Should I buy a new car if I still owe money on my current car?

Should I buy a new car if I still owe money on my current car?

Janet Bodnar (Deputy Editor, Kiplinger’s Personal Finance) gives expert video advice on: How can I determine how much I can afford to spend on a car?; Should I buy a new car if I still owe money on my current car? and more...

You certainly can buy a new car if you still owe money on your current car. The lender will be happy to roll both loans together. But, of course, what's going to happen is you're going to be owing more money, so you're going to be further in debt if you buy a new car while you still owe for your currennt one. From a sheer debt point of view, it's probably not the smartest thing to do.