Can I trade in my current car for toward the purchase of a new car?

Asked by Guru9X5P9B May 14, 2021 at 12:21 AM about the 2020 Honda Accord 1.5T Sport FWD

Question type: Car Selling & Trading In

I would like to trade my car for a Jeep Grand Cherokee Summit, Overland or
Limited.  I'm wanting to lower my monthly payment.  I am upside down about
6-$8000 depending on $ amount for my trade.

3 Answers

You cannot lower your payment by buying another car and then adding onto the balance another 8 grand. Buying any Jeep is a bad idea.

1 people found this helpful.
157,465

The amount you owe on your trade in gets added to the cost of the new vehicle whether you're upside down or not. Doing this will absolutely increase your monthly payments because you'll be paying for two vehicles. One of which you no longer have! Unless your trade in is falling apart and costing you lots of money to keep it going this is always a bad idea!! Hope that helps! Jim

1 people found this helpful.

Tired of a reliable car and want an expensive adventure driving an unreliable Jeep?

2 people found this helpful.

Your Answer:

Accord

Looking for a Used Accord in your area?

CarGurus has 908 nationwide Accord listings starting at $2,799.

Postal Code:

CarGurus Experts

  • #1
    JP1956
    Reputation
    6,970
  • #2
    Fredbrillo
    Reputation
    5,400
  • #3
    Jonathan Ford
    Reputation
    3,910
View All

Find great deals from top-rated dealers

Search

Related Models For Sale

Used Toyota Camry
49 Great Deals out of 940 listings starting at $2,212
Used Honda Civic
154 Great Deals out of 3,390 listings starting at $2,230
Used Honda CR-V
90 Great Deals out of 3,817 listings starting at $1,995
Used Toyota Corolla
124 Great Deals out of 1,997 listings starting at $1,995
Used Acura TLX
35 Great Deals out of 451 listings starting at $10,999
Used Honda Accord Hybrid
3 Great Deals out of 230 listings starting at $2,230
Used Nissan Altima
21 Great Deals out of 682 listings starting at $2,000
Used Lexus IS
20 Great Deals out of 342 listings starting at $5,800
Used Dodge Charger
36 Great Deals out of 614 listings starting at $4,888
Used BMW 3 Series
69 Great Deals out of 1,205 listings starting at $1,995
Used INFINITI Q50
10 Great Deals out of 261 listings starting at $6,999
Used Nissan Maxima
8 Great Deals out of 139 listings starting at $3,995
Used Lexus ES
9 Great Deals out of 194 listings starting at $4,500
Used Toyota RAV4
91 Great Deals out of 2,055 listings starting at $3,499

Content submitted by Users is not endorsed by CarGurus, does not express the opinions of CarGurus, and should not be considered reviewed, screened, or approved by CarGurus. Please refer to CarGurus Terms of Use. Content will be removed if CarGurus becomes aware that it violates our policies.