Should I trade in my van even if I'm upside down ?

[DT4K]

I'm currently driving a Nissan Quest.
I want to get a Suburban.
I owe 9k on the Quest, I could sell it for maybe 7k - 8k.
Dealers will give me around 5k - 6k.
I'm looking for a Suburban in the 15-20k range.
Should I go to a dealer, trade it in, and have the negative equity tacked on, ending up with the vehicle I want, but instantly at least 4-6K upside down.
Or should I wait until I've paid off enough that I can sell it privately for what I owe and buy a Suburban privately.
I'm currenly at 19% interest on the Quest because my credit sucked really bad when I bought it 2 years ago. I've been told I could get a loan now around 10%. So I'm anxious to get out of that 19% interest loan, but I also know that if I go through a dealer and do a trade-in, I will get screwed and end up much further in the hole. But it will probably take me at least another year of payments before I owe what it's worth.

Any advice appreciated.

 

[conjur]

NO!

For Gawd's sake NO!

You will just be perpetuating the cycle.

Just hang in a bit longer. The interest isn't killing you too badly at a 9k balance. Sure beats pissing several K into the wind.

 

[DT4K]

Originally posted by: conjur
NO!

For Gawd's sake NO!

You will just be perpetuating the cycle.

Just hang in a bit longer. The interest isn't killing you too badly at a 9k balance. Sure beats pissing several K into the wind.

Well, that's the direction I was leaning, but everytime one of the dealers has one of those big fairgrounds sales, my wife brings it up. I can live with the van for awhile, but she is really wanting a Suburban.

 

[HappyPuppy]

Refinance your loan on the Quest and keep driving it until it falls apart. Get your moneys worth out of it. It's a disease to keep want to upgrade your automobile.

 

[KGB1]

HEhe... join me Padawan in the GM darkside. But might I persuade you into a Chevy/GMC Astro or a Silverado? A suburban is overkill for anything your probably will be doing. An Astro witk 15K miles is less than $11K and 4x4 action 😀

 

[DT4K]

Originally posted by: KGB
HEhe... join me Padawan in the GM darkside. But might I persuade you into a Chevy/GMC Astro or a Silverado? A suburban is overkill for anything your probably will be doing. An Astro witk 15K miles is less than $11K and 4x4 action 😀

Originally posted by: HappyPuppy
Refinance your loan on the Quest and keep driving it until it falls apart. Get your moneys worth out of it. It's a disease to keep want to upgrade your automobile.

Fourth kid on the way (due March), wife, 2 dogs, lots of camping, fishing, skiing.
Nuff said.

 

[Bryophyte]

Ordinarily I would say Hell No, but I'm guilty of doing the same thing. Last fall, I traded in a 10 month old Mitsubishi Galant for a big ole Ford truck. I had bought the Galant on one of those no interest/no payments for a year deals, so I had an 8 grand loss. Eh, we really had to trade it in, needed a truck way more than a car. It all balanced out ok because Ford x-plan pricing combined with incentives just balanced it all out in the end. I hang my head in shame for doing what I swore I'd never do. 🙁