Hey guys. This post got removed from personal finance so I figured this would be a better place.
Background: I currently have 3 car loans totaling 25k: 13 Chrysler 300C V8 15k at 6.49% -> 7.1K left, 15 BMW 428XI 10k at 7.49% -> 9.9K left and 11 328I 8K at 7.49% -> 8K left. While working on my Chrysler 300 and my paid off 2008 Impala blew it's 3rd transmission. So I decided buy another car to replace it. I bought the 428XI 133K (9.9K) to have transportation while I was finishing working on the Chrysler. I didn't care about reliability because my mindset was I just need a car to last me 2 months while I finish up. The 428XI did not last 2 months. It was basically bought a project car where I ignored the red flags bought it anyway. So I paid a shop $6200 to do timing chains and bunch of other work. The work was completed and 4 days later rod spung, quoted 10k for used engine, mechanically totaled. So, bought the next car 11 328i 85K miles and gone through by a BMW specialist.
I have 3 car payments currently, 284, 173, and 160 in that order. I can float the payments for 3 cars but I would have to take 160 out of the 1000 I'm saving each month. Tags and insurance for the 428XI have been transferred to the 328 . 7k in savings and 6.5K setup to sell the mechanically totaled car to Carvana. I'm trying to create a plan of attack if Carvana does not buy it. I'm going to be saving 840 a month and I'm getting a bonus in July probably for 5k worst case scenario. My thought process is finish saving the 6 month emergency fund. Then, pay off the Chrysler. From there I would have to determine if I want to pay to fix the 428i and sell the 328i and cover the difference in the loan or pay off the 328i and float the payments of 428i to whenever I can pay that off. So, my question is should I pay off these loans or invest the money in the market? What would that yield a better return? There's a lot of min maxxing that can be done here I just want to hear other people's opinions and recommendations. YES, I KNOW I SHOULD HAVE BOUGHT A TOYOTA. Thanks.
TLDR: 3 Loans, 1 car broke and expensive to repair. I can afford payments. Should I pay off 1, fix the other and get rid of 3rd or float payments and invest the rest of that money somewhere else?