What Is My Car Worth?

Trading in my car, for a less expensive car - owe 60% of what car is worth.?

• My car is a 2009 Subaru Impreza Sedan, still under warranty - and comes with extended full warranty until 2015. I bought it at the beginning of this year by trading in a car, so I had a substantial down payment. I owe $10k on it, and it's worth between 16-17k private sale, maybe 15-16k trade it. Although, I imagine Subaru dealers like to get Subaru's that are Certified Pre-Owned.... Anyway - I have a car payment of $182, not much, but too much for me as I just bought a house. I don't mind a payment I just would like less. Is it possible to take in my car and trade it in for a car that is only 9 or 10k? What will happen to my loan? Will the difference from the trade just be applied to it and I'll have the same payment, just for a shorter period of time? Or will I have to get a new loan? (my problem is you can't be a loan for less than 7k - and it's doubtful I can find a good car for the difference between the value and whats owed. Thank you!

• Answer:

  The problem is that a dealer will only allow you $10-12k for a trade in on a less expensive car and then they will turn around and sell it retail for the $16-17K. They are in the business to make money(buy low and sell high). You will not gain any financial relief on this transaction. Good Luck