Sell, trade, or hold on too?

United States
June 13, 2010 9:46pm CST
Ok real quick, i have two cars, and own a home, with a family of two children and my wife and I. I am getting out of the military at the end of the year, and I am looking to try to save as much money as possible. My question is, is i have two car loans, with a total of nearly eight hundred on payments not including insurance. now if we were to be able to get rid of these payments and or consolidate down to one payment that would help us tremendously. I am upside down on both vehicles, not by much but by enough to hurt on another loan if we chose that avenue. Should we try to take them both together and try a trade, on one vehicle for one payment, and purchase an old beater for a second daily driver, for while I am in college? Should I take the one that is closer to not being upside down and try to pull it right side up then trade? Or should we just stick with the loans? I am new to this but we need out of the loans, or get down to one smaller payment, so it won't burdon us while i am trying to survive work, school and family thanks for any advice.
1 response
@o0jopak0o (6390)
• Philippines
14 Jun 10
well for cars if they have historical value then it is better to hold on to them. But for those who dont have that value then 1 year after its production is key to get more than half of what you pay for
• United States
14 Jun 10
thanks for the advice I understand that I'm not going to get much for them, and no they don't hold an historical value, My real question and concern is how best would i try to get rid of them to consolidate to a single loan for when money is going to be tight. I really only need one vehicle. I need to be paying at least one third of what i am already paying for right now to be ok. Should i try to take them both to a single dealer and try to trade for one car and maybe put some cash down?
@o0jopak0o (6390)
• Philippines
27 Jun 10
i dont know about your country, but here, a lot of people are selling direct which means its better for the seller and also for the buyer. But its not always safe for the buyer and not that easy to sell for the seller.