Question

Advice-my husband && I have two vehicles on one we owe 10k && have equity on it, about 3k. and the other vehicle we got last year we owe 20k on it. it’s was new when we purchased it. it’s a 2 door. we have kids in car seats (I’m sure you could imagine)so we are thinking trading the “new car” for used suv && it’s price tag is 22k would that be a silly move? && our insurance is soo high because it is a muscle car

Answer 1

What will the difference in insurance and gas be? You might save money in the long run, even if your payment is higher.  

Comments

@ballerina54743 insurance -$80 less, && gas won’t be much more because it’s 6 cylinders as well

Answer 2

Honestly I think you can get a good used car for less than 20k. If it's a few years older (like 5 instead of 2) it'll be cheaper to buy and cheaper insurance but should still last a long time.  

Answer 3

What type of car is the one you have equity in? If you trade in the muscle care you’re probably under water and going to just add debt to yourself.  

Comments

@finicky2385 the one with the 3k equality is a Dodge Charger the other car is a 2019 Dodge Challenger is the one we are considering to trade in

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@farthing7 and you for sure want to keep the charger? Cause $3k towards an SUV is major. Will you guys be close to breaking even in the challenger if you sell it yourself rather than trade in? I’ve just made the mistake of going car to car and we are paying for it big time right now. Our current car has the negative equity of my last 3 cars cause I just kept trading in every year. Now we have a huge payment and just have to suck it up and actually pay this car off. I just don’t want you getting caught up in a huge payment!  

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@farthing7 2017 Dodge Challenger checking in! The most impractical car out there, but my God my Ricky Bobby makes me feel sexy!  We had a brand new 2017 Honda Pilot for just over a year before my husband called and told me to go get my dream car. Winter came and he was cursing the car out, but in my eyes it can do no wrong. I love it so much! I’m not going to be any help to you, I’m team keep it!  

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@finicky2385 It is huge but also i don’t want to trade that one in. since we do only owe 10k on it, to have 2 car with debt of 40k scares me  I feel like we would be moving back instead of forward.  

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@farthing7 I completely understand how you feel! We just got a $40k SUV and now I’m kicking myself looking at how much we owe. It’s a tough choice for sure but I would wait till the balance is a little lower where you’ll break even at trade in

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@toper286  yes! Like it’s been our dream car as well! Do you have little ones? That is legit how I feel with the Dodge Charger  lol

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@farthing7 No, my boys are 14 and 11, and my daughter is 8. Daughter and my husband are team ChallengerSucks and they miss “Piley” the Pilot.  I’ve wanted that car since 2014. I was walking up to men with one and asking if I could get in. They never said no. What a dumb thing to do, but my husband said he bought it so I could stop getting into strangers’ cars. When my baby is paid off, I’m getting a Tesla. I’m gonna be so upset though, but by then the Tesla will be my shiny new toy. We have about $22k left on the Challenger at $460/month.  

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@toper286 I've got a 2018 challenger. The family calls it my mid life crisis car, they all hate it but I love her so much. Even when I have to put my 3yo goddaughter in the car seat, I still love it.  

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@chimera SAAAAAAAME. That car is my pride and joy. My first color choice was orange. My husband is white and told me I couldn’t get a “redneck orange” car.  Second choice was lime green, couldn’t find one anywhere. White was number three and we found one at CarMax. They put a huge bow on it and everything for me. I told them to pretend they were totally surprising me with it, even though I test drove it and did everything but sign the papers. They probably thought I was nuts. I  love  my  car. When my husband drives and steps on the gas I tell him, “Alright, you’re gonna make me have your baby. ” It’s so hot. My family was over it before I even bought it. They are not impressed like I am  

Answer 4

I would look at taking the Challenger to CarMax and let them appraise it to see where the value stands. Without knowing the details Kelly Blue Book says a 2019 Dodge Challenger trade in value is around $23K.  

Comments

@surrebuttal oh really?! Thank you, I will check them out, that would be great to have some equity on it  

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When I was researching to buy mine I learned Challengers hold up their value.