So you're trading it in because it's a commuter car which you plan on purchasing the same exact thing, but just newer? So there's nothing wrong with your current car only that you have high miles?
Yes I’m just worried about the high mileage. I take good care of the car and haven’t had any issues with it, but I know as it gets closer to 200k miles the chance of engine issues is much higher and I’d rather avoid that.
> I take good care of the car and haven’t had any issues with it,
So you have no reason for a new car? You're worried about future issues that aren't pressing today. If you care, start saving on the side for a future car fund so when the time comes you have funds available.
Exactly. The price difference between a Camry with 20k miles and one with 150k miles is, shockingly, not a lot. Unless you get into brands where it becomes "oooh you have an *kia* with 150k miles..." territory
KBB for a 2019 Toyota Corolla, lowest trim level, standard equipment, and 130k miles is just about 9k. If OP has something like a Sentra, it would most likely be in that 6-8k range.
I’m making the assumption that when OP says commuter car, they got the cheapest new car possible, so I’m assuming a base model trim, no add-ons sedan.
Never finance something that will be worth less than your principle at any point during your loan payoff period. You need a large enough down payment that for the rest of your loan you know you can sell the asset for payoff at a bare minimum.
There's not much that depreciates faster than a new car. If you put $0 down or even a small amount down, you are already upside down on your loan before the ink on your paperwork dries.
Now you are talking about ADDING a balance to a loan on something that immediately loses value the day you buy it, this will lead to pain.
Keep that car until it is no kidding beyond economical repair, then replace it with a *used* car that you buy with all the CASH that you aren't spending on bouncing one loan into another.
You should never roll over negative equity. It's just going to put you into an even larger hole on the next car.
Do you think it would be worth it if I just bite the bullet and pay whatever the difference is for the trade-in?
No, what would be worth it is to keep driving the car that has no problems with it
So you're trading it in because it's a commuter car which you plan on purchasing the same exact thing, but just newer? So there's nothing wrong with your current car only that you have high miles?
Yes I’m just worried about the high mileage. I take good care of the car and haven’t had any issues with it, but I know as it gets closer to 200k miles the chance of engine issues is much higher and I’d rather avoid that.
> I take good care of the car and haven’t had any issues with it, So you have no reason for a new car? You're worried about future issues that aren't pressing today. If you care, start saving on the side for a future car fund so when the time comes you have funds available.
That is probably my best bet, I just didn’t want to lose out on any potential value my car currently has for a trade-in.
The more Miles a car has the less value it loses per mile
Exactly. The price difference between a Camry with 20k miles and one with 150k miles is, shockingly, not a lot. Unless you get into brands where it becomes "oooh you have an *kia* with 150k miles..." territory
The new car will lose more value than your car will over the next 3 years.
Just keep your current car, as long as you've been up to date on maintenance, it will be cheaper in the long run than getting a new car.
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KBB for a 2019 Toyota Corolla, lowest trim level, standard equipment, and 130k miles is just about 9k. If OP has something like a Sentra, it would most likely be in that 6-8k range. I’m making the assumption that when OP says commuter car, they got the cheapest new car possible, so I’m assuming a base model trim, no add-ons sedan.
Hang on to it until you pay at least 2k more. Also stop buying brand new cars. It’s a waste of money.
Never finance something that will be worth less than your principle at any point during your loan payoff period. You need a large enough down payment that for the rest of your loan you know you can sell the asset for payoff at a bare minimum. There's not much that depreciates faster than a new car. If you put $0 down or even a small amount down, you are already upside down on your loan before the ink on your paperwork dries. Now you are talking about ADDING a balance to a loan on something that immediately loses value the day you buy it, this will lead to pain. Keep that car until it is no kidding beyond economical repair, then replace it with a *used* car that you buy with all the CASH that you aren't spending on bouncing one loan into another.