Question about car trade ins?

Question

I need to trade in my car (selling is not an option because of how much I owe). The reason I need to trade is because its high miles and gets terrible gas mileage. I would break even with the new car payment, even if I'm upside down.

My question is, I'm having a hard time getting financed because I can't seem to find something that "will hold the negative equity."

What is the best car to hold negative value? Of course all the dealerships declare their own to be the best, and I just need an honest answer.

Thanks!

Answer 1

The only way your going to get out of your current situation is to either come up with a lot of cash down (which I'm guessing you don't have) OR find a car with a huge factory rebate.  The only car with huge factory rebate is a truck/suv.  Problem is, trucks aren't real good on gas or insurance.  And, if you're carrying full dollars on a truck you'll be WAY FLIPPED come time to trade again.

But, look at trucks and suvs.  At least you'd be in something new.  Nissan has great deals on Titans and Armadas.  Dodge is selling Ram 1500s for half off MSRP.  Ford F150 are getting around 15K.  That's the only way, THE ONLY WAY, you'll be able to "hold the negative equity."  

Even then, you may still need some cash b/c lender are getting super tight on deals involving trucks/suvs.

Good luck.