First and foremost, the best way to reduce your losses is to sell the vehicle directly to another party. Trading the car in to a dealer means that you'll probably get a few thousand dollars less than if you sold it yourself. Sure, selling takes some time and effort, but you get to keep the money that the dealer would be getting. If you could sell your car for $25,000 (just an example) then the dealer would probably only give you $22,000-$23,000 because they're going to sell it for $25,000 and they want to make some money for the effort.

When selling, you could simply have someone assume your monthly payments if your finance company allows it.

Buy a classified ad here on TSN and you'll already have a good target market in which to sell your car. You're going to take a loss regardless of what you do, but be smart about it. Why take more of a loss than you need to? Why roll one bad economic decision into another by carrying your negative equity into a new lease? To me you're logic just doesn't make sense if you're trying to make some financial headway. Don't throw good money after bad.

If you are strictly concerned about low monthly payments on a new vehicle, then leasing is the way to go, ceteris paribus. I agree with others that you may be better off buying (or even leasing) a used vehicle, maybe a low-mileage off-lease vehicle that's only a few years old. Lots of people find themselves in the same situation that you're in now and they end-up dumping their nearly-new lease vehicles. Keep in mind that these cars have taken the biggest depreciation hit in the first year so there will be some good deals to be had on nearly-new vehicles.

Good luck and let us know how things turn out.

pmr
'99 9-3 Viggen
'99 9-5 SE V6

posted by 65.204.8...

• is it possible to trade in a car..., larry, Thu, 27 Dec 2001 14:18:23
  • Here are some options..., pmr, Fri, 28 Dec 2001 07:28:17 <-- Viewing This Message
    • Good advice from pmr, or to put it another way, Texron, Fri, 28 Dec 2001 10:36:46
  • If you can't afford the payments, don't lease >, ChipJ, Thu, 27 Dec 2001 15:14:47
    • Leasing is for Rich people???, Richard P., Thu, 27 Dec 2001 15:58:55
      • Keep an open mind & run the numbers, Marc, Sat, 29 Dec 2001 15:25:24
        • Interesting worksheet but >, ChipJ, Sat, 29 Dec 2001 17:10:38
      • Flawed analysis, Richard (Long), pursang, Thu, 27 Dec 2001 18:59:24
        • Flaw in your logic...compare apples to apples..., Richard P., Fri, 28 Dec 2001 08:37:03
          • Re: Flaw in your logic...compare apples to apples..., NewYorkCitySaab, Fri, 28 Dec 2001 12:42:25
            • You need to look around..., Richard P., Fri, 28 Dec 2001 14:04:29
        • Pursang is correct >, ChipJ, Thu, 27 Dec 2001 20:52:59
      • Define "rich" as someone who >, ChipJ, Thu, 27 Dec 2001 16:41:57
        • hey chip and richard, larry, Thu, 27 Dec 2001 17:05:50
          • so far you have lost $6000 on paper >, ChipJ, Thu, 27 Dec 2001 20:39:07
  • Money is never "lost" when you trade in...., Richard P., Thu, 27 Dec 2001 14:33:37

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