[DGthe3]

I believe upside loans are where the amount owed is greater than the value of the vehicle. So all car loans would start out as being upside down unless you pay 50% down or more. I think . . .

Maybe im missing something but if you are thinking of buying a new car and are upside-down on your current one, wouldn't it be best to stick it out for a while rather than get deeper in debt? Or is it possible that some people are completely clueless when it comes to these things?

My family has never bought a brand new car, always got something used. We have been fine, though I really want to buy a brand new Camaro. I won't do it until I can afford it. This summer I will buy something thats about 5 years old for $5000, thats all i can afford! I won't pay 27k over 5 years towards a car (the interest is a killer), I'd rather pay 5k then pay 2k in repairs for the same time period, gives me an extra 20 grand.

I anticipate that the Camaro will cost me up to 40k (Canadian pricing sucks!), and I will be able to make a 15k down payment. It may be 2011 or even 2012 before I can do this, but I will wait. Then, I pay off the rest of the Camaro over the next few years. Then keep it for a long time.