So I'm upside down on my accord (and I'm not liking the size of the payment anymore), and my durango is paid off.

I've been thinking about selling the durango (or using it as a trade in), trying to get rid of the accord, and get a car with a lower payment.


anyone have thoughts/experiences in this area?

1/26/2011 8:55:36 PM

This seems pretty cut/dry to me.

Choice A: more money
Choice B: less money

No offense, but neither of your vehicles are special in any way. Choice A is the clear winner.

1/26/2011 9:04:19 PM

sell durango + use the money to pay into the principal of accord's loan = lower monthly payment

1/26/2011 9:31:38 PM

No, that'll just make for a quicker payoff...although that might not be a bad approach.

1/26/2011 9:34:25 PM

Being upside down on a loan is not reason enough by itself to get rid of a car. Sometimes when people are upside down the best thing they can do is just keep paying until the loan is paid and then drive it until the wheels fall off to get their money's worth. Otherwise they end up losing both a reliable vehicle and money from their bank account.

If you don't want/need the Durango any more you could always sell it and apply that money towards the Accord loan to pay it off sooner.

It really depends on your own financial situation, your wants, and your needs. I certainly wouldn't pay $2,000 out of pocket to get rid of the payment on a $12,000 Accord with low miles and then go spend $6,000 on a cheaper car that will need to be replaced much sooner. You'd basically be paying $8,000 for a $6,000 car and you'll be hurting again in a few years when you have to take out a new loan. Two wrongs don't make a right or whatever.

[Edited on January 26, 2011 at 9:39 PM. Reason : l]

1/26/2011 9:37:52 PM

I would sell the Durango to help pay down on the Accord a tad, while hanging onto it until at least you're not upside down (but probably longer if there's nothing forcing you to switch)...

The good thing is that you're thinking about this now. The last thing you want to do is roll the Accord and/or the Durango into ANOTHER car payment where you're possibly still upside down, just to lower the monthly payment.
Good luck.

1/27/2011 2:02:52 AM

see, my train of thought was to trade the accord in on something cheaper (like a kia or hyundai) b/c the amount of one of those + the amount that I'm upside down on the accord for would be less in payments than what I'm paying now.

1/27/2011 7:01:21 AM

how upside down are you?

1/27/2011 7:29:37 AM

A little under 6k

1/27/2011 7:56:12 AM

I would take it to a dealer that promises to get you out of your upsidedown car... and once they get all that sorted out..... put the durango money in there too

1/27/2011 8:20:28 AM

Perhaps I'm naive in this area, but how in the world does someone get $6,000 upside down on an Accord? I thought they hold their value pretty well.

1/27/2011 8:54:37 AM

I bought it when it was new, plus I got all the extra options and shit.

The mistake was letting my ex use it for travelling for her job all over the state; b/c that got the mileage jacked up and now its 2.5 years old and has 61K on it.

1/27/2011 8:57:29 AM

Yeah i don't think this will ever happen to me.

I only buy cars i absolutely love thus regardless of what the world thinks my car is worth... it will always be worth it to me to own it.

1/27/2011 9:03:15 AM

That will pretty much be what I do in the future.

1/27/2011 9:44:34 AM

My wife wants a Durango... send me info if you want to sell

1/27/2011 10:55:49 AM