maxx, or Amazon. Cut back on extras, sell some stuff, and if you need to, sell the car and take a personal loan to cover the difference. Dave Ramsey style.

11

How was a new car supposed to make money? You don’t need a brand new one to drive for Uber.

12

Reagan said:
How was a new car supposed to make money? You don’t need a brand new one to drive for Uber.

I was planning to make some upgrades to rent it out for more than the payment.

13

If you’re really desperate, you could get it insured for more than it’s worth and … you know …

14

Noor said:
If you’re really desperate, you could get it insured for more than it’s worth and … you know …

That’s insurance fraud and illegal … definitely not worth it.

15

Noor said:
If you’re really desperate, you could get it insured for more than it’s worth and … you know …

I wouldn’t do anything illegal, but I have thought about it getting totaled by accident.

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Noor said:
If you’re really desperate, you could get it insured for more than it’s worth and … you know …

Plus, you could get hurt in an accident. It’s not worth it.