trade-in question

[xokayxo]

i have a 2004 ford focus zx3 that's inbetween good and excellent condition. its nada and kelly blue book value is anywhere between $7400-$8000 but the amount i owe on the loan i currently have is $9400!! i know i dont want to keep this car forever and i also realize that buying it in the first place was a mistake - i was mad at my truck so i went out and bought the focus on a whim, pretty much. so now im stuck paying $260/month for a car i dont really even like.

so, knowing that i dont want to keep it forever, and knowing that it's only going to continue to lose its value, which of the following would be my wisest choice???
1. sell the car now on my own so i can get as much for it as i can and then buy another used vehicle,
2. use the car as a trade-in on another used vehicle and try to get the dealer to just pay off the focus for me,
3. live with my mistake and refinance the car so at least i wont have to keep paying so much for my mistake,
OR, if this is even possible,
4. trade-in my car for another used vehicle that's lower in value, and take what's left over of what i owe on my focus (since the dealer most likely will not give me $9400 for it) and roll it into the new loan for the other used vehicle

is it even possible to trade in a vehicle for another vehicle of lower value???


ahhh i'm having such a hard time trying to decide!! thank you

[Andydg]

1. Probably the best option.
2. Dealers are there to make money, not charity work so they probably won't pay off your car for you
3. If you refinance you'll be paying more for your mistake and for a longer time, just get it done and over with.
4. You could probably do that...

[exsalesman]

Yes you can trade it in for a lower priced car, the dealership will pay it off for you but you will be rolling the negative equity into your new loan, which just puts you further in the hole. Your best bet is to sell it for as much as you can then payoff the rest with money out of pocket. Start off fresh and dont make anouther mistake

[xokayxo]

I didnt want it to have to come to me selling it myself but I really think it's my best option. May as well sell it while I can still get a reasonable amount of money for it, right?

Thanks for your input.