Thinking getting an SUV however it will take about 2 more years to pay off the full balance. Thinking of getting a Toyota SUV / Lexus. Should I trade in now or wait until later? Thanks

 

Umm... that's really on you. Your financial stance now versus later. Do you want new? Used? Wait for newer technology?

 

well the more you wait the less its worth.

 

Lease or Outright Purchased or Loan? Loans and ouright purchases the only thing to worry about is you, in leases its more complicated since ETFs exist. Some times you can buy out the lease and the vehicle and sell it to a third party but dont remember if allowed with Lexus.

Have you appraised your vehicle from 2 sources, I`d say local dealership and CarMax (or similar 3rdparty)?

With those in mind, remember that a car is a depreciating asset, the longer you own, the more its value goes down.

Compare the price of the new vehicle (loan lease terms etc) to what you owe now, to what you can recover from the IS.

 

why are you asking us a question which pertains to your financial situation? How are we supposed to help you?

If you're in negative equity (which you probably are): Balance of what you owe - trade in value = what you will need to pay off to the dealer or rollover that negative equity onto the amount of your next loan.

If you're in positive equity then do a private sale since you'll most likely get more than what the dealer will offer you, pay off the loan and pocket the extra cash and put it towards your new car.

Not much more we can help you with here. Longer you wait the deeper the depreciation.