Hello guys…
I’m considering whether it would be smart to pay off the remaining balance on my 2022 Elantra SEL, which is about $10k. I really love how the car drives and its aesthetics, but I’m wondering if it will give me headaches over the next ~10 years.
When I bought it in 2021, I paid around $24k out the door at a 7% interest rate for 72 months, with $5k down. After making 31 payments, I still owe around $10k. If I pay it off now, I believe it would save me around $70 a month in interest.
I’m not rich, but losing that $10k wouldn’t hurt too much since I have a good emergency nest egg and live below my means. However, I’ve noticed some tiny paint chips already, even though the car only has 16,000 miles. I’m concerned that if I pay it off, I might end up facing major repairs in a couple of years and be stuck with a car that looks janky due to those chips.
So, my question is: would you bet on the 2022 Elantra SEL to be a reliable car that won’t let me down in the long run? Should I go ahead and pay it off, or would it be better to keep making payments for a while longer?