HELP: Should i sell or keep car? ? -

Please take the time to read and give me serious feedback...thanks in advance I m an 18 year old full time college student and i also work part time. Up until now i was considered responsible for my age, working a part time job since the age of 15, getting good grades in school, and never making dumb mistakes but I recently made an impulse decision and bought a 2006 used car for around $20,000 plus tax and license fees even though, originally, i was only going to spend around $14,000. I admit I got suckered into a very crappy EXPENSIVE deal. I get sick to my stomach every time i think about my hard earned money coming and then going. I m paying $370 in monthly car payments plus insurance which because i m under my parents I pay only $100 and i also live at home so I only pay $200 a month for rent. So, my monthly expenses totals out to $670 (not including gas and regular maintenance fees). On average i earn between $880-$900 a month. I m considering getting a second job but I would like to hear any advice on how to handle my situation. Selling the car would be an option but I m almost positive it wont sell for how much I purchased it for. The blue book value for private sellers right now is only $15870 (good condition). What should i do??? sell the car and just pay the difference?...that s if anyone will buy it.|::::|Believe it or not 370 bucks a month isn t that bad. Had you bought a 15,000 car your payment would be about 300, a 10,000 car 200/mo. There s a HUGE difference between what 10,000 buys and 20,000 but the money you would save on the 10,000 is only about 170 bucks. A lot of money to a college student yes, but worth taking a 10,000 car over your nice Accord ? Only you can answer that. Refinance the car for a longer term to get the payments a little lower if that s an option. Honda s run forever as long as you maintain them so that s not an issue. After doing so, send in extra money to pay it down faster when you have extra money. Your interest is calculated on a daily balance so even small extra payments can reduce your loan very quickly in the long run. I vote to keep the car if you can manage it. Also, I m glad to hear you re concerned about protecting you and your mothers credit. The days of banks giving money to people that do not deserve it are just about gone and credit will be extremely important to you after college. Protect it at all cost. Best of luck whatever you decide to do.|::::|selling a car in times like this? Easier said than done.... keep the car. it may serve as a lesson at least. is it a crappy car? what car is it? may be you can modify the car to your liking instead of loosing the money, who knows, someone might like to buy it then.|::::|is there a way you could get a personal loan w/a better interest rate? then pay this loan off and have a lower payment? id get a second job (depending on the schedule of your first job) just to have some extra money to save.|::::|I think you should keep the car for another 1 month and sell the car.trust me|::::|SELL IT ...............|::::|dont buy get some thing cheap cuz your a full time collage student you dont drive alot|::::|ill buy it|::::|I am 29 and I went through the same thing when I was 18. You have to maintain your credit in this day in age, so if you can sell it fine but other than that you stuck with that bad boy. You can try to refinance it to lower your payment then when you can pay extra.Bottom line you can t work two jobs and focus on school, that s hard. Take it from experience something will suffer. But, if you don t care about credit you can do a voluntary repo and get from under that note,but they may come after you for what they can t sell it for.|::::|keep the car- it seems like you like it, and if you were to sell it and buy a cheaper car, you would only be rolling over the left over loan thats on this car onto the next car, making the payments about the same. I know it might seem bad now, but it ll get better. How long did you finance it for? if not, you can ask for more hours, and budget everything out, or even talk to your parents about lowering your rent to $150. Im sure that your parents would much rather you pay them a bit less than ruin their credit score and yours.