Tips on Buying Cars: Trading in Autos we still owe the bank for, kelly blue book, chevy classic


Question
I have a 2004 Chevy Classic with about 55,000 miles on it. I still owe a little over $7,000 for it. My  husband has a 2001 Chevy S10 with about 90,000 miles and we still owe about $10,000 on it. Both of our jobs are currently in limbo and our companies are doing "rolling" layoffs. In April he will only 2 weeks that month, I am not sure what I will work. Together our car payments are about $525 a month. We want to get rid of a car. We still owe alot on the truck but the payment is more. We also use the truck more, between hauling stuff and family and friends needing to borrow to haul stuff. My car gets better gas mileage has a better warranty and a cheaper payment, but I am not in love with it. I personally like the truck. We are considering getting a 4 door truck and maybe a 2 or 3 thousand "work" car. How do we trade in both autos that we owe on. I know we got a rotten deal on my husbands truck and have tried refinancing the payment, but due to the year, the monthly payment would be higher.
Is there a way to trade both autos in and come out on top?

Answer
Sorry for the delay in geting back to you Melissa.
You can trade both vehicles in on one. However I think the negative equity you have would jump your payment up. Every $1000 you roll into a new payment will raise it about $25.

The only way to know is find a salesperson you like. He/she will get you trade in values so you will know the position you are in. Research the vehicles first on kelly blue book . com.

Good luck.