Can I get a newer used car?
Alright, so I'm financing a 2003 Honda Accord EX V6 sedan. I purchased it back in December, and still have roughly $8,500 left on the loan. I have been disappointed with the Honda's fuel economy, so I'm wanting to trade it in for a fuel efficient 4 cylinder vehicle. Such vehicles in considering are the Kia Forte, Nissan Altima, and Nissan Sentra. Most of the cars I'm looking at are priced between $11,000 and $17,000. I have a credit score of 640 and my current payment per month on my Honda is $315. Do you think I'd be able to get a newer more fuel efficient vehicle with those types of numbers? I know the biggest thing that will affect it is the amount I still owe to the lean holder.
Thanks for considering Kia. We recommend contacting your local dealership and talk to one of our sales associates. They'll be happy to help you find the Forte you're looking for.
Raul T.
Kia Social Team
No, you won't. You're "under water" on your current vehicle, and a newer car won't really improve your gas mileage enough to justify the added expense. Continue to make your monthly payments on the car you have, and that should help improve your credit score, so when your Honda is paid off, you can afford to get a better car.
Honestly, I'd keep the Honda. You will lose money now if you sell it, plus your payments on the new car will be a lot more. Just out of curiosity, how long is your loan for?
No way, you are thousands upside down. Maybe in 12-18 months if you don't miss any payments.
As long as you have been keeping up with the payments on the honda then I think that you should be fine. Also, your monthly payment may increase a little if you do go with a more expensive car.
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