[Maynard]

It's a Kia - leave it overnight in a sketchy parking lot and it will take care of itself, no need to find one of the 10000 lakes.

But I'm confused (or it doesn't make any sense?) - how can you still owe $25k on a car that AFAIK had original msrp <30k? How much over value did you pay for it originally (or is Google wrong about the original msrp? - I'm seeing 23-29k). However, the 120k miles in a Kia mini-ute does explain your username....

[spazzyfry123]

I may have overlooked it, but have you shopped for insurance? Tripling your insurance is madness. Find someone else. The numbers you are throwing around will leave you, what... $20k in negative equity if you unload the car? Only thing I can say if you are adamant to unload the car, weigh out the tax advantages for trade in, how much more you can get privately, what your new interest rate will be against your current, etc.

I recently went to a broker and they were able to get me insurance significantly cheaper than what have been paying. I've been with State Farm for 20+ years with zero at fault accidents nor any speeding tickets with home owners, umbrella, yadda yadda. My auto insurance doubled what seemed like overnight, so I'm off to the next. 20+ years of patronage means nothing even with a spotless record.

[vreihen16]

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[DrVenture]

Originally Posted by Maynard

It's a Kia - leave it overnight in a sketchy parking lot and it will take care of itself, no need to find one of the 10000 lakes.

But I'm confused (or it doesn't make any sense?) - how can you still owe $25k on a car that AFAIK had original msrp <30k? How much over value did you pay for it originally (or is Google wrong about the original msrp? - I'm seeing 23-29k). However, the 120k miles in a Kia mini-ute does explain your username....

Funny.

Driving the wheels of a car can get you to negative equity quickly. Or trading in a car that already has negative equity.

[IanH]

Originally Posted by DrVenture

Funny.

Driving the wheels of a car can get you to negative equity quickly. Or trading in a car that already has negative equity.

Not trying to shame OP but I feel like there has to be negative equity rolled into the Kia for the loan balance to be around 20k on a 2021 car worth less than half that balance.

[DrVenture]

Agreed, and if he drives that much, it is likely that his last trade-in was already underwater. Of course the big increase in insurance is a separate factor. I am baffled why insurance is going up so much for people with good driving records. But, 30K miles a year might be part of it. My cars are under 5000 miles annually at this point. When I was doing 18,000 miles annually it was spread across two different vehicles.

[DrVenture]

Originally Posted by spazzyfry123

I may have overlooked it, but have you shopped for insurance? Tripling your insurance is madness. Find someone else. The numbers you are throwing around will leave you, what... $20k in negative equity if you unload the car? Only thing I can say if you are adamant to unload the car, weigh out the tax advantages for trade in, how much more you can get privately, what your new interest rate will be against your current, etc.

I recently went to a broker and they were able to get me insurance significantly cheaper than what have been paying. I've been with State Farm for 20+ years with zero at fault accidents nor any speeding tickets with home owners, umbrella, yadda yadda. My auto insurance doubled what seemed like overnight, so I'm off to the next. 20+ years of patronage means nothing even with a spotless record.

Certainly not what I would expect. That just is not right.

[spazzyfry123]

Originally Posted by DrVenture

Certainly not what I would expect. That just is not right.

I’m not saying we have the Taj Mahal, but we designed/built a home we took the keys of a little under a year ago. It’s nice for what it is. When I broached the question as to how in less than three months of auto insurance payments I’ve exceeded my annual home owner’s insurance, my agent just replied “your house doesn’t move.” Wrong answer. Sent me to the moon. It wasn’t too long ago it would take 6-7 months before that would happen with the same coverage.newest vehicle we have is almost 10 years old for crying out loud.

Sorry for the rant. I’ve been in orbit for a couple weeks.