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jcastro777 t1_jee3za2 wrote

The cheapest 2014 Cayman on Autotrader right now has 109k miles and is listed for just under $30k, so even needing suspension work it would probably be worth at least posting it for sale and trying to get 25k for it before selling it to a dealer.

Is 36k the payoff amount quoted from your bank today? Or just the sum of all the future payments. At 11% interest the payoff today is likely thousands less than the sum of all future payments, and is actually what you need to sell the car.

If you don’t want to take the personal loan and don’t need the space you could try selling the minivan and using that money to pay for suspension repairs on the Cayman if it looks like the car is otherwise reliable. Front struts are a pretty common replacement item on most cars around 100k miles, especially performance cars, so this doesn’t seem like it’s an indicator the car will be problematic.

If your credit is good you could try refinancing the Cayman to bring your rate down, it probably won’t drop a whole lot but even 7-8% is better than 11%. Then just pay it off aggressively until the loan balance is below the value of the car and sell it, or if you sell the minivan to fund the suspension repairs keep it until it’s paid off and keep driving it.

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VeryDumbWithMoney OP t1_jeevvmy wrote

$36k is the payoff. That $30k Porsche may not have any accidents or damages, mine has one minor accident and one major underbody damage accident both from previous owner, but yea it doesn’t hurt to list it and see what people say.

For the minivan, although no one else in my family uses it (because they think it’s hideous) and I am the only one that uses it, its still my dads and I can’t really sell it. He would sell it to me for maybe $800 but I could probably only sell it for maybe $3-4k

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