Upgrading to a newer vehicle while owing on the existing van.

Asked by John Sep 26, 2020 at 02:57 PM about the 2010 Dodge Grand Caravan SE FWD

Question type: Car Selling & Trading In

Currently wife is driving a Caravan with 110K kilometers, we've had it since new.  Any and all repairs needed were always done. No matter what. Unfortunately we still owe roughly $16 thousand dollars. Doesn't make financial sense in having that leftover debt while financing for another purchase. I've said ("that's insane" & she's saying "it's my money"). We'd be financing the newer vehicle so I'm totally lost on her position.

2 Answers

F_O_R answered 3 years ago

If you sold it on your own you might get $7,000 which mean you need another 9 Grand to pay it off. Only you know your finances but I doubt most people could buy a new car and qualify for another 9 grand in debt. Yes this is certifiably insane.

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