Question

Has anyone traded their vehicle in for something cheaper, while still owing on the original car? We have $21k left on my 2017 Acadia, but I'd love to get rid of that $400 car payment as quickly as possible. I just don't know how any of that works. Is that a bad idea? Our interest rate is 3. 5% on my car right now. Should we just hussle to pay it off or try to figure out a way that makes sense to get a cheaper car?  

Answer 1

We have paid off two brand new Honda CRVs very quickly. The first one I had for 12 years and then gave to my mom as she needed a reliable car-or i I would have kept it until it died. She has been driving it for three years with no issues. Now we have the second one-same plan until it dies. If your car has good long term sustainability-pay it off as quick as possible and keep it until it can’t run any longer. If it doesn’t’-find One that does.  

Answer 2

Definetly dont lose out at least get what you owe on it and pay it off.  

Answer 3

I'd suggest selling it privately vs trade in. You'll get more money in your pocket for your next vehicle.  

Answer 4

I would pay it off. Other wise you’re just going to make yourself be upside down.  

Answer 5

GM vehicles lose value quickly. I’d hustle to pay it off & try to send to the principal every month . The upside down may actually make the payment more also check if you can refinance the loan but keep paying the 400 you originally were it’ll end quicker that way