Keep driving or sell and buy a new car?

[andros471975]

I have a 2010 Ford Escape XLT (V6) I purchased new. I owe $13,000 on it and KBB tells me it is worth around 11,000. I pay about 280/month and pay 5% APR. It has 65,000 and is in excellent condition. The warranty has expired. I enjoy driving this car very much and I drive about 40 miles each way to work each day.

Should I consider trading in the car and purchasing a 2013-2014 comparable SUV of some kind? I am not set on a particular model SUV, though I know I don't want the 2014 Ford Escape due the style changes. I would like something as close to my current car as possible though I'd be willingly to entertain suggestions.

I'd like to keep the payments and interest around the same as I am paying now and would like not to have to put any money down.

If I should trade it in, how should I go about doing that? Try to trade in to a Ford dealer, or trade in to a place from whom I would like to buy a new car? Assuming the car is in excellent condition, what is the minimum I should take for this car?

Any suggestions?

[Stealthee]

You will end up upside down if you owe more than it is worth. This is a big reason I will likely never buy a vehicle new.

What I don't understand is how you can owe so much on a vehicle you bought new at least 3 years ago.

Your best bet it to keep it, keep paying it down, and not even think of getting rid of it until you owe less than it books for.

[rhandwor]

Originally Posted by andros471975

I have a 2010 Ford Escape XLT (V6) I purchased new. I owe $13,000 on it and KBB tells me it is worth around 11,000. I pay about 280/month and pay 5% APR. It has 65,000 and is in excellent condition. The warranty has expired. I enjoy driving this car very much and I drive about 40 miles each way to work each day.

Should I consider trading in the car and purchasing a 2013-2014 comparable SUV of some kind? I am not set on a particular model SUV, though I know I don't want the 2014 Ford Escape due the style changes. I would like something as close to my current car as possible though I'd be willingly to entertain suggestions.

I'd like to keep the payments and interest around the same as I am paying now and would like not to have to put any money down.

If I should trade it in, how should I go about doing that? Try to trade in to a Ford dealer, or trade in to a place from whom I would like to buy a new car? Assuming the car is in excellent condition, what is the minimum I should take for this car?

Any suggestions?

As long as its running good save your money and keep driving it and can pay cash for another vehicle.