Underwater car trade-ins are on the rise — and drivers owe a record amount, Edmunds finds
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As consumers contend with higher auto payments , new data from car website Edmunds suggests they may be falling into a cycle of negative equity — where their outstanding auto loan balances are higher than the value of their cars. In the fourth quarter of 2025, 29.3% of trade-ins toward new car purchases were " underwater ," or had negative equity, according to Edmunds. That is the highest share since the first quarter of 2021, when 31.9% of trade-ins had negative equity, according to the data.
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