Would it be better if I paid my car all the way off before I trade it in for a new one?

Question

I owe more than my car is worth, would it be in my best interest to keep my car until it is paid off before I decide to trade it in?
Or should I just wait another year or two before I try and trade it in?

Answer 1

It's always better to have the vehicle paid off before trying to trade it in... first off because you get some value(not much) for the trade-in and secondly, because if you owe money on the car, the car dealer is just going to add that money to the amount of the loan you want for the new car. So basically you're paying more than the new car is worth too.

Answer 2

It would be better for you to go to a place like carmax.com and sell your car to them. They will pay it off and give you the balance if any. Then buy a new car. Trading your old car in will cost you more money.

Answer 3

Gotta settle for as authentic with Howie. you are able to not promote or replace some component you do not own, you need to pay off the loan or have the seller assume it and upload it on your new motorized vehicle. now not a lot chance that they'll change an $8 ok loan.