Trading in?
Hello, I'm looking for some advice...please be honest, but keep it kind, I'm a young adult learning.
Last year, I was in the market for a car, a working 22 year old no license & absolutely afraid to drive, but knowing how my life was changing & that I couldn't continue to fully rely on rides or ride sharing I set out to find a car. I ended up buying a 19 grand 2022 Hyundai Venue, with about 22K miles on it, not my ideal choice but it was the best choice when it came to what i was looking for(something small & safe to teach myself how to drive). Due to my lack of knowledge when it came to cars my mom handled/spoke for a lot of things when it came to purchasing & such. But what I gathered was she had added not only Gap insurance but a few of the dealers warranties for cosmetic mishaps & other possible damage warranties that made my car about 25K once i left off the lot. I was pre approved through my credit union for the full loan, & ended up with a $474 monthly car payment. At the time it was more than manageable, I had two jobs & a very good pay rate with my second job (I could pay my car note fairly easily). I got very very comfortable with driving, got my license after 2 months with my car & my plan to learn how to drive was a success.
Fast forward a year later, I lost my highest paying job...which in turn has made my car payments way harder to make & they are a huge stress. I won't go into full detail but with cut hours, & a low pay rate pretty much every dollar I make goes into paying my car note, which I understand is a part of life & the commitment I made to buying a car, but other things like insurance & my other bills sometimes go unpaid bc I'm not making enough for all. I haven't been able to pay it 3 times, but I was able to get a deferment for each so that was a huge benefit.
My question is, how beneficial would trading my car in be? I have found my trade in estimates, KBB says $15,500 & Carvana says $16,600, & I am also prequalified for a $170 car payment with any vehicle I choose through them. That kind of payment is way more desirable & affordable for me, especially for a car I would desire more, because I kick out a lot of money for something I don't see myself keeping or wanting in the long run. I know that sounds bad, but I don't entirely know how to word it lol, I just know since I HAVE to I want to pay for something I want. Over the year my needs have changed, before I was paying for a car to learn & grow in, now that I've done so I want something different especially far more affordable considering my situation. My main concern is being upside down, since my loan still has about 24K left on it, & the cars I've found my estimated roll over balance would be about $8,200.
What advice would you all give?