Alrighty, so I originally bought this nice car that I liked (used), it was about $16k. It's a sporty car with manual transaxle (Chrysler Sebring coupe). At the time I bought it, it seemed like a good idea, I lived in an apartment real close to my place of work so I wouldn't put a lot of miles on it, didn't have to deal with traffic, and had plenty of disposable income.
Recently however, I bought a house much further away from where I work. Not only that, but I commute on a major throughway that has a tollbooth. So the stick shift is really a PITA, I'm putting a lot more miles on it now, and I have less disposable income.
So now, I am trying to decide whether to take a loss ($3-$4k) to get rid of it and buy a beater car like a honda civic or toyota corolla that will be cheap and reliable, with automatic transmission, so I don't have to worry about putting a lot of mile on it. I've learned my lesson now about buying nice cars, they are just not worth it. So now what's the best way to get out of this mess?
I don't want this thread to turn into a auto vs manual debate, I have already decided that I want to go back to an automatic. The 30-60 minutes of stop-and-go traffic every day makes the manual totally impractical for me.
As a side note, I am looking into getting a home equity loan to pay for a new roof on my house. Should I get the loan a little larger to pay for the difference in what I owe on my sebring in order to get rid of it? Or is that a bad idea because I would end up paying too much in interest?
So, what is the arfcom hive mind's advice on this?