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I blame this on my poor research and a crappy dealer. I purchases a car that is nice but isnt really what i wanted. This wouldnt be so bad but this purchase was supposed to be for THE CAR, the one i would want to drive well past it being paid off. Is it better to wait it out a certain period of time and pay it down or do a quick turnaround on it already? I am in the + on the loan already even considering the warranty i paid for which can be transferred or dropped...generally what i want is around 6-7k more than this one..my loan is around 12k. My credit is only fair, about 639...however it went up into a new band since i took out my current loan about 6 weeks ago. I am not sure why I become a complete idiot when I'm buying cars  

You should most definitely get the car you want if you can afford it.  
http://www.mycarauctionreview.com

Look - all cars do pretty much the same thing.  Go from one point to another. Some do it quicker, some use more/less fuel, and some can go over more difficult terrain, but bottom line a car is a durable good that wears out over a period of time.  It is built to go from point A to point B.  Unless this vehicle is "falling apart" or it gets 12 MPG and you drive 200 miles a day I would hang on to it for a few years.  If you just don't like the color, or you're bored with it - you're going to have the same problem with the next car (I'm like that - I have to force myself to keep a car longer than 2 years).  Personally, I would focus on paying off the loan before buying a new one - pay it off early.  It gives you a goal, and when you reach the end of that goal you'll not only have a better credit score, you can also reward yourself by getting the next car you want.  So to sum it up - try paying it off early, and after it is paid off, then get a new one.  

I completely agree with going4broke. I would also recommend paying off the loan before purchasing a new car.

Next time you do research on a car, try www.MyProductAdvisor.com, too! It's quite helpful... helps you identify what car you want and need. You can play around with the site... No worries, it's free, anonymous, and you also don't have to buy online. Just answer questions on what you want and need in a car and what you are willing to spend, and then you get some recommendations.

Helped me to get some sort of overview on what's available in the marketplace.    

Ah  

One of my top pieces of advice is to never purchase a vehicle the same day you first see the vehicle.  By that I mean unless you've researched and test driven a vehicle prior to your purchase day, never walk on to a car dealerships lot and drive off in a vehicle you've just seen for the first time that day.  

If you do this, emotions tend to get in the way, and you end up regretting things later.  

What I'd suggest doing next time is to "BCA" the vehicle overnight, and see how you feel about the vehicle and the deal the next day.  By the way, BCA stands for Borrowed Car Agreement, which is what you sign if you borrow the car for the night or any length of time above a standard test drive.

Again, borrow the vehicle for the night, leave your emotions at home, and go prepared...

Take care and beware,
J the Car Guy
www.insidercarbuyingtips.com  

Just pay the first car off.
If you get another car and turn in your current car, you will get further in debt. It wouldnt be a smart decision-economically.

Try to pay it as fast as you can, sell it as a private party and used that money for a down payment for the car you actually want.

http://www.low.com

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