Hi, I have a 2011 Hyundai Tucson that I love. It runs great, it has 80k miles on it (I know, I travel a lot to see relatives) and I love the bluetooth, cruise etc…but I’ve been thinking about a bigger suv that has a 3rd row. Either a Ford Explorer or Honda Pilot. Used, of course, probably a 2011 or 2012.
My trade in says $12,000 and I owe $8,000 on it. I don’t NEED the bigger car RIGHT NOW, but I do drive my daughter’s gymnastics teammates around and with the big carseat of my 2 year old, it’s a tight squeeze. Plus my boyfriend has 2 kids (in carseats as well) so we can never drive anywhere together with all the kids. Plus traveling 150 miles to see relatives once or twice a month, the car gets packed to the max.
My question is, should I try to trade in now and get the bigger car while my current car is worth more…or should I wait it out a little longer- I still have a few years left of payments until it’s paid off- so should I pay it off and save for a down payment instead and just wait to get the bigger car? My payments now are 387 a month, and I don’t want to go any higher than that. I don’t know if I get a bigger one for between 21-25k if that would be the same payments or not. All the calculators I do are weird and say I’d have a smaller payment but I’m not sure. I’m not even sure I’d get a loan- I only make a small amount a year, and I also get child support (half of which acts as alimony but we decided to put it all as child support so I can’t count that as income).
I just am not sure what would be the better move, financially- trade in now or pay it off in a few years and buy later? Thanks so much for any advice!