My gf and I just unloaded her 2011 HHR, she owed ~$12k, had 68k miles, needed tires, crappy gas mileage on her commute (25 mpg average). Her payment/interest rate was insane (19.98%!) and nobody would refinance her car. Was able to get into a 2014 Cruze Eco, her car in trade (upside down of course), but got the ECO at a great price through my credit union... We took a hit on the trade, and have a serious note on the car, but looking at the monthly payment, gas mileage, and a new trouble free car, we came out pretty good (so far averaging 32.5 mpg vs. 25 mpg, insurance cheaper) and out of pocket is virually the same. Got 2% financing btw.