sort of OT, advice on buying/trading car

kellihope

New member
I was hoping some of you might have some experience in this. . .if I'm in the wrong place I apologize. We have an 07 Sub Impreza and are expecting our 2nd child this summer. We've been trying to figure out which carseat will fit the best in our car but the fact is this - the car is really not roomy enough for 4 people and lots of baby gear.

BUT we owe a lot on the car and are upsidedown on our payments, so what I'm wondering is if you have any experience with a situation like this and have any advice?

We owe around 10-11K on the car and pay $375 a month. I KellyBlueBooked the trade-in value and it's worth about $8-9,000. Would it be possible to trade in this car for a used car that is priced around $9k? I had talked about doing this a while ago and my husband said a salesman would never want to do a deal like that because it wouldn't make them any money.

We really can't afford to increase our monthly payment and probably wont be able to come up with much of a downpayment either.

Is there any hope for us?? Thanks!
 
ADS

Guest

New member
The numbers don't make sense. When you trade in, someone is buying the car. The dealer, basically. However, you still owe money on it and the trade in amount isn't enough to cover what's owed on the loan.

Dealers will take trade ins on upside down cars, but that's cuz they just roll the amount over onto the replacement car. For your case, if they do it to a replacement car worth $9K, then they'll charge you $12K for that car. If you don't want your monthly payment to go up, they can stretch the loan out but you might be looking at a new 6 - 7 year car note.

Financially, that's a pretty crazy idea. I've seen people here who have two or more car seats in an Impreza. You might not be able to buy the largest stroller out there, but you can survive with the car you have. I'd really keep your car and just be very careful as to what car seats you buy and what other baby gear you need to lug around.
 

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