I wouldn't give up on it yet. It sounds as though you are already aware of what needs to be fixed as you made a point of it. So maybe breaking down the story as Puck had suggested is a good start. ...Do you know how it all ends? Because once you know how the story ends, it will be much easier writing what comes before it and you will then know where you are going in the story.
I mean, first drafts are kinda well known for being terrible when you first do them. It makes sense, you're pretty much putting down your ideas first and doing the refinement later. I sure as hell needed to rewrite my comic outline's first draft before I got down to drawing anything, and I still find myself revising and editing certain parts now.
Since you mentioned you like some of the ideas, I agree that you don't have to toss out the whole concept. What helped me while writing is thinking of the goals of this season, (where are the characters at at the end of this season/act/chapter? What do they do for this season/act/chapter? How does this season/act/chapter differ from both the previous and the next ones? etc.) and once I figure that out I think about how to connect all these events together.
Sometimes starting from the beginning helps too.
dude, writing stories is hard enough as it is. if you don't even enjoy the story you're writing, you'll just be torturing yourself. I don't think there's a point in writing a story if you have to force yourself to do it. but if there are parts of the story you enjoy - which I think there are, otherwise you wouldn't stick so much with it - you should hang on to them. focus on doing what you actually like doing, and I think you'll start feeling better. because I think that matters more than how good the story you're writing is.
"[The first draft] feels like a waste of time if I'm not even going to use anything from it in later drafts."
the first draft is what lets you get to those later drafts in the first place. most of your writing isn't done in the first draft, no matter who you are or what you're writing - it's all in the rewrites. and you need to have something to rewrite if you want to get anywhere. it's perfectly fine to hate your first draft.
It sounds like maybe you need a break from the story in general. It's okay to walk away from the story and come back to it later, whether that's months or years (or maybe weeks!) Coming back to your first draft with fresh eyes can give you a new perspective.
My webcomic story has gone through 6-7 major conceptual revisions over the last 13 years. And what made each iteration better than the last (aside from getting older) was that I took time off in between the different versions to work on other things, practice my storytelling skills, learn from movies and books I enjoy, and jot down potential ideas.
Definitely hang on to this idea! If you're passionate enough to share this with us, then I think it's definitely something worth keeping.
Honestly, scrap it. It becomes a black hole for your time. You can keep working on it, and keep dumping effort into it, but it will never improve.
Much more productive use of your time to start over. Take the lessons and leave the rest.
yea.... ditch the story. there are so many ideas you can explore. just think about it. crappy story = waist of time. 
Honestly, man, if you really hate it, just start over. I personally don't like wasting my time with things that I don't think will go anywhere. I'll just end up going crazy. But, if you intend on writing a similar story afterward, just use some elements like characters from the scrapped one.
Trying to fix a story that doesn't work might just take you more time than actually starting anew. I know that it hurts (I've killed so many plotlines in my life that I'm afraid they might haunt me some day 
) but it will ultimately give you better results.
There are actually writers who rewrite their first drafts three to four times before they are satisfied and start editing. Neither did I ever regret scrapping a story, nor did any of the writers I worked with. So just try it out. It will hurt less than you think 
And don't forget: It wasn't a waste of time! You learned something you can use to improve your future work. That's the most important thing 
It's really difficult sometimes, but if you're getting no joy from a project anymore and it's just making you sad, it's okay to scrap it and move onto something else. This is something I had to learn from a previous story of mine. Ironically, I kind of had the same issues with his previous story of mine that you're having with yours (it feeling like two stories and all). You can always trunk the story and come back to it at a later date, too, if you're still feeling it. There was a different story of mine that I kind of trunked that I have up on a different site that I'm suddenly interested in coming back to, so you never know. And don't feel bad about scrapping 40,000 words; I've done things like that before, hehehe. You can also just use some of the ideas you came up with in a new story, too, so you feel like that work hasn't gone to waste.
@Puck Yeah, I'd hate to just toss the whole story too. It's the second one in the series, so I've gotta write it eventually since I wanna get to book 3.
For the summary: Gang leader Emmett Larson takes matters into his own hands when one of his own his brutally killed and will stop at nothing to find the culprit.
It's not really a bad idea at all. The way I've wrote it is just kinda nonsense. I'm not quite sure how to fix it. Maybe I can change how the gang member dies? Show more of the romance between two characters as they try to find the killer? Make things connect more.
@blakestackman Yeah, that might be a good idea to break it down. I used to know how the story ended, but I'm not sure anymore. I changed some things so that ending makes no sense. I need a new once, but first I gotta figure out what I really want to do with this story.
@azzy-m Yeah, I know first drafts are usually not that great. It just feels like mine is really atrocious and not helping me at all with telling the story. Chucking it and coming back later is probably my best bet here. I don't want to quit it forever so I might just need a break from it. Write something new and come back with a fresh mindset and hopefully new ideas.
@AwesomeSoFar Maybe I just need a break from the story? I'd hate to never come back to it and feel like it has a lot of potential. But maybe I need to practice more with writing by trying out other stories. By then, I might have new and improved ideas for the story too? Maybe?
@pilot-obvious After sleeping on it, I kinda came to that conclusion too. I just need a break from the story. I should write other things, try to gain more writing experience from them, and then come back to this project. No need to rush it and force it when I'm not feeling it. I can come back later with a fresh mindset and maybe even new ideas to improve it.
@JustLiz-o Yeah, I think for now I'm just gonna try working on something else. I'll try to keep in mind, that despite how crappy that draft was, it helped me a little by seeing what I dont want with the story. I think I'll come back to it later. Let it set. And try something new.
@ratscout. Thanks for the advise! And yeah, I think that's what I'm gonna do. Just leave it for now and work on some other projects. I can maybe gain writing experience from them and then come back to the story. 
No reason to force it and keep working on something I hate.
If I hate what I’m writing then I get nothing done. I went through a stint where something about my plot was nagging me and I couldn’t figure out why then I realized I couldn’t get the voice of one of my characters to come to me. Once I realized the issue, I plotted my story again, like from the first plot point onward (that’s about 80% of the story).
I’ve scrapped words, sentences, even paragraphs. If it doesn’t work, nothing else you write will either. Breaks are essential to get your mind right and sometimes you have to table some projects. It’s better to enjoy what yours doing, even if you’re going to change everything than stick to something because you put a lot of work into it.
First and foremost, think about what's the message you want to get across with the story. Once that is set in stone systematically build out from it, how do the characters, their actions, arcs and relationships connect with the message you want to tell.
I mean, yeah, the general advice is to finish the draft, then take a sledgehammer and chainsaws to it for all the reconstructive surgery it needs. I'd take some time to reread over what you've done so far and try to shut off editor brain. Focus on finding what you actually like in it RIGHT NOW. If you can genuinely say there's nothing savable, stop work on it and start from scratch.
Never get rid of your file for it. You may come back to it later and appreciate some idea you had before and suddenly decide to scavenge from it. That time may come years from now on another project. Don't ever completely deep six concepts you wrote. You never know how it may help next time, if only to remind you what road to not take.
If you still wanted the story to work, I’d have different advice, but you said you’re pretty much done – so let it be done. “Don’t beat a dead horse,” is a saying for a reason. Figure out where you detailed on this project and take that knowledge with you on a new project and you’ll be much happier 
I have a story I've been working on for years, and it just hasn't been panning out the way I want it to. Instead of forcing myself to keep trucking through it, I've set it aside to work on other stories. It's not dead, I keep coming back to it, but it's possible you just need a break. If you work on a different story, you may learn enough new things about how you write to go back and finish the first one. It's also possible you've just been living with this piece for so long it's gotten stale to you.
Even if you do have to start your initial story all over again, the 40k words you already wrote aren't a waste. It's practice. It's learning what doesn't work for the messages you're trying to communicate.
@foxnflames It sucks when you can't get your story down, especially characters voices. I think I'm going to scrap the story and rewrite the whole thing later. Going to take a break for now and work on some other stories. I'm still going to write this story, but just not right now. I need time to figure things out with it. Letting it set I think will help me a lot too.
@Kuma Great advice too. Thanks! I'll be sure to consider that when I go back to it.
@thetalentedmrwulf I won't delete everything. Just going to set it aside for now and try writing on something else. I never delete any drafts no matter how awful they are. I think I just need time away from the story to figure it out.
@kmlangleyauthor I do plan to write the story. I'm not giving up on it. Just going to come back to it later and give it a break. While I wish I could hurry and be done with it, I dont want to make myself hate the story. I'm going to write some other things, gain more writing experience then come back to it later on. I just dont think I'm ready to write it at the moment. And that's been my problem all along.
I have one story I’ve been working on for over a decade. I’ll pick it up, write some really pertinent scenes, and then drop it for months or years. And it’s been interesting to see how various life experience and my knowledge and execution of writing has led to a much better story than I would have gotten if I had forced myself to write the whole thing 12 years ago.
That's been my problem too. The story just isn't panning out the way I want. I've wanted to work on it for so long, since I recently finished book 1. But now that I have, it just isn't working out the way I want. I've got some spin-off story ideas so I'm thinking about working on them for now. I'd love to have this book I'm struggling with completed, but I'm not doing well with it. Things aren't going very well. It might be it got stale, after plotting and outlining it so long. I just gotta realize that 40k isn't a waste and helped get a slight idea of how I want the story to be. Thanks so much for the advise!
