I have one year left of $480 payments on a 2016 dodge minivan (80k miles). Currently owe about ~$5k. KBB puts it's current value around $7-8k.

• Option A: Trade it in as the only down payment (estimate $1500) for a similar vehicle, just newer (2018), with less miles (30k) and much lower down payment (~300). Save $180 per month over the next year, but lock myself into a minimum of 1-2 years of payments.

• Option B: Just pay this car off and reap the benefits of now car payment in a year... but risk potential repair/maintenance cost if the car starts having issues (no longer under warranty, approaching 100k miles).

I'm leaning towards option A because the car would be under warranty and my cost over the next couple years would be more predictable. But maybe I'm over-estimating the potential repair costs?