I Need Advice - Buying Another Vehicle...?

Question

i currently own a 02 jeep wrangler. it is a soft top, with no a/c. it gets broken into a lot and it sux in the summer because it can be really hot here in CA. i owe about $7,000 on it.

i would like to trade it in for a used car because i need something more practical that gets good gas mileage etc. (the jeep only gets 14mpg) i have looked at a scion tc. My payments for my jeep now, are about $260 a month.

Is it worth it to get the used scion (it's an 06)?

Answer 1

Not sure what your Jeep is worth, probably not a lot and certainly not $7000.  In looking for a car, just figure on paying $7000 more than the market price because of what you owe.  If your credit is decent you shouldn't have too much trouble rolling the $7000  (minus trade - in and down payment, if any) into your new loan.  The Scion should save you on gas and will be much more comfortable, just be aware that you may never recover the upfront cost of it.

Answer 2

The average trade value on this vehicle is about $8,000 so that would leave about a $1000 to put down on the new (used) vehicle and then you would have that amount of money to work with. the Scion sells for about $16,500 but then you have to add the other charges like sales tax, title, plates etc. If you fiance the vehicle for a minimum of 5 years and depending on your credit score I would guess that your payment will be between $250 and $300 a month. Only you can decide if trading now is a good idea. But remember that the jeep will be paid off in about three years if you trade you will have another two years after that until you are paid off, so the ball is in your court.