Will This Minimize My Debt?

Question Posted Monday May 6 2019, 6:18 am

So I want to escape monthly payments quickly. In 2017 I bought a 17' Honda HR-V EX. I currently owe $20k and it has 30k miles. The loan is 5% interest 72 months, I have 50 months less. According to the web it's worth between $15k and $18k.

Honda has an exchange offer and they claim to give at to above market value for the exchange. The car is in almost perfect condition. My idea is to trade it in for a 2019 Honda Fit LX (Base model). Priced at $16k. I know after taxes and fees it will be more. My credit is higher than when I bought the car. And I'm ahead in my payments.

Does anyone know if this will work in greatly reducing my $20k of debt? I'd rather have a balance of $10k in debt than $20k. Any ideas on what the end numbers can be?

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Additional info, added Monday May 6 2019, 6:19 am:
* 50 months left. .
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