Tuesday, June 2, 2015

Should I trade my car in or keep and pay down?


I was looking at a new car- the Chevy Trax- the other day.

I have a 2013 Ford Fusion with 60k miles on it and $14k left to pay on the car loan. I took it to have the vehicle assessed, and it is only worth $11.8k. However, I drive a lot for work, and the car is depreciating faster than ever.

The Trax would be financed at $27k, and the payment would be lower each month, but I don't really want $27k of extra debt over my head, especially when I've already paid over $13k on my Fusion loan. I feel like I'd be starting all over again!

Can someone give me some advice as to what to do?

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