Any thoughts?

[PlasticOrPlastic]

Currently I'm driving a 2009 Cadillac CTS.  The car is in excellent shape and is fully loaded with about 51000 miles on it.  I owe about $21,800 on the vehicle yet (bought it for 30k).  The problem is the depreciation is killing me (dealer blames it on new body type coming out) I'd like to lease a Cadillac ATS, since I get sick of my cars in 2-3 years.  The last dealer I visited offered me 15k for trade in, and with the ATS I planned to lease my payment shot up to over $550 bucks.  The salesman told me that was because of the negative car value (which I kinda figured) but said it was a good way to get out of the current loan. 

I was really trying to lower my payment, and the 299 a month lease (340 with the options I picked) was very attractive but I'm stuck with this current vehicle (another reason I want to try leasing).  My current car payment is 430 a month and I send 475 each time.  I can afford the $550 a month but it just seems really high for a lease and balance of my current loan.  Any advice on this situation?  Should I keep the CTS?  Roll the loan into the lease?  Something else? 

Thanks for any input.

[sccredit]

That is th eproblem with being upside down.  I know it sucks but it is what it is.  What is the Private Party Value if you tried to sell it yourself?  Or take it to CarMax?

[PlasticOrPlastic]

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@sccredit wrote:

That is th eproblem with being upside down.  I know it sucks but it is what it is.  What is the Private Party Value if you tried to sell it yourself?  Or take it to CarMax?

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From what I've seen 18-19k.  Dont have a CarMax around me that I'm aware of. 

[sccredit]

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@PlasticOrPlastic wrote:

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@sccredit wrote:

That is th eproblem with being upside down.  I know it sucks but it is what it is.  What is the Private Party Value if you tried to sell it yourself?  Or take it to CarMax?

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From what I've seen 18-19k.  Dont have a CarMax around me that I'm aware of. 

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Put it up for sale, be patient and be prepared to come up with a couple grand to cover the difference to sell it.  I think that is retail on a 2009 CTS, I don't think you'll get that.

So now you have 2 choices:

1) Suck it up, keep the car and pay it way down

2) Wrap it into the ATS with the lease, suck up the higher payment for 3 years, and hand the ATS back at the end of the lease

[PlasticOrPlastic]

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@sccredit wrote:

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@PlasticOrPlastic wrote:

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@sccredit wrote:

That is th eproblem with being upside down.  I know it sucks but it is what it is.  What is the Private Party Value if you tried to sell it yourself?  Or take it to CarMax?

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From what I've seen 18-19k.  Dont have a CarMax around me that I'm aware of. 

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Put it up for sale, be patient and be prepared to come up with a couple grand to cover the difference to sell it.  I think that is retail on a 2009 CTS, I don't think you'll get that.

So now you have 2 choices:

1) Suck it up, keep the car and pay it way down

2) Wrap it into the ATS with the lease, suck up the higher payment for 3 years, and hand the ATS back at the end of the lease

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Yeah I'm being offered 15-16k by craigslist buyers, I love the car just not the high payment anymore.  The whole point to leasing a vehicle was a lower payment, which obviously will be impossible after rolling in the current loan balance.  Maybe Ill just keep it and plug away with the payment.  Thank you for the response.