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I was in a similar position as OP (minus the $5k non-refundable deposit). I was given an offer for my car at the time and took it a traded it in. Several reasons justified my decision. The market is unpredictable and by many accounts the used car market is basically at peak or just past peak, so I got top dollar on trade. With interest rates on the rise, I think the used car market (and greater automotive market in general) is going to start to slowly cool in the next few months. The other factor in my decision was the fear of something happening to my car that I planned to trade. Yes, I've heard the argument that "that's was car insurance is for" but then the car has a ding on its car fax and you will have to deal with a pretty substantial degree of diminished value whether you like it or not. Taking all that into account, I felt it was the the safer and better financial bet to trade the car in at the time of deposit. Yes, it sucks not having a fun car. Yes every day nice day that goes by that I'm using my daily and not a fun car is a little stab in the ribs. Its compounded by the fact that it's been about 2 months and I still don't have an allocation and who knows when I will get one. Every other day I consider pulling my deposit and just going out and getting a nice pre-owned (different manufacturer) car. These are all things to consider. I'm hoping in the long run it pays off, but it sucks. No sugar coating it.
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