The typical new car today costs almost $49,000 - near a record high. Used cars are also flirting with all-time highs. That's because car prices skyrocketed during the pandemic and have hardly fallen since, making car ownership one of the biggest financial burdens Americans face.
If the car is beyond repair, speak to your finance provider first. They will explain your options, which might include using an insurance payout to settle what you owe.