You have to do something. You can't trade both cars in for something else as that would be more negative equity than the purchase price of whatever you're trying to replace it with. You have no liquid assets currently to buy a vehicle outright.Well that’s what we were looking at, selling both cars and getting something cheaper. So you think Turo’ing the Equinox is better vs trading both in and rolling it something cheap?
Turo calculator estimated I can make $8,096 a year with the Equinox based on the national average which is $674/mo. But that’s not stable income and I’d still have to pay taxes on it at the end of the year.
So would it save much compared to trading in both cars toward something cheaper? I get that we’d still be paying on the original loan but the insurance would be cheaper as well.
Yes, you'll have to pay taxes. You get a child credit on your taxes and are both W2 employees, the turo income should be covered by your general "return" money instead of you throwing it out the window on weed and Xbox games.
Get that vehicle on turo today. Set the money aside, it isn't spending money. Use that money to buy the negative equity left over in the loan when you sell it. Drive the VW in the meantime.