Keeping a vehicle if enlisting

[firescued]

Hi, My name is Eddie and I am currently going through the process of enlisting in the Marine Corps active duty and I am shooting for a mid-April ship date. I have used the search feature on the forum as well as Google and really couldn't find anything helpful. So my questions is I have about a year and a half of payments left on a financed vehicle, My finances are in order but I was wondering if it is worth while to keep it if I am really not going to be using it for an extended period of time...Just looking for everyone's opinion's or experiences. Thanks in advance.

Eddie

[Gunner 0313]

:flag:A POV IMO is nothing but a money pit. On the other hand being stuck on base with no wheels blows big time. See if the positives outweigh the negatives and go from there.

[temarti]

If you have a year and half to pay off, keep it. This way your last years in the first contract will be minus the payment. You will see where some go out and get their new car at their first duty station and are tied to the Base due to the fact they have no extra spending money.

[GSEMarine94]

What kind of car is it and what condition is it in? I had a POS before I left for boot so I got rid of it, but if it's a decent car in decent condition (can handle a cross country trip without having to worry about it breaking down) and you only have a year to pay it off then keep it. By the time you get finished with boot, mct/soi, and any other schools you should be about done with your payments and won't have to worry about not having money.

[firescued]

Thanks for everyone's response's so far. The vehicle is an 05 Grand Cherokee with about 80,000 miles, but kept in very good condition.

[temarti]

keep it then and keep up with the maintenance

[KawiGunny]

Have your parents start it up and drive it from time to time while in bootcamp. You will have it when you go home on leave. Then while you are tied up with schools, they can watch it for you again until you get to your first duty station. Then it's just a matter of working out the details for going and get it or your parents taking a trip to see you and driving it there for you then flying home. Seen that a few times. Just stay on top of your financial responsibilities with the vehicle and not expect your parents to pay out of their pockets. Have seen that happen to and then the parents get strapped for money. As long as you maintain your responsibilty for the vehicle..... keep it. If you don't think you can, get rid of it.

[Chumley]

Here's something different to think about. The next year you will barely be able to use it. It will depreciate another year in value during that time, and already has higher mileage. You could sell it now (yourself), pay off the balance and bank the profit while it still has some. If you keep it, your payments may eat up a good portion of your pay in your first year, AND you won't be driving too much.

If you save most of that profit, and bank some more $$ in the first year ( eat as much chow hall food as you can stand - it's free ) you might be able to pay cash for a used car at your first permanent duty station, and not have any payments for the next couple years. You could then bank more $$$.

There are many different ways to do it - none are totally right/wrong. You decide. My Bro saved $5K in his first year just by eating at the chow hall and instead of going to the bar every chance he could (like me) he would buy a 6pk and hang out low profile more often. $$$ goes fast in strip clubs...too fast...and it's very easy to find trouble...fun but costly, and not just cash.

Good luck!
C

[DocGreek]

Memories, will kill me....eventually!!! Bought a BRAND NEW 68' Ram Air, GTO, 4 speed, posi rear, fact. A/C....etc. Shipped to R.V.N., my new wife "had", the car! ONLY 2000 miles on it, and she smashed the crap out of it, on a BIG DRUNK!!!! Didn't tell me about it, till......I GOT HOME!!!!! Still have pics of it.....Fire Red, with Black interior.....DAM NICE RIDE!!!......OH, WELL!!!!......DOC

[SGT7477]

I went through the same crap my brother wrecked 2 of mine, brotherly love, ya right.

[Old Marine]

Sell the vehicle, and pujt the money into savings. You won't be needing a vehicle in Boot/SOI and after that deployment. By the time you are through with this your enlistment will be up and you should have a pretty good chunk of change in the bank.