Overhaulin'

when is it better to buy a new car? Should you wait until the old loan is paid or not?

i have till feb 08 to finish my car loan. the car i have has 87000 miles on it and i would like to trade it in. i just am not sure if it is better to wait till it's paid or do it now.

Public Comments

1. Trading a car in is a ripoff. They will pay off your car and give you chump change. Wait a year and sell it on ebay or in the paper, then buy a car
2. Check out daveramsey.com. 1) If the value of the car is more than the balance of your loan, you should consider selling your car on our own now and paying off the loan. 2) If the balance of the loan is more than the value of the car and you can afford the payments, keep paying on the car until the loan is paid off in 10 months and then sell the car on your own. Don't trade. 3) When you buy a replacement car, Dave Ramsey strongly suggests buying a cheaper one that you can pay cash for. Read what he says about this. It makes sense. Not having a car payment frees up a tremendous amount of cash each month and can change your life.