Car buying issue?

Question

im SICK of my jeep cherokee but have 3 years left of loan on it..any ideas on what i should do in order to get another car NOW rather than in 3 years...i want to switch to a more gas efficient car etc

Answer 1

Sell it...

Answer 2

Call the bank your loan is through and find out how much you owe for the Jeep.

Then look up the blue book value of the Jeep-also check out on cars.com for similar Jeeps for sale. This will give you a good idea of what to expect to be able to get out of your Jeep.

Now comes the tricky part. If you owe more for the Jeep than the Blue Book value is -well then you are stuck. You are gonna have to hold onto it for a little bit longer. Otherwise you are gonna have to end up selling it for what you can get out of it and then coming up with the rest to pay the loan off yourself.

If you go through a dealer, they will tack that extra amount on the new car you are buying. In other words, you might owe 7000 on the Jeep, the Jeep might only be worth 5000 so they tack the other 2000 on top of your loan for your new car. Which is something you really dont want to do. Even if you are saving on gas its not worth that.

Answer 3

Sell it, and then AFTER it's sold, look at the money you have after paying off your loan. Then decide if thats enough to buy the car you want, or if it will be a down payment, and you can finance the rest! :)

*don't trade it in! you can always get more by selling it yourself, just takes a little more effort.*