Is this a good deal???

[Anonymous]

I have about 4k left to pay on my 2008 ford fusion. My interest rate is 4.5% or something like that... My note is only 234$ and if I just keep paying the note I've got 2 years left before I own it outright.

My car has about 75k miles on it and it's is less than perfect condition.


So the finance company offered me up to 50k to get a car with 1.99% interest rate.

I could trade my car in get a new one!


Sounds fun, but it's probably smarter to pay off my car and drive it til it dies. I don't even know what the trade in value would be

[WhitleyLyles]

do you owe more than its worth?

[Anonymous - Original Poster]

Quoting WhitleyLyles:

do you owe more than its worth?

According to Kelley blue book. It is worth 6,800 trade in or 8,600 selling private party. Retail sale would be 11,500.

so if I traded it in I would probably get back less than 3k.

So 3k wouldn't buy me a new car and i'd be stuck with a note for 5 years again.

[Anonymous]

Trade in value is usually higher