Any car guys here?? Need info
 

I just recently bought a new car (nothing special just a '04 Toyota Matrix) that my girlfriend (who is probobly going to be my ex shortly) bought with me.

My question is can I trade down? How does it work. I dont have time to worry about large payements right now and I just want something afforable so I can worry about making money and not spending it.

You'll probably sell it for a loss

Losing sucks :mad:

so let me get this straight, you are both on the title and entitled to pay the current financed amount? Answer that then we will see if your fucked or not:glugglug

Once you take the car out of a dealer it depreciates 30 percent right away

Yeah we are both on the title. But I might take the car because she is not in a position to take over the payments

ok and how long have you had the car? what did you pay and what are you looking at price wise on your new car, if you trade it in

The car only has 4k on it (sorry, canadian, to lazy to convert) Only 2 months old.

I paid 23k cdn for it (again sorry, canadian, to lazy)

Downpayment of 4k cdn (sorry)

ok the cars worth maybe 18k and if tradin it in on somethin for 10-15k youll be fine.Or you just want a junk for 1000 bucks?

Im looking at something around 10 - 12 k

You are better off keeping it or trying to sell it outright. Trading it in will always fuck you and you will be upside down on the payment, which means whatever they dont give you on the first car, they will roll over onto the second and you will still have an inflated payment. If you can keep the car at all, its better that you keep it for a year or so then refinance it to get the lower payment.

Otherwise just sell it outright, anything short of that and you are fucked.

Makes sence. Thanks :thumbsup

Actually now that I think about it again, you better try to finance it again right now entirely in your name or your girl (soon to be ex) might be able to come at you for a "share" of the car payment amount since she is responsible. Not sure if she can or not but she is just as liable for the car note as you are if you guys co-signed for each other. Look into the legal shit on it .

car guys or car gals ? hehehe

Are you leasing the car ? Its not all paid off right ?
You will lose $$ forsure if you trade down on new cars that has already been used ,
an option is to find someone who will take over your payments :2 cents: