Should I keep or trade in my car?
I have a 2011 Honda CRV with 95k miles on it. I still owe about $9k to finish at the end of 2018.
I'm wondering if, because the miles are getting high, I should try to trade this in for like a newer model - 2014 for that vehicle go for about $17k with 30k miles.
The immediate benefit is that my payments would decrease, but of course I will have to maintain a payment over a longer period of time. Still, the $9k I owe represents about half of what I would pay for the newer vehicle with fewer miles.
I've been trying to weigh the options, can you help?
95,000 is about mid-life anymore, not towards the end. Also, is the car instrumental in your life, so that if it doesn't work, you don't either?
LOL child nothing says uninformed uneducated clueless as adding DEBTS for car.
Keep your 2011 it's barely broke in.
Kid you got extra 130k miles B4 any major problems failures.
U unfortunately don't understand the increase in TAXES insurance u'll be stuck with.
Dealer will NOT get your old loan paid off.
They ADD it to new loan.
Hope you like sleeping in your
Since you young clueless, how about getting a second job
U'll be totally PAID off in under ONE year.
Saving u 1000s$ easily.
Get educated adults locally to explain reality to you there FAST.
Your payments wouldn't decrease. And you probably won't qualify.
You still owe $9K but how much is your car worth as a trade (kbb.com or nadaguides.com)? Are you upside down? If so, you may not be in a position to trade without cash. If not, how much trade equity do you actually have to use a down payment on a new car?
I checked Kelly Blue Book real fast. Trade in value on your CRV in very good condition is right around $8,000 to $9,000. So that's roughly a wash. You may have to have up to $1,000 added to your newer car loan to make up the value to the dealer.
I guess if the payments for the $18k ($17k + $1k) are less than what you pay now it makes sense.
You are broke, and in debt. Stop.
With regular maintenance (oil changes, etc.), most CRVs can go more than 200k miles without major repairs. The difference between the value of the 2011 CRV with 95k miles now OR the same car with 125k miles at the end of 2018 is a lot less than you would think. I seriously doubt you need to worry about mechanical problems or losing value at this point. It's really just a question of personal preference- do you want a 2011 that will be paid off in about 18 months or a 2014 that won't?
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