A few years back, I few victim to the new car syndrome and now am feeling the effects of it. It is now worth significantly less then what is owed and I was hoping for some advice on how to handle it best. Difference between owed and value is about 5k with roughly 24 months remaining. The car is no longer feasible for it's purpose and a new one is needed but due to the "NCS" it has roadblocked any advancement. Obviously, no private party will buy it so I haven't even wasted my time with that and as far as a trade-in goes they will only take it in exchange for a brand new car which I will never do again. Are there any other options available ? I know I am going to take a major hit by it and am prepared to but would like to minimize it as much as possible. Do I have any other options that are available in a situation like this ? All advisement is appreciated. Thanks in advance!
Why not another new car? Get one that is less expensive. Sometimes dealers have specials where they'll pay off your car no matter what the loan amount. I'm not sure if they roll it back into the next loan somehow or not. If there is a Carmax near you, they buy cars. But they'll probably only give you the book value. What kind of car, and what do you want to get?
sorry.......cant help much without knowing something about the vehicle...you say your 5k upside down( to new car dealers this really aint much)..but there are several options available.... auction.....this one is tough on a title with a lien... pay it off?? then can sell however ya want and can cut your losses. if its a commercial vehicle..there is always a market no matter what.....you may take a loss but the commercial vehicle market is a more "realistic" market than the regular retail market because commercial buyers understand the laws of depreciating value etc. and account for that at purchase. then again.....there is always an insurance loss.......just kidding!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
