Should I sell my used Honda 2010 accord and pay off my 12k credit card debt? Then lease or purchase a new car?
For the past few years I have been generating some credit card debt, around 12k from paying rents, utilities, etc.
Recently I have purchased a used Honda accord 2010 because I do need a car commute to work. With the support from my family I bought the car @ around 10k, which seems to be a great deal. Its a lx sedan with 34k miles, checked on kbb and it still worth around 10k.
I've been working hard for the past 8 months since graduating from college, 2 jobs but still struggling in paying off my credit card debt. Since the Honda is offering 0.9 APR right now. I just thought maybe I can sell my current car and use that money to pay off most of my debt, then lease or purchase a new or certified pre-owned car from Honda?
I understand I will be paying more eventually, because I'm getting a new car which worth maybe 30k, but obviously I will not be able to pay off all my debt in short term and the rate is significantly higher around 20%
Maybe I'm just being crazy and stupid from the pressure? Please share your thoughts!
Yes, but wait until the 1st of October, when 2015 models are out and 2014 cars are available for lease at a discount.
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