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2010 Escape - sell or keep driving

andros471975andros471975 Posts: 1
edited March 18 in Ford

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 2013-14 comparable SUV of some kind? I am not set on a particular model SUV, though I know I don't want the '14 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?

Comments

  • Kirstie_HKirstie_H Posts: 10,902

    Why are considering trading? Because the factory warranty is up, or are there other issues? It sounds like you've got a very reasonable payment on a vehicle with not all that many miles. Also, you are upside-down to the tune of about $2k, if not more - that amount would be rolled into any amount financed on a new vehicle purchase, and in a few years, you'll find yourself in the same position: out of warranty, and upside-down, even more so.

    IF having a new car every few years and having it remain under warranty while you own it are important factors to you, perhaps you should look at leasing as an option. This would eliminate being upside-down when it's time to get a new vehicle - you'll be at $0 gained, $0 rolled into the next vehicle once your lease is up. However, mileage restrictions could be a problem.

    If there's other info that you could provide to help others advise you, let us know.

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