Should I proceed with an auto upside down trade?
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I would like to trade in my 2005 Dodge Dakota SLT for the 2007 Dodge Charger or Magnum SXT. Problem is my loan payment is at 19500 payoff and the value is already at 13100 tops. I am afraid if I wait too long its value may be unrecoverable. Any help here would be prime.
Should I proceed with an auto upside down trade?If you're upside down on your loan right now, that's just more reason NOT to trade-in your car and take that big hit. You've already gone through the biggest depreciation hit, which takes place the first couple years.
From this point onwards your "negative equity" should go down. Just think -- sooner or later the car WILL be paid off, at which point you are in the clear. Trading it in for a new car will just push that day out even farther. Plus, you will suffer through tremendous depreciation on a new Charger the same you did on your Dakota. I
In other words, trading in your car now will make your "upside down" loan even worse, not better.
Should I proceed with an auto upside down trade?Sorry to say but my cars the same way not to much you can do but wait in time it will go back up but it may take years sad to say that all there is to do
Should I proceed with an auto upside down trade?This is not a good idea, because a dealer will roll over your negative equity into your new loan and you'll be even worse upside down in the new car. This is just a very bad cycle to get into because at some point you'll find yourself helpless to get out.
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