Did I make a bad car financial decision? (18yrs old)
I know the answer is already a yes, but we all make mistakes.
When I graduated high school, I financed a car(June 2026), or my dad did under his name. The car cost around 19k and I took a 78month loan and after taxes, warranty and all those stuff, it came at around 27k. My loan sits at around 18k now, soon to be 16k after I canceled some insurance.
Now, I use public transit (bus) to go to my school to save gas, and i only use it when im going back home or grocery shopping, or when I need to be somewhere quick. So I guess you can say, the car is only there for when i really need it.
Paying for my apartments parking, gas, oil change, tires, etc. This feels like im losing money if im just using public transport 95% of the time.
When i searched up how much my vehicle worth is right now, its says 15k-19k, my loan being 18k means im not in a negative equity plus the worth of my extended warranty which is another 4-5 years or 80k km warranty. Which i calculated cost about 4-5k. Meaning my cars worth could be around 19-24k.
Would I be better of selling the car and maybe buying a bike to travel in the summer? Now before I get bullied here, the car really helped me in the summer because of how many job I had and no public transportation available to where I worked, the car was very much needed at that time.
Edit: If you didnt read my first sentence well, here it is. I fully acknowledge what I did was not smart and I could've done something smarter. Well guess what? Thats in the past, right? So I cant just go back in time and reverse this can't I. So please if you have nothing good/helpful thing to say, just don't say anything 😭. What i wanna know is financial advice, whats the best thing to do NOW, not "Oh you should've done this, done that"