Before I start, I should probably clarify that these are two separate questions.

Question One:

First, I was wondering how everyone else has their paychecks set up to deduct taxes--right now, I make approximately 70k/yr. and have it set up that everything is pulled from my paycheck right away, and then every April I receive a $2,000 return on my income taxes.

Should I keep it how it is, or switch it to take less out of my paycheck, but then have to pay in come tax season? 

Question Two:

Despite what r/personalfinance stands for, I purchased a new car for roughly $38k a year and a half ago (I wasn't subscribed to this subreddit at that time). I put $7k down, and took out a $31k loan. 

A few weeks ago, my car was rear-ended, and it is now in the shop being repaired. Over the past few months, I've realized that although I like my SUV, a car is much more economical for my needs.

With $24k left on the loan, I believe I can trade the SUV in for the car I'd like with it being an even trade. At that point, my monthly payments would also drop as well. 

Would this be a wise idea, to try and get as much money as I can out of my car now, especially considering I lost a lot of value when I purchased it new and drove it off the lot, or would it sound reasonable if I knew I could save a lot on gas and such if I traded it in for a car?
user
I found out that I
assistant
Before I start, I should probably clarify that these are two separate questions.

Question One:

First, I was wondering how everyone else has their paychecks set up to deduct taxes--right now, I make approximately 70k/yr. and have it set up that everything is pulled from my paycheck right away, and then every April I receive a $2,000 return on my income taxes.

Should I keep it how it is, or switch it to take less out of my paycheck, but then have to pay in come tax season? 

Question Two:

Despite what r/personalfinance stands for, I purchased a new car for roughly $38k a year and a half ago (I wasn't subscribed to this subreddit at that time). I put $7k down, and took out a $31k loan. 

A few weeks ago, my car was rear-ended, and it is now in the shop being repaired. Over the past few months, I've realized that although I like my SUV, a car is much more economical for my needs.

With $24k left on the loan, I believe I can trade the SUV in for the car I'd like with it being an even trade. At that point, my monthly payments would also drop as well. 

Would this be a wise idea, to try and get as much money as I can out of my car now, especially considering I lost a lot of value when I purchased it new and drove it off the lot, or would it sound reasonable if I knew I could save a lot on gas and such if I traded it in for a car?
user
The new car has already
assistant