[USER]

I’m in a bad car loan. Driving a 2012 ford expedition owe 13,900. Worth maybe 8k. Interest 7.45%. Car has 106k miles on it and I feel like it could go caput any moment honestly.

Hyundai is running a deal new car would be about 30k+upside down but the interest rate is 1.9% for 60 months excellent credit.

Haven’t been to the dealership yet. Payment should stay around the same. Yay or nay?

We will have to eventually get rid of this car paid off or not.

I’m afraid that something major is going to go wrong before it’s paid for.

[Chet]

You’re upside down currently. A new car will put you much further upside down. Keep what you have and maintain it till you pay it off.

Every vehicle eventually needs replaced and the goal is the get out of the payment cycle if you can.

You can get another 100k out of it

[Mark]

No. U owe money on an old car. U want to owe more money on a newer car. How does that help the situation

[Mario]

I would get rid of the Ford Expedition as soon as possible because it is a big monster truck which sucks a lot of gas!!!

Who need an Expedition unless he is a contractor???

And after the sale, I would buy a used compact car.

Stay away from brand new cars!

They are way too expensive for the value! Go with a good old Toyota or Honda!

[Conor]

Do you have any reason to believe your car is going to shit other than it just has 106k miles?

Which I’d add isn’t even that many miles?

[Allison]

you’ll be further upside down rolling an upside down difference on top of a brand new car price, the second you drive off the lot you’ll be even further into a BAD LOAN, and that hyundai is going to be as 12 year old car you’ll feel is about to go caput (if it doesn’t before 12 years of age), and you’ll likely still be upside down on it.

I would rather see you double down on your finances, budget, and spending for the next 12 months, start throwing extra cash at this expedition.

OR get 12 months worth of extra cash saved up, sell the expedition for what you can get out of it, pay off the loan, and go shop for an older toyota/honda product.

you don’t NEED a brand new car to be safe and reliable.

[Alexus]

Finance manager at a dealership here this actually sounds like a great idea! I say this as someone with no skin in the game.

Yes, you’ll be rolling over negative equity, but 60mo at 1.9% is an excellent rate and will allow you to pay off the loan with the negative equity quickly.

Buy the new car now while it’s a good rate/offer, before your car breaks and you are forced into whatever you can find.

Just keep this new car until it’s paid off and get GAP insurance!

[Chris]

Look into a used phev and apply the tax credit. A 12k phev should have a 4k tax credit.

[Matthew]

Why do you need a ford expedition? A Toyota Corolla or echo seats 5 and burns 1/4th the amount of gas… maintenance is about 1/3 the cost too…

I would suggest learning about Basic car maintenance and that way you won’t have fears about your car going at only 106k….

I have 3 cars in the family never taken them to a mechanic, just did basic maintenance myself and combined they have over 1.6million miles.

Cars today last a long time and with YouTube there no reason not to learn how your car works and how to maintain it.

Don’t let fear and excuses drive your decisions…

I’m not hearing any reasons to get more in debt for a newer car… now’s the time to change… or keep doing what your doing and keep getting the same results…

also don’t get a Hyundai… your next vehicle should be a used Toyota or Honda if youre really set on not owning a ford anymore

[Aaron]

What’s wrong with the car? Find a local mechanic you can trust and save up for repairs.

If it’s not an engine or transmission probably worth fixing even a Ford.

[Joe]

That’s a rough situation. I’d take it a local mechanic and have them give you an estimate to repair whatever is wrong with it
Then decide if it’s worth keeping or trading

[Erika]

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[Matthew]

A new Hyundai is going to lose value as soon as you drive it off the lot.

So instead of being $6k upside down, you’ll immediately be $10k+ upside down in a car that’s going to lose value faster for the next 5 years.

Pay down the Ford as quickly as you can.

Once the balance on the loan is below trade in value, reevaluate the situation.

[Neil]

Buy the new one and sell the old one if they won’t give you a fair trade in. Then pay it off.

You’ll have a newer car paid off and most of your money can then go to fire

[Author]

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