When should I trade in my car?

I recently bought a new 2013 Honda Civic because I couldn't afford the vehicle that I really wanted. I'm looking at buying a Jeep Wrangler and most likely not new. Within the next few months I will be making enough money to be able to afford it and make whatever upgrades I want to it. I just do not know how much longer I should wait to trade in my Honda. I currently owe a little over $14,000 on it. How long should I wait to trade it in and should I make more than the minimum payments each month if I have the extra money?

Once you pay this Honda off then trade it, but not before. Be patient, and wait. That is the sensible thing to do. Pay as much extra on the car as you can. You will then save on interest and get it paid off quicker. This is what makes the most sense. But if you are like the average consumer today you will not wait and you will do just the opposite. This is why so many people end up in financial trouble. That is my advice based on over 65 years of living and being stupid enough to buy new cars. They are horrible investments that always loose you money.

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