I bought a car in sep of 06 when is the best time to trade it in if its not all the way payed off?

Question

I have a car but its not exactly what i always wanted and i want to trade it in but people tell me to be careful not to end up "upside down" whatever that means? So whens a good time to trade it in. I still owe $7200 on an $11,000 car.

Answer 1

When it's paid off.

Answer 2

upside down is when you owe more on the car than it's worth. It doesn't matter when you trade it in, because the dealer will pay off the loan and add it to your new loan.
The best ting to do is sell your car yourself, you'll be in a better bargaining position with the cash in your hand. Besides you won't have to worry about paying the extra amount on your loan that would have been added to your new car loan.

Answer 3

The time is right when you decide that you can afford to do it. Only you can make this decision, as no one here knows your financial situation or where you live, so we don't know what re-sale rates on used cars are going for or the shape your vehicle is in. My thoughts on this are: I figure I am going to pretty much always have a car/truck payment so I might as well drive what I want as long as I can afford it. So honey, trade that vehicle in and drive what you want!!! Good luck and be happy!!!

Answer 4

There are some variables to handle. the biggest ones are what's your vehicle nicely worth and how plenty do you owe? there is not any set timeframe, yet you would be able to owe better than the fee of the vehicle, no huge deal, you only will ought to arise with the money distinction or roll the adverse fairness into the interior maximum loan, which will improve you fee. a>

Answer 5

I'm guessing you have bought an used car.
It depends on which car it is.
Because this all depends on the car's value.
If you have bought the car in it's right price,
then you can trade in your car any given day.
If you don't mind, send me your location and excact
information regarding your vehicle.
Your location....jus city and state would help.
Let me look it up for ya = )
(I'm used car salesmen / new car broker)
Oh~ also let me know if it had any type of accident previously or now = )

Answer 6

Check what the blue book would be...determine if you owe more than the car is currently worth...if that's the case, then yeah, definitely not a good time to do it.