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Can I trade my car if I bought it 6months ago?
So, I bought a used 2012 Ford Focus at CarMax six months ago (June 2013) it's my first time buying a car and had to use a co-signer. Well, its not my ideal car and well, don't really like it. But since I'm 25 and trying to built credit its all I could get or so I think. I'm already having problems with the car, I already need new rotors and brakes, the engine sounds funny, and tends to take off weird.
However, I just want to know if its even possible to get a new car, a 2013 SUV is what I would like, but I have no idea if I can trade it in when I just bought a car 6months ago. I know if I trade it in I would probably be upside down on my payment and my geico insurance will probably go a bit higher. But is it possible? If so, is there a specific type of car I can go for or is it just not possible?
2 Answers
- Anonymous7 years agoFavorite Answer
With enough money,anything is possible.
However, you are probably upside down and you would almost certainly need to put the amount you are upside down, down in cash. And you would likely still need a cosigner for the new loan because 6 months isn't long enough.
So its possible, its just probably not a good move financially.
You could be anywhere from $1500-3500 upside down.
Even if you could roll that onto another car loan, it would be a terrible idea and you would go from being $1500-3500 upside down to being $3500-7000 upside down.
The fewer times you trade cars in your life, the better.
Everytime you trade cars, you lose a lot of value.
- Mr.357Lv 77 years ago
Sure you can trade in a car since there is no minimum time to own a vehicle. You will loose probably half the value on the car you are trading in, so the other one will appear to cost a lot more.
