Answer
Jan 04, 2019 - 08:14 PM
Hi there
You can always trade in a financed vehicle - as long as you'll be in a position to settle the outstanding amount on your current car with your trade-in. However, the chances are that you won't get enough for your car upon trade-in to settle the outstanding balance after such a short time, so you will definitely end up out of pocket just by getting rid of your current vehicle. Add to that a new load of finance charges and interest which will come with your next purchase, and you will find yourself in a much worse financial position.
Alternatively, you may want to trade your current car for something much cheaper, in which case you may just break even - but then, what's the point of giving up a nicer car only to end up paying the same for a lesser vehicle? Rather keep what you have for another two years or so, and then get something new. It will save you a lot of money in the long term.
Hope this helps!
The AskAutoTrader Team
Add New Comment