And seems everyone is about in that boat.
Check it out:
Twenty-seven percent of the auto loans on vehicles traded in last year were underwater,” according to Edmunds.com.
More than a quarter of car buyers still owed an average of $4,257 more than their vehicles were worth.
Unlike a home, which can increase in value, a new car loses 11 percent of its value on average the minute it’s driven off the dealership’s lot. After five years of depreciation, the same car has lost two-thirds of its value and is typically worth just 37 percent of its original purchase price.