Should I trade my car in or keep and pay down?

I was looking at a new car- the Chevy Trax- the other day.

I have a 2013 Ford Fusion with 60k miles on it and $14k left to pay on the car loan. I took it to have the vehicle assessed, and it is only worth $11.8k. However, I drive a lot for work, and the car is depreciating faster than ever.

The Trax would be financed at $27k, and the payment would be lower each month, but I don't really want $27k of extra debt over my head, especially when I've already paid over $13k on my Fusion loan. I feel like I'd be starting all over again!

Can someone give me some advice as to what to do?

I was looking at a new car- the Chevy Trax- the other day.

I have a 2013 Ford Fusion with 60k miles on it and $14k left to pay on the car loan. I took it to have the vehicle assessed, and it is only worth $11.8k. However, I drive a lot for work, and the car is depreciating faster than ever.

The Trax would be financed at $27k, and the payment would be lower each month, but I don't really want $27k of extra debt over my head, especially when I've already paid over $13k on my Fusion loan. I feel like I'd be starting all over again!

Can someone give me some advice as to what to do? Advice: Don't do this. You can't borrow your way out of debt. You have fourteen thousand in car debt. Get it paid as soon as possible. Save up, pay cash for cars, or do not buy them. Cars are a horrible investment. They only go down in value. Save up, learn to live on less than you make and learn to invest in things that go up in value (stocks of great companies like GE; F; VZ; T; etc) I would keep your car unless you were rich and money wasn't an issue. Just wait till your lease is up then trade. You should keep driving the Fusion. It is still a good car. Drive it for another 60k miles or more. The best advice I can give you is stop dreaming about cars. There's nothing wrong with your Fusion and you'd lose a ton of money if you tried to sell it.

Keep the Ford. Stop wishing for things you can't afford. You are upside down. Trading, if you could, would only make things worse.

Pay extra payments & pay off the car & keep it as long as possible.

I drive a 94 model car and save a boatload by doing so. Listen, you sign a deal, before you touch a car, you lose $500 right off the lot. That's how bad cars are as investments. Having said that, make no mistake cars aren't symbols of wealth. Money is! If you can survive without a car, that's what I would do. I mean half the millionaires in New York don't even drive. Why should we?

I would keep your car unless you were rich and money wasn't an issue. Just wait till your lease is up then trade.

You should keep driving the Fusion. It is still a good car. Drive it for another 60k miles or more.

The best advice I can give you is stop dreaming about cars. There's nothing wrong with your Fusion and you'd lose a ton of money if you tried to sell it.

Keep the Ford. Stop wishing for things you can't afford.

You are upside down. Trading, if you could, would only make things worse.

Pay extra payments & pay off the car & keep it as long as possible.

I drive a 94 model car and save a boatload by doing so.

Listen, you sign a deal, before you touch a car, you lose $500 right off the lot. That's how bad cars are as investments. Having said that, make no mistake cars aren't symbols of wealth. Money is! If you can survive without a car, that's what I would do. I mean half the millionaires in New York don't even drive. Why should we?