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To the OP, I know this doesn't help you too much now since you're still not sure about where you're moving, but I would recalculate the cost of owning a car vs. other options. I'm not just talking about moving to a city with widespread public transportation either.
Totally agreed, except it sounds like OP is upside down on his car loan to a high degree. Will be impossible to sell a car still owing $5k+ more than its value (unless he dips into savings) since the lien holder won't release title without full payoff, and no buyer will be willing to pay more than the car is worth.
BAWAC - where did you want to move? What field are you in? Here in SW Florida, if you are a teacher or in the medical profession, you will have no problem finding a job. However the pay here is not great and rentals have gone way up in price. There is a pretty large gay community here as well as I found out when we had a memorial service for the Pulse nightclub victims.
But like someone mentioned many apartment complexes will not let you rent if you don't have a job. Do you have a city in mind where you have a friend or relative that you could stay with for a few months?
The thing about the west coat of FL is that cost living is too high versus the pay scale for the average working person.We're considering leaving the area due to rents sky rocketing and wages not being in conjunction with that. It's a gorgeous place to live and there are many gay friendly communities( Dunedin, Tampa, Seminole Hts, St Pete) that the original poster would mesh well in but that may not be enough because of the cost to live here.That's my input anyway
Of course. The OP can move without a job offer. Every year millions of immigrant come into the country. They neither have a job offer nor do they have prior American work experience. Any how most of them can realize their American dreams.
Totally agreed, except it sounds like OP is upside down on his car loan to a high degree. Will be impossible to sell a car still owing $5k+ more than its value (unless he dips into savings) since the lien holder won't release title without full payoff, and no buyer will be willing to pay more than the car is worth.
Bingo.
If I sell the car today, I will still have $10k worth of outstanding debt plus no vehicle. That is why I say there is no way out of the car today without damaging my credit. As tragic as it is to have to throw away several years of my life for a car, that is the choice I made when I signed that dotted line. Huge lesson learn and it has changed my opinion on new cars and the car buying process until the day I die.
If I wait a little longer, I could afford to pay down the negative equity and then possibly sell it or trade it for something cheaper, or if I wait longer still, simply pay it off and not have to worry about a car payment. At my current rate, probably within the next 2-3 years or so I will have enough saved to be able to pay it off with my savings. That would mean I would have to start over on saving, but I would be out from under the car so I would no longer have that burden. The money I would save not having that car payment would add up fast. As is, I am living paycheck to paycheck and my savings are mostly built up by bonus checks and tax returns.
Without the car, I could also move with considerably less or possibly take a lower wage job if I had to, because I wouldn't have to factor in that $500/mo payment. I am also paying $200/mo for car insurance because in Oklahoma, insurance is so expensive. That means $700/mo total is going towards this car, not including gas.
$15K is not nearly going to be enough. It will get eaten up FAST. Believe me.
You must live comfortably. I live on less than $15,000 a year and have for a long time. Many people do. We live modestly. We don't spend tons of money on clothes or possessions (i.e., we don't have $500 smart phones, wear $100 shoes, or spend $20,000 on a car). We also don't take out-of-town vacations or spend a lot on entertainment or restaurant meals.
What I don't get about the OP is the car. Pay it off by driving for Uber or Lyft at night or on weekends. You have to have a nice car to do that and he does. So, no-brainer. And when he moves he'll have lots of driving experience he can use in Charlotte.
If I sell the car today, I will still have $10k worth of outstanding debt plus no vehicle. That is why I say there is no way out of the car today without damaging my credit. As tragic as it is to have to throw away several years of my life for a car, that is the choice I made when I signed that dotted line. Huge lesson learn and it has changed my opinion on new cars and the car buying process until the day I die.
If I wait a little longer, I could afford to pay down the negative equity and then possibly sell it or trade it for something cheaper, or if I wait longer still, simply pay it off and not have to worry about a car payment. At my current rate, probably within the next 2-3 years or so I will have enough saved to be able to pay it off with my savings. That would mean I would have to start over on saving, but I would be out from under the car so I would no longer have that burden. The money I would save not having that car payment would add up fast. As is, I am living paycheck to paycheck and my savings are mostly built up by bonus checks and tax returns.
Without the car, I could also move with considerably less or possibly take a lower wage job if I had to, because I wouldn't have to factor in that $500/mo payment. I am also paying $200/mo for car insurance because in Oklahoma, insurance is so expensive. That means $700/mo total is going towards this car, not including gas.
Ugh, that sucks! This is why I ever got a car (or never even learned how to drive) and probably won't get one unless/until I have kids.
As others have mentioned, if that car is going to be that much of a hindrance, at least put it to work. Uber, Lyft, Instacart, Dolly (if it's an SUV/truck), lots of services out there to work at if you have a car where you can earn some extra cash. Unfortunately, it will add on some miles and, if you're not careful, gas usage may cancel out your profit.
You must live comfortably. I live on less than $15,000 a year and have for a long time. Many people do. We live modestly. We don't spend tons of money on clothes or possessions (i.e., we don't have $500 smart phones, wear $100 shoes, or spend $20,000 on a car). We also don't take out-of-town vacations or spend a lot on entertainment or restaurant meals.
What I don't get about the OP is the car. Pay it off by driving for Uber or Lyft at night or on weekends. You have to have a nice car to do that and he does. So, no-brainer. And when he moves he'll have lots of driving experience he can use in Charlotte.
I do like to live comfortably, but not in luxury or anything. I live alone in an average apartment. My car is 8 years old. I never go out clubbing or drinking. But I do like to take vacations and be able to buy groceries without even worrying about the prices. I spend about $500 a month on food/groceries just for myself. Whenever my car needs repairs or maintenance, I always get it done immediately and 100%. I need a minimum of $60K to live comfortably here in Connecticut. But right now I make $70K so I am living comfortably as a renter. My rent is $1,010 including heat and water, so I can't complain.
I would suggest the OP sublets an apartment share for 3 or 4 months in the Oak Lawn neighborhood of Dallas. Very LGBT friendly and close enough to OKC to return back if things don't go well. Try to find a job in those 3-4 months. If you get something, great! If not, you've lost very little and can head back to OKC or move on to another city.
Would an extended stay hotel be that bad of a deal though? Yes the rent would be quite a bit higher but I also wouldn't have to pay utilities.
Early on, I had an out of state job that was only 200 miles away, so I could drive in weeks ahead of time, and spend the day and a half apartment hunting. Back in 2013, I had a job lined up about 700 miles away, but since I couldn't get their early on to secure an apartment, I did Extended Stay. It was $1600 for the month. I only stayed for 2 weeks, and decided to move to Crossland Economy Suites (IIRC, under the same corporate umbrella). This was much cheaper ($800 for the whole month), but also far inferior.... no space to move, TV was shoddy, and only a college boy fridge. It got a bit painful to not be able to really cook. When my job ended up being "more secure" (it only lasted 4 more months afterwards, but that's another matter), I got an apartment for $610 a month. 1 bedroom was MUCH bigger. no TV, and I paid $50 a month for internet, but I can at least watch YouTube videos again! And had a full sized fridge! While I'm glad I saved the money at Crossland Econ. Suite, it felt awful to be couped up there for too long.
Haven't read through all the responses, but for me... I'm a chicken. I wouldn't move without a job lined up. I don't doubt others pulled it off, but I know me. It takes me 8 to 12 months to find work. Admitedly, I could've done it better, but still, I got lucky my first time through a old college referral. I'd MUCH rather save the money and apply out of state. IMO, or at least to me, the advantages of being local and having whatever slight improvement in getting employed doesn't make up for the $$ saved. Besides, when I was looking for work, but not commiting to any one place, that opened me up for several regions.
Would an extended stay hotel be that bad of a deal though?
Yes the rent would be quite a bit higher but I also wouldn't have to pay utilities.
Beyond the week or two it takes to find the sharing situation that suits? Yes.
$300/week vs $500 per month adds up fast.
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