here's a suggestion: see if you can enroll yourself in a middle school home ec. class; this is just nutso.
a month away from my-world-is-so-razor-thin-i-am-just-getting-fired away-from-having-my-life-pwned, amidst headlines of the greatest economic collapse in 70 years, you decide to wager 10grr per austere decade on a compact car. three tankfuls of gas later, your very good job disappears, to which you respond, "a-ha, let me rid myself of this terrible mistake of a loan by paying it off with cash i pull out of home equity." home equity, being, of course, in late 2008 dollars. home equity, being of course, now, actually, mysteriously, turning itself into more, what - better? less sucky? - debt.
what is this, some sort of economic stimulus/mortgage bailout scam?
i understand people get in over their heads and bad things happen unexpectedly to good people and all that. what i don't understand is how some people end up with these "very good jobs." are there no entrance exams or certification requirements to minimize such travesty? is everyone that scores 140mil over 8 years mike vick? of course, i guess that could be said for any in the banking, credit, financial engineering, insurance, energy, etc biz these days. while we pay for it 800Bil a day.
i apologize. i realize that is harsh. somehow, please believe my offense is intended more generally than personally, magnified by extreme sensitivity to certain realities of the current economic condition. but car investment, especially of the ultra-high-end retail variety, is about the most notorious of all losing propositions. very very few models are holding their own these days, and just about everything - houses, cars, boats, race horses, you name it - is being dragged way way down with the ruckus.
this post is a cautionary tale for low down payments and your friendly neighborhood repo man. virtually any car loan equals irrational exuberance these days if you ask me.