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Should I trade in my car?
In November of last year I bought my first car, but because my credit history was short I didn't get what I wanted. I ended up with a 2007 Dodge Magnum with 80, 000 miles on it worth $11, 000. I was told that if my payments were made on time I could trade it after six months, but I might wait till a year is up. I want something brand new and really the only thing I like about my car is how fast it goes and how spacious it is. I'm torn between a Charger, Challenger, or Dart. And I want an automatic transmission. Thoughts?
5 Answers
- Hugo90Lv 77 years ago
Your Magnum will be worth about half that $11,000 as a trade in. Dealers buy low and sell high. Why would you consider a Charger when you don't like your Charger station wagon? Trading before two or three years will empty your wallet. Taking advice from a car dealer?
- JackLv 67 years ago
Frankly - - you are a fool if you buy a new car. Next to credit cards, cars and car loans cause more financial problems than anything else - - ESPECIALLY new cars.
Save money and pay cash for your next used car.
Source(s): I pay cash for slightly used cars and avoid the largest depreciation expense (even though I can afford to pay cash for any new car I wanted) - regeruggedLv 77 years ago
If you can afford it, buy anything you want. I think a 2015 Challenger will be a winner.
- Jay PLv 77 years ago
That's up to you if you want to saddle yourself with more debt. I'm assuming also that you still owe most of the money on the Magnum as well? If so, what the dealer would likely do is roll the remaining money owed into the next vehicle which means even more negative equity.
Add to that the fact that new cars depreciate rather quickly and you will ( hopefully ) realize that you will end up being upside down on this loan for years to come.
I know the allure of owning a brand new car can be strong but financially speaking, it is a terrible idea. You're much better off just keeping your current Magnum and paying off the loan before either selling or trading it in.
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