I have a 2003 v-6 black mustang that i bought in Dec of 02. At the time, I put down $7500 + $3000 dealer rebate. The PRINCIPAL of the amount still owed came to 11,500 (total amount + loan interest was $15,000+).
I'm now in a difficult financial situation and would like to unload the car for something used, cheaper, and more economical on gas. I figure if I sell and get something else for around $5000-6000, my payments would be about $100 less per month, and my insurance would probably also be about $100 less per month (I pay $320+ a month now!).
Is it worth it to take this vehicle back to the dealer and trade it in for something less expensive? Would I even get any money back? I did some calculations and I figure I would get a few thousand back, but these are just raw calculations I put together and who knows how accurate they really are.
I'm going to take it in and talk with someone at the dealership about it, but I was wondering if anyone has had any experience with a similar situation?