Trading in a car that I owe $12k on?

Question

So I bought a car almost two years ago. It’s a Kia Optima and I loved it. It’s got a turbo engine, “sports package”, it’s a zippy little car. But now I have a baby. I’m realizing how much safer I’d feel if I had an suv. My baby is two weeks old and I don’t even want to put him in my car. I have decent credit. I owe about $12k on my car. What are my options for trading it in? My Kia also has a brand new engine in it (less than 500 miles).

Answer

I work as a loan officer so I deal with the daily. Just check the value on your car on kbb to see if you owe more than it’s worth. If you do you’ll be rolling over that amount into your new loan and you could be financing the SUV for more than it’s worth. Also if you know the value of the Kia then you’ll have an idea of how much the dealer should give you for it as a trade in

Answer

look up kia optima and the air bag issues. in every year of optimas...we had one and my husband fell asleep at the wheel. not one airbag went off. get rid of that car as soon as u can  try private sale, more money for the car. a trade in will only stack the 12k onto your next car

Answer

my husband traded in his 2014 ford fusion for a 2016Chevy Colorado.. He had about 15,000 dollars still on it the dealer. bought for about 12,000 and put the rest on the loan .

Answer

What the dealership offers for trade-in can be ridiculous. If you do a private sale - you could get a lot more. Dealerships were offering me $6,000. I sold it myself for $13,000. The Kelly Blue book value... I personally wouldn’t sell a car if I was upside down still.

Answer

idk why you think it’s not safe? It’s a car, 4 doors, baby is put in car seat correctly then no problem.. 
It depends if the car still has value... 
what year is it?

Answer

Depending on how much the dealership is willing to give you for the trade in you will be upside down which isn’t a very good thing. I would really think about if that is what you want to do.

Answer

I would narrow down what SUV you want and go to some dealerships and see what they will give you for a trade in and go from there. You’d get more for your car going through a private sale, but it can be a hassle doing that. I traded in my 2015 Chevy Silverado for a 2017 Kia Sorento a few months ago. I owed about $17k on my Silverado when I traded it in. I loooooved my Silverado, but I’m short and wanted an SUV that was easier for me to get the car seat in and out of. I personally don’t feel “safe” in sedans. I’ve always either had a SUV or a truck, so I feel “safer” sitting up higher so I can see my surroundings better. 🤷🏼‍♀️

Trading in a car that I owe $12k on?

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