Hi BP community. First time posting. I know the advice on this will probably be rough but let me have it.
So I got myself in a little bit of a situation financially that is going to make it even more difficult to make my first real estate purchase. Last week I traded in my car and leased a new one. I had an all electric Chevy Spark EV that averaged about 83 miles per charge and Although I was making double payments on it for the most part of the last year and a half I stilled owed 10.5k on it and it had already depreciated to the 7k range in value. With my family living far away I wanted to be able to go and see them without having to spend the night to charge my car and wanted to get out of my backwards loan.
So my young male egotistical self went car shopping with my girlfriend and over the course of the next couple days worked a deal to trade in my car for a new Chevy Bolt EV. But the problem is because of the car being expensive already and me eating about 6k on my trade the payment is $571 a month which I realize now that my emotions settled down is WAY too much for my income and makes my debt to income ratio extremely difficult to buy a house.
So I was wondering if anyone else out there would know of a cost effective way of getting out of my situation. Ive looked into lease swapping but my lease is a lot more than what someone could go lease one brand new because of my trade in. Any suggestions? And sorry for the ramble.
