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<blockquote data-quote="HenryV" data-source="post: 2275460" data-attributes="member: 102523">I recently bought a car for $31,000.&nbsp; Rate 7% with a 72 month payment around $500 a month.I work 2 jobs, but losing 1.&nbsp; I still be able to afford the payment but i need to change how my money moves.&nbsp; I want to go back to school for at least 1 more yr to finish my degree.&nbsp; Would it be wise*sake of saving money and lower payment*&nbsp; To trade in this vehicle for a cheaper car.Dealers offer my vehicle $20,000.&nbsp; That&#039;s $11,000 i still gotta owe and without a car.But what if i decide to trade it in for a car that is worth $15,000.&nbsp; $15,000- trade in of $20,000= -$5,000 plus payoff = total to $6,000&nbsp; to finance.&nbsp; With 7% rate for 24months that is $260/month.instead of paying $500/month 72 month i would be paying $260/month for 24 month.Would this be a good finance move.&nbsp; I rather not worry about a long payment</blockquote>

[QUOTE="HenryV, post: 2275460, member: 102523"] I recently bought a car for $31,000. Rate 7% with a 72 month payment around $500 a month. I work 2 jobs, but losing 1. I still be able to afford the payment but i need to change how my money moves. I want to go back to school for at least 1 more yr to finish my degree. Would it be wise*sake of saving money and lower payment* To trade in this vehicle for a cheaper car. Dealers offer my vehicle $20,000. That's $11,000 i still gotta owe and without a car. But what if i decide to trade it in for a car that is worth $15,000. $15,000 - trade in of $20,000 = -$5,000 plus payoff = total to $6,000 to finance. With 7% rate for 24months that is $260/month. instead of paying $500/month 72 month i would be paying $260/month for 24 month. Would this be a good finance move. I rather not worry about a long payment [/QUOTE]

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