Let's say I want to buy a car that's 24000. I still owe 20000, I trade my car for 15000, that leave me with 5000 owing to my current loan right? So does that mean that i will be financing 9000 (5000+the difference)?

 

Correct. I think the dealer would roll what you owe into the new car. Now that $24k car is a $29,000 car.

This the G? Just keep it dude.

 

Yea.. I think I need something more economical

so that 15k would not pay a portion of the G? I will end up financing 29k? I don't get it?

 

Whatever's left on your current loan after they give you your trade in value, it would roll over on your next loan.. so based on your example 24000+5000=29000+interest fees etc.

 

damn.. starting to sound uneconomical at this point..

 

I thought about this too.. im trading the G for a civic SI after 1 more year if im not too upside down... im leasing the G and i have about 1.5 year left on the lease, i wanted to buy it out since i love the car im just afraid that it might be too costly to keep the G as far as repairs etc in the long run rather than buying something cheaper for a DD..

 

$5,000 loss is a ton of gas. At $3.50/gal 1,430 gallons. If you get 20 miles per gallon, it's 28,600 miles. If you drive about 10k miles/year, it will take 3 years to break even.

 

yeah well kinda, your basically gonna be starting all over again.. more debt

 

sounds like i'm stuck with the beast till someone hits me