Overhaulin'

What should I do about my car?

I have $16,000 cash to spend on a new 2009 $31,000 car. I currently own a 2006 car(same model as the new one) that I still owe $16,000 to the bank. My old 2006 car is worth $16,000 trade-in value. Should I trade my old car in and pay the difference off with cash for the new car OR should I pay off what I owe to the bank on the old car and then trade it in?

Public Comments

1. Because of the existing economy, do whatever you have to to get yourself out of any debt.
2. I'd say don't bite off more than you can chew. The car you have now isn't bad or old, so just stick with it. As soon as you get the new car another one will be out, and you'll never be satisfied or finish making payments. Do you like having bills hanging over your head? Just pay off the car you have and be done with payments. Make adult decisions not teenagers'.