My coworker owns a 2007 honda civic coupe with 19k miles and i own a 2001 ford taurus sel with 71k miles. He still owes $11,700 on the civic and he proposes that we trade cars so that i take over the payments on the civic. I don't know what rates the dealer will give me on refinancing the car. His car is in great shape except for the scratches on the front bumper estimated about $200 to fix.
I like the car, but I am hesitant about this deal because the prices of cars have been dropping a lot lately due to the economy; i am wondering whether or not i should just wait and purchase a better car. I am worried, however, that if i wait to buy a better car i won't be able to sell my taurus. My car is in great shape though ; I've never had a single problem to this day, just routine maintenance.
so basically do you think it would be better to:
A) Do the trade
B) Wait to see how low car prices go and then get a better car
C) Drive my car till it dies
thanks in advance for the input
I like the car, but I am hesitant about this deal because the prices of cars have been dropping a lot lately due to the economy; i am wondering whether or not i should just wait and purchase a better car. I am worried, however, that if i wait to buy a better car i won't be able to sell my taurus. My car is in great shape though ; I've never had a single problem to this day, just routine maintenance.
so basically do you think it would be better to:
A) Do the trade
B) Wait to see how low car prices go and then get a better car
C) Drive my car till it dies
thanks in advance for the input