Overhaulin'

What are my options ( Upside down on a trade Vehicle)?

I recently took over my uncle's car last November 2007 Honda Accord 2006 he owed 16,000.00 and the mileage was high. Now I want to get another car but looking at the Blue book I will be upside down for about $ 5,000.00. I now have the Honda Accord 2006 the mileage is 62,000.00 and I currently owe about 15,000.00. I want to get into a lease for my new car I’m looking at the IS250 Lexus. I haven’t gone to the Lexus dealership to get my Honda appraised since I saw in the Blue Book there is big gap. My only option I see is just pay off my car or since I don’t drive that much weight another year so the mileage doesn’t look so bad and also my bring down my car loan. Is there anything I can possibly do to get rid of my car? I dont want to roll over my difference since the deal for the lease will be no longer a good deall :)

Public Comments

1. First off, 62,000 miles on a honda is just over "broken in really well"! It is absolutely commonplace to get 250,000 miles from a well maintained Honda. A Lexus is a more prestigious car and you're not crazy for wanting to step up, but I would just keep the honda for a couple more years of almost surely trouble free service. Just my 2 cents. Good Luck!!
2. The lease will absorb the negative equity if you want out of it. or you could see if a honda dealer will buy it.