<prompt> Human: Hello all. I am asking this for budgetary and planning purposes and trying to get some outside thoughts. In March I will receive my bonus which after taxes is right around 9k. We owe 6k on my fiances Corolla and 4k on my Camaro. My plan WAS to pay off both cars and have 500 a month less in monthly bills. My question is, should we trade in the Corolla and get something new used vehicle with lower mileage while its still worth something?It is a 2011 Toyota Corolla and honestly is not in good shape. She did not take care of it at all before I met her. Weve done some repairs but it still is pretty beat up. It has 130k miles on it and we use her car for any trip that isnt driving around town. I got an offer on it from a Toyota dealership I took it out of curiosity for 5k a month ago. They told me that would drop should the condition get any worse or the mileage hit 150k. The interest rate on the Corolla is 5.9 not great I know but I already refinanced it once when it was at 9 and the Camaro is 2.1.I pay 250 on each per month honestly not even sure what the monthly payment is on them but that is more than enough because the next payment due is always a month or two further up. Think currently the next one for both is in December. Any thoughts on how to proceed? The car overall is fine. It drives fine and has good gas mileage. But she is wanting to get another car because of how beat up it is and for space purposes. We have 2 dogs and my Camaro holds nothing obviously. I will be getting her something EVENTUALLY but I didnt know if I should re think my current plan. Any thoughts on the matter appreciated.  <response>: My question is, should we trade in the Corolla and get something new used vehicle with lower mileage while its still worth something?Your logic is flawed. You just got done bearing the steepest rate of depreciation on the carolla and now you want to sell it to bear that depreciation on a new car? Unless the car is unreliable youre just signing up to owe more on another depreciating asset. 