1. If you want to keep your CX-5, which would probably good if you can afford it since you just bought it and it gets good gas mileage (also will save you money), then try to refinance first. Do you work in a profession, such as teaching or medicine, where there is a credit union available for your use? If not, look at "community" credit unions, made for only people who live in certain counties or regions. Credit unions give much better rates than big box banks, and will work with you to reduce your payment. My brother had a car he financed through a major bank, and within a year he had to take a lower paying job and couldn't afford the payment anymore (approximately $460/month). He had only paid on the loan for about 8 months and thought he was going to have to sell his new car at a loss. I recommended a credit union to him, they worked with him, and his payment is now $317/month with a lower interest rate - part of that is because the loan was now restarted (remaining balance stretched over a new 60 loan term instead of the remaining 52) but most of it is from almost HALF the interest rate (his credit rate wasn't so good) - rate went from 7.X% something to 4.X% something.
2. If you would rather sell, do NOT sell to a dealership! There are very few times when a dealership will give more bang for your buck. They specialize in making a profit, at your expense. Think about it...if your car is worth X amount, then someone is only going to pay X amount at the dealer...so the dealer can't pay YOU X or they won't make a profit. So the dealer pays you a much lower amount than X, and you lose a large amount of your value. Try eBay motors - I once sold an older vehicle on there that my dealership was offering $3,500 for, max, even after multiple attempts at haggling and going to other dealerships (all of which offering $3,500 or less). I chose to do eBay instead, and within one week it was sold for $5,700. Quite a large difference and an nice chunk of change for an older car I didn't drive anymore.
3. If you choose to sell instead of refinance, don't get yourself into this situation again. You see now how quick cars depreciate in value. They are a horrible investment, and too many Americans think in terms of "affording the payment" instead of affording the car. We have a bizarre culture where we all spend far beyond our means and spend the rest of our lives working to pay for it, simply accepting that a huge car, home, and student loan payment is just par for the course. Honestly, it shouldn't be - we shouldn't all be one paycheck away from losing our stuff. Use this fact to your advantage - there are many cars, less than a year old, that you can pick up a lot cheaper than a new car. And then you're the one that gets to take advantage of that huge depreciation in the first year.
Good luck
