1. Money
Miriam Caldwell

Should I Trade in My Car?

By December 7, 2012

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When it is time to buy a new car, you may be wondering what to do with your old car. If you still owe money on the loan, you may be tempted to trade it in. If you do this you will roll your old loan into your new one. You will end up ending more than your car is worth. It is a better option to <a href="http://moneyfor20s.about.com/od/gettingoutofdebt/ht/upsidedowncar.htm">sell the car</a> yourself, but you will need to come up with any extra money to pay off the loan. If you sell the car yourself, you will be able to get more for it. This will make it easier to pay off your next car.

If you own the car, you still have the option of trading the car in or selling it yourself. You do get more if you sell the car yourself, and you can use the extra money to put towards buying a new car.  Overall, it is a better idea to sell the car yourself and to see steer clear of trading in your car. Remember that you will lose less money if you buy a used car instead of a new one.

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