You can trade it in the day after you buy it, but any vehicle depreciates at least $2000 after you take possession (drive it off the lot). As far as when you should trade a new car in, that depends on how much you owe on it and your wishes. Most 60-month payment schedules will get positive equity- that is, the vehicle will be worth more than you owe- after 36 months. If you have delayed payments (like no payments for 90 days or something), it'll take that much longer to build positive equity. Note that your interest rate will also have an impact on equity: a higher interest rate will take you longer to build positive equity. How good a deal you got will also affect this, and it always helps if the vehicle is in good shape when trade-in time comes. But technically you could drive a car one day and trade it in- if you were willing to take a serious hit to the pocketbook!
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