George Kamel

Let's play out both scenarios.

Let's say you sold it as is and you get $30,000.

That's what you told us.

That means you're in the hole $35,000, where you need to go out and find $35,000, whether it's your own money or getting a loan.

You need to go into debt another $35,000.

The other option is you're in debt $13,000 extra to cover this engine repair because the warranty company is going to cover $7,000, right?

Yes.

So on paper, option B is a better option.

They're both terrible, but that's a better option right now is that you get the engine repaired.

And then you're able to at least sell it.

So that's what I would do if I was in your shoes.

Whatever you need to do to get this engine repaired, do that and then sell the vehicle immediately.

But not to the dealer.

They're going to screw you on this deal because they already did.

So you'd have to sell it private party to get the most value out of it.

i think you should buy the cheapest car possible danielle at this point but the parameter ramsey is you pay cash it's a used car unless you're a millionaire probably four plus years old and the value of the vehicle is no more than half of your annual income the value of all things with wheels and motors so for you if that's one vehicle which do you have multiple toys or vehicles

Okay.

And so right now, that would mean with your $65,000 income, you would buy no more than about a $30,000 car.

I still think you don't need to worry about that until you're out of debt completely.

You get the student loans knocked out, the credit cards knocked out.