Don't be too quick to re-absorb that monthly payment.
"If you really want to try to get top dollar, sell it yourself," he says.
You could end up with $15,508 in five years by having your car note redirected to a money market account with 1.35 annual percentage yield, or APY, assuming a monthly payment of $250, Gerhard says.
In addition, it costs $46,845 to own a car for five years, according to AAA. That includes fuel, routine maintenance, tires, insurance, license and registration, loan finance charges and depreciation costs for a car that is driven 15,000 miles a year.
The savings comes to $62,353, which could be used to pay for needed repairs on the remaining car, Gerhard says. Or, you could use it to buy your next car with cash.
"You'd really have a nice pot of money," he says.