jmholl5

I'm a 21 year old junior at the University of Kentucky. I have a gas guzzling jeep that is killing my monthly budget. I am looking at buying an 07 or 08 Toyota yaris, for its reliability and gas mileage (30 mpg). my plan is to take out a private student loan for the amount of the car ($13-14,000) and defer payment until I graduate. I am then going to sell my jeep, probably for about 7 - 8,000 dollars and invest that money plus about 1100 dollars of savings in a CD. With the money each month I'll save in gas, I'm going to put 200 a month in my brokerage account. When I graduate i'll cash out the CD and my brokerage account to pay back the loan. I may come up a little short, but I think that overall I'll be in better shape than if i trade in my jeep and take out a traditional loan. Basically, I'll be trading my old jeep for a brand new car and have the whole thing paid off in no more than three years. What do you guys think?