Keep driving or sell and buy a new car?
andros471975
01-03-2014, 02:15 PM
I have a 2010 Ford Escape XLT (V6) I purchased new. I owe $13,000 on it and KBB tells me it is worth around 11,000. I pay about 280/month and pay 5% APR. It has 65,000 and is in excellent condition. The warranty has expired. I enjoy driving this car very much and I drive about 40 miles each way to work each day.
Should I consider trading in the car and purchasing a 2013-2014 comparable SUV of some kind? I am not set on a particular model SUV, though I know I don't want the 2014 Ford Escape due the style changes. I would like something as close to my current car as possible though I'd be willingly to entertain suggestions.
I'd like to keep the payments and interest around the same as I am paying now and would like not to have to put any money down.
If I should trade it in, how should I go about doing that? Try to trade in to a Ford dealer, or trade in to a place from whom I would like to buy a new car? Assuming the car is in excellent condition, what is the minimum I should take for this car?
Any suggestions?
Should I consider trading in the car and purchasing a 2013-2014 comparable SUV of some kind? I am not set on a particular model SUV, though I know I don't want the 2014 Ford Escape due the style changes. I would like something as close to my current car as possible though I'd be willingly to entertain suggestions.
I'd like to keep the payments and interest around the same as I am paying now and would like not to have to put any money down.
If I should trade it in, how should I go about doing that? Try to trade in to a Ford dealer, or trade in to a place from whom I would like to buy a new car? Assuming the car is in excellent condition, what is the minimum I should take for this car?
Any suggestions?
Stealthee
01-03-2014, 09:15 PM
You will end up upside down if you owe more than it is worth. This is a big reason I will likely never buy a vehicle new.
What I don't understand is how you can owe so much on a vehicle you bought new at least 3 years ago.
Your best bet it to keep it, keep paying it down, and not even think of getting rid of it until you owe less than it books for.
What I don't understand is how you can owe so much on a vehicle you bought new at least 3 years ago.
Your best bet it to keep it, keep paying it down, and not even think of getting rid of it until you owe less than it books for.
rhandwor
01-04-2014, 06:19 AM
I have a 2010 Ford Escape XLT (V6) I purchased new. I owe $13,000 on it and KBB tells me it is worth around 11,000. I pay about 280/month and pay 5% APR. It has 65,000 and is in excellent condition. The warranty has expired. I enjoy driving this car very much and I drive about 40 miles each way to work each day.
Should I consider trading in the car and purchasing a 2013-2014 comparable SUV of some kind? I am not set on a particular model SUV, though I know I don't want the 2014 Ford Escape due the style changes. I would like something as close to my current car as possible though I'd be willingly to entertain suggestions.
I'd like to keep the payments and interest around the same as I am paying now and would like not to have to put any money down.
If I should trade it in, how should I go about doing that? Try to trade in to a Ford dealer, or trade in to a place from whom I would like to buy a new car? Assuming the car is in excellent condition, what is the minimum I should take for this car?
Any suggestions?
As long as its running good save your money and keep driving it and can pay cash for another vehicle.
Should I consider trading in the car and purchasing a 2013-2014 comparable SUV of some kind? I am not set on a particular model SUV, though I know I don't want the 2014 Ford Escape due the style changes. I would like something as close to my current car as possible though I'd be willingly to entertain suggestions.
I'd like to keep the payments and interest around the same as I am paying now and would like not to have to put any money down.
If I should trade it in, how should I go about doing that? Try to trade in to a Ford dealer, or trade in to a place from whom I would like to buy a new car? Assuming the car is in excellent condition, what is the minimum I should take for this car?
Any suggestions?
As long as its running good save your money and keep driving it and can pay cash for another vehicle.
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