Funny, thats almost what my Corolla payment was too. I had car payments for years, but none that high. Really hit me home when I told my kids I couldnt afford to get them nice back to school clothes, I was standing at my front window at the time and glanced out the window at my then 4 vehicle driveway, the shiny Corolla caught my glance and I realized that I had no business having a nice shiny car with a payment, when I had 3 others to drive, and could not afford decent clothes for my kids. Promptly sold the Corolla and my beloved Silverado, put the Bonnevilles back into service full time and now I can buy my kids clothes they wont be ashamed to go to school in
Our Bonnevilles will never win appearance awards but they are all ours
Sometimes you just have to do what makes sense in the bigger picture. I sure hope you can refi into a lower payment though. Once its paid for you will have a nice car for many years.