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Upside down on a crappy car

madisonstonermadisonstoner Member Posts: 1
edited February 2016 in Chevrolet
My husband bought a car shortly before we got engaged (now married). A 2012 Chevy Sonic LTZ. We still owe $17,000 on the car loan, but because of previous accidents that were not discussed before purchasing the car, it is only worth about $6,000 (through CarMax). It has so many problems and our extended warranty covers everything other than the things that actually go wrong with the car. What is our best options for getting rid of this car and buying a more reliable one?
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  • MichaellMichaell Moderator Posts: 267,374
    madisonstoner said:

    My husband bought a car shortly before we got engaged (now married). A 2012 Chevy Sonic LTZ. We still owe $17,000 on the car loan, but because of previous accidents that were not discussed before purchasing the car, it is only worth about $6,000 (through CarMax). It has so many problems and our extended warranty covers everything other than the things that actually go wrong with the car. What is our best options for getting rid of this car and buying a more reliable one?

    The options run the spectrum from bad to worse:

    1) keep paying on the car until it's paid off
    2) eat the $11,000 of negative equity by putting it into a new loan (which will be hard to do)

    I'm sorry about your situation, but you may want to reach out to a local Chevrolet dealer - they may be in the best position to get you into something newer and/or more reliable.

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  • wyrtwisterwyrtwister Member Posts: 6
    Best solution is not to pay too much for a car & to do your research ( such as CarFax ) .

    We payed less than $14,500 cash for a 2015 new Chevy Sonic LS Automatic 1.8l . We have a little over 45,000 miles on it . I am satisfied .

    If you still owe $ 17,000 , how much did you give for the car ? Do not blame the car , if you make bad business decisions . Drive the car & continue to make payments Untill it is yours , free & clear .

    Wyr
    God bless

  • MichaellMichaell Moderator Posts: 267,374
    wyrtwister said:

    Best solution is not to pay too much for a car & to do your research ( such as CarFax ) .

    We payed less than $14,500 cash for a 2015 new Chevy Sonic LS Automatic 1.8l . We have a little over 45,000 miles on it . I am satisfied .

    If you still owe $ 17,000 , how much did you give for the car ? Do not blame the car , if you make bad business decisions . Drive the car & continue to make payments Untill it is yours , free & clear .

    Wyr
    God bless

    Thanks for the perspective, but you do realize the original post is now 2 years old?

    Here's hoping the OP is no longer upside down, or has moved on to a new vehicle.

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