Advice on my options with this car loan!
Hey everyone, I need a reality check on my car situation.
About 9 months ago, I picked up a used 2024 Mazda CX-90. At the time, the numbers seemed okay, but now I’m wondering if I’m digging a hole. According to my contract (image.png), I financed $36k at 7.99% for 72 months. My monthly is $633.
The car is great, but I’m worried about the depreciation. I probably owe around $32k-$33k, but trade-in values for these seem to be dropping fast. I feel like I'm already "underwater" (owing more than the car is worth).
My questions for the experts:
• Was this a bad move? 7.99% for 6 years feels long, especially for a used car.
• How do I get out? I don't have $5k-$8k in cash to cover the gap if I sell it today.
• What are my options? Should I try to refinance for a shorter term, or just start throwing extra money at the principal to catch up to the value? Or do I just drive it until the wheels fall off and hope for the best?
Any advice from someone who’s managed to get out from under a car loan would be huge. Thanks!