So... I have a 04 Honda Civic and I still owe $12k on it. I bought it when the economy was good for an expensive price. I have about 3 and a half years left on the loan. It's actually in my moms name and not in mine, but I'm making the payments. I want to get her off the loan and put me on it, but in order to do that I am going to have to get a loan, but then I will have to have a loan for $12000 not counting the interest. I just finished paying off the interest on my car. I don't want to have to pay it again...
My boyfriend and I are looking at getting a new car. We want to trade in mine because... I'm really over it. It's had a lot of mechanical problems and it only has 70k miles on it, but not enough to be considered a lemon. We went to car dealerships to look for something else we would want and to see how much I can get for my car. The most a dealership gave me for my car was $8000 (and it wasnt even Honda! Go figure)! So I'm automatically going to be upside down in the new car loan.
We are looking at a Mitsubishi Lancer, Acura TL, an eclipse, Mazda 6... and thats pretty much all we agreed on. We know that the payment is going to double, but we agreed to split everything in half so we can get a better and nicer car and each spend less money. We are looking for a car that has a lot of incentives and stuff so they can kinda eat up the remainder of my loan onto the next one...
Should I trade it in for a newer one thats cheaper on insurance or just suck it up and pay over $550 a month for my payment and insurance on my Civic thats not worth $12k? Help please!
My boyfriend and I are looking at getting a new car. We want to trade in mine because... I'm really over it. It's had a lot of mechanical problems and it only has 70k miles on it, but not enough to be considered a lemon. We went to car dealerships to look for something else we would want and to see how much I can get for my car. The most a dealership gave me for my car was $8000 (and it wasnt even Honda! Go figure)! So I'm automatically going to be upside down in the new car loan.
We are looking at a Mitsubishi Lancer, Acura TL, an eclipse, Mazda 6... and thats pretty much all we agreed on. We know that the payment is going to double, but we agreed to split everything in half so we can get a better and nicer car and each spend less money. We are looking for a car that has a lot of incentives and stuff so they can kinda eat up the remainder of my loan onto the next one...
Should I trade it in for a newer one thats cheaper on insurance or just suck it up and pay over $550 a month for my payment and insurance on my Civic thats not worth $12k? Help please!