Growing family—does it make sense to trade in my financed car?
I’m looking for some advice on whether it makes financial sense to upgrade our car.
Right now, we have a Subaru Forester (5-seater) that’s still being financed for about 3 more years. Our monthly payment is **$658**, if that matters.
We just had our second child 3 months ago, and we’re starting to feel like we’ve outgrown the Forester. With two car seats in the second row, my wife barely has enough room to sit comfortably between them, which has become a problem on longer drives.
Based on current trade-in estimates, the car is worth around **$24k**, and I still owe about **$19.5k** to my credit union, so I’d have roughly **$4.5k in equity** (although I think I could probably sell it privately for around **$29k**).
We’re considering upgrading to a 7-seater SUV with fewer than 50,000 miles, ideally in the **$30k–40k** price range.
One additional factor is that both my mom and my mother-in-law are visiting us this fall, so we’ll definitely need a larger vehicle by then. If we don’t buy one, we’d likely rent a bigger vehicle during their visit.
For those who’ve been in a similar situation:
Would you upgrade now or keep the Forester until it’s paid off?
Does it make more sense to trade it in or sell it privately?
Are there any 3-row SUVs you’d recommend in the $30k–40k range that are reliable for a family of four?
I’d appreciate any advice or experiences.