Is this a good idea to get out of an upside down car Situation, please advice?

Long story short, without getting into details on how I got into it from the first place,
I have a 2018 mustang gt with 12500 miles ( which I about last Nov) , I still owe 43500$ , my payments are 677 a month, I'm trying to lower my car payment as I'm looking for a house right now, and this high car payment is not helping me find a house that I want!
I went to a ford dealership who offered 32k for my mustang ( which is A good trade value for my car According to blue jelly book) for a new 2018 Ford Fusion SE MSRP 26k they gave me about 9500 off MSRP and then added 11k for my negative equity plus tax plus plus ect. Total finance about would be 34k and my payment would be 480$ with good credit which I have. I'm trying to push this down to 32k total amount financed with 0 down.

Would that be a good deal? As I will be saving about 220 a month plus 50$ less from lowering my insurance, is it worth it, if I'm planning to keep the Ford Fusion for a while!

Almost nobody is going to let you roll over 11k in negative equity but if you could, you would instantly be upside down by 14k+.

Get a 2nd job and save up your negative equity and then when you can, find a private party to buy it at at least a few grand more.

Amount owed and total payments are a different thing. Find the total payments for the Mustang and the Fusion. You can deduct the total insurance savings on the Fusion total payments. If the total payments for the Fusion is LESS, get the Fusion. BUT get someone with accounting knowledge to READ the fine print on the Fusion contract.

If you think trading a car in at a dealer is a good deal there's not much hope for you! Sell the car outright and buy a used vehicle from a private party.

Yes, you should always get out of an upside down car as soon as possible.

If you can't get the doors open, then break a window. It is a good idea to keep a suitable glass breaking tool in the vehicle for this purpose. I have one with a combined seat-belt cutter and flashlight.

I would never recommend rolling over negative equity. It makes you even more upside down in the new vehicle.

The dollar sign "$" is placed before the number, not after it. Example: $3200

The best way for you get out of this jam is to sell the car on the street(private buyer). The dealers will do whatever they can to tip the deal into their favor and if they smell you are in a jam they will just make it that much worse for you. So why bother with them? Sell the Mustang to a private buyer. With the money from the sale of the Mustang pay of the loan on it immediately. That way the note(loan) on the Mustang will no longer be on your credit. If you can hold off on buying another car until AFTER you buy a house that would be the best thing to do. Maybe you can borrow a car for a few weeks until you buy a house. If you can't wait, then I would not buy the Fusion, I would try to lease one instead. That way you only have to put a few thousand down and your lease payment should be under $250 depending on how much you put down. But yeah, sell that Mustang on the street, pay off that loan, get it off your credit report. Then buy a house. After you buy a house, then buy another car. If you can't do that. Then sell the Mustang on the street and then LEASE that Fusion. Good luck man, but you can get out of this jam pretty easy if you sell the Mustang on the street(Private buyer).

I would be willing to bet this isn't going to work as you expect… Its a losing proposition to take back that 2018 Mustang…

Doing this through a dealer will result in the dealer making money.
FYI it's advise, not advice. I give advice. I advise people. Please advise me.

It would likely work to get into a house sooner it is still never a great idea to increase your negative equity. You may want to wait.

You will wind up paying less money every month but you will wind up paying the car note for about two additional years.

The people who give credit will look at the total amount you owe in addition to what you pay monthly.

(buying a new car is never a good idea unless you are a millionaire… And even then…)

As the other person said… Sell the car through the newspaper or Craig's list. You will get more money. Then pay off the dealership. Then buy a used car… I would suggest a Jeep Wrangler because it will go through snow and mud and rain.

the Ford Fusion will DEPRECIATE very fast and because of the new technology it will not have a good resale value. It will be cheap to drive but it will be a white elephant.

AND - get pre qualified for the mortgage and then get a buyer's agent to look for the home you want in your price range. Be prepared to take the house as is and paint and do a little fix up yourself.

Then rent out a room for extra cash.