Is it a bad idea to trade in my car if I owe money on it?

Nick

New member
Hey everyone, I'm not too familiar with all of the logistics of trading in a car so any help would be greatly appreciated.

I currently own a 2007 Pontiac G6 GT, it's in great condition and has had no mechanical issues. I owe about $3500 - $4000 on it still, no more than that, have an interest rate of about 8% and my payment is around $220. I want to upgrade to a 2008 Pontiac G8 GT and just want to make sure I won't be spending unnecessary money (I know I'll have to pay more for a newer, nicer car, but I mean just in terms interest rate, monthly payment, etc.) I did some research and most online says I can trade my car in for $8 - 10,000 and I can probably get the G8 for $17,000 - $20,000

Thanks in advance,

Nick
 
Back
Top