im financing my car for about gonna be a year now the total car cost is like 15k, my problem is i want another car realll bad which cost 19k, and my question is can i trade my car in and finance the other car??

 

you will have to pay on the previous car because your upside down. meaning you owe more than you have paid on the car so that payment on the new car will be higher. im not 100 percent sure of how it works but i worked with a guy who did exactly what you want to do and he is paying the biggest car payment for a vw golf

 

i dont get it so your saying i would still have to pay what im paying for my car and what ever the other car is gonna cost monthly?

 

i am paying 300 a month for my car now and lets say the other car comes out to 200 a monthi would be payin 500 a month? and if im trading in my car wont i be financing alot less?

 

Get your car appraised. Take the value and deduct from the price of the new car. That is your trade difference. You pay tax on that difference. You then have to add your various taxes and the payoff on your current car. That will give you the amount you are financing minus any money down if any. You will more than likely be buried in your current car. Most of us are because Mitsubishi's lose value faster than other cars.

 

thanx man how do i get my car appraised? so lets say my car is valued at 9k i would subtract that with the value of the car i want 20k(plus taxes) which leaves me with 11k then i would have to add 11k to what i owe on my car which would be like 22k total?? i think i got it right correct me if im wrong

 

I bet ya my car devalued faster than yours will...

 

http://www.autofinancingusa.com/calc....html?source=a

 

Should help you out man. Just plug in the numbers to get a payment.

 

All of you are right.

Let's say you owe 15K on your current car, well, chances are the car is not worth 15K, probably more like 8K-10K. That means you're 5-7K upside down.

Now, if you can afford the monthly payments, they can sometimes add the amount you owe into the financing of your new car, BUT most dealers will not add more than 15-25% above what your new car is valued. There is a cap. But don't expect to get anywhere near the kelly blue book value of your car at the dealer.

You maybe stuck with your current car for a while. I am so upside down on my EVO that it makes me sick, but oh well, at least I have me dream car, but financially a nightmare.

 

The thing that hurts the 2002-2003 year model Lancers is the new body style and current new car incentives. People are like why buy a old body style car and pay a higher A.P.R . than get a new 2004 or 2005 model?

 

Going had a good point also about carrying all that negative equity. You have to have awesome credit to pull it off and you are capped at a certain percentage over MSRP. I looked at a 2004 RA and I was like 6K upside down and I was going to need $3000.00-$4000.00 dn. to keep the payments somewhat reasonable.

 

not to mention i remember hearing one rental company bought a lot of lancer es which put a lot on the used market making thme lose value even faster