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In today's market, trading in your car or even selling it to a third-party dealer, like Carmax or Carvana, could net you enough cash to pay off the rest of the car loan and maybe even have some left over, he says.Įven people with used cars in the 5-to-10 year range or with high mileage can sell them for top dollar right now if they're in good condition. Just because you're making payments doesn't mean you can't sell that car," Drury says. Even if your current car is a few years old and you're still making payments on it, you could still make money from its sale.
However, if you're thinking about trading in your car, or turning in your lease early, now is the time to do it, Drury says.