Hey guys, I came to the conclusion that I'm gonna get rid of my si and get something much more affordable as I plan on going back to school. My question is if I owe less on the car than the car is worth, will the dealer give me the difference to put down on a different car? I owe $15k and say I get $20k for a trade in, would I be able to take that $5k and put it as a down payment on another car? I know I will be getting screwed in this process, but I think if I don't further my education I will be screwing myself even more. I plan on going to a dealership this Saturday that my buddy works at, and I will probably discuss things with him and may even do this whole thing that day if possible. Let me know thanks!

 

you will come out better if you sell the car outright.... not traded in.....

if you really owe 15 and you have an 07 si(screen name) I will promise you they are not going to give you 20k trade in value....

 

Yea there is no way they will give you 20k. Dealers make money on cars not loose. They wont be able to resell that car for 20k so no possible way they would buy it for that much. You will prob get 15k or so for it . . . if that

 

yea once u leave the lot, 5k goes out the window.
so if u owe 15k, then u might just be even on a trade in but ur gonna have to put a down payment. cuz if ur at equity with ur car right now, it will be like u dont have the si when u go to get another car. but the one thing u dont want to happen is for you to be upside down as in you owe more than the car is worth

 

okay but say i did come out on top..that could be used as a down payment right? Did i mention i have the factory navigation and only 13k miles?..plus the dealership i plan to go to my buddy works at..but ne ways ill let u guys know what i do..i also thought about getting a loan from my bank since im currently financing from the dealer..if i were to lower my payment then its a possibility id keep it..i absolutely love the car but i dont want it to be the reason i cant advance in a career..

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by 07SIcpe &raquo;</TD></TR><TR><TD CLASS="quote">okay but say i did come out on top..that could be used as a down payment right? Did i mention i have the factory navigation and only 13k miles?..plus the dealership i plan to go to my buddy works at..but ne ways ill let u guys know what i do..i also thought about getting a loan from my bank since im currently financing from the dealer..if i were to lower my payment then its a possibility id keep it..i absolutely love the car but i dont want it to be the reason i cant advance in a career..</TD></TR></TABLE>

yes you can use the extra as a down payment. but most dealers want as close to 1/3 of the car your gonna buy for a down payment. well hondas depreciate at like 17 cents per mile or something like that. so multiply .17 x 13,000 and thats the least that your car depreciated.

 

I can tell you based on the vague info you gave us they will try to give you around $14k on your vehicle. They always try to give $3000-$4000 back of book value BKA wholesale value. You might luck out though. I highly recommend a professional premium detail job BEFORE you trade if this is your route.

 

Also, consider what dealership you're trying to trade it in with... I took my civiv (EX 07) to the dealership that I purchased it from and they only offered 11k yet, when I was looking to get a ColbaltSS, the Chevy dealership offered 14k..

I would still agree with the above, you'll have better success if you straight sell it on your own.

 

i actually plan on going to a toyota dealership where my buddy works..my trade in value was like 19k so im going to push that as much as possible..depends on how much they want the car knowing they would profit on it..the suggested retail was like 22k..but like i said ill let u guys know....and is that .17 per mile true?? Ive never heard anything like that.

 

i got offered 18k.. but heres the thing.


*why do you trade in a car you already are paying for and decided already for. when you can PAY IT OFF and enjoy the car itself? i asked myself the same question. came to the conclusion either way ill be in debt until i pay it off.*

im almost paid off at 10k. gonna take out a loan and just pay it off and have lower monthly since i took a 36 month purchase at 400 every month. ill be glad when its paid off and have no worries and i know i can struggle with school/work for 3 years its not that long!

 

Does anyone know how long banks will give auto loans for? If i can take one for like 7 years and get much lower payments that would probably allow me to keep this fine machine..

 

at my credit union for you to get a 7 year loan, the amount of the loan needs to be at 25k. but it all depends on the amount and your credit score.

 

You're making the right decision by thinking for your future my friend. Car is just a daily use thing that isn't worth the trouble in slowing your career down. If you go back to school now and become a success, you can easily buy a car again within months. But if you dont' advance on your career, you will be just like what you are now if not a little better in near futures. Sell the car if you really feel like you can't afford it.

As for your car, to be honest I wouldn't buy your car for anymore than 17K. Although you have NAV, how many consumers in the process of buying a sport car do you think care about NAV? Not to mention that NAV is generally use for travelly, get traffic updates, so if you live in area where traffic isn't a issue or not much place to travel, then NAV is not quite useful for that person is it? Good luck with everything you do.

 

i traded in my FA5 with 13k miles on in Jan of 08 i got 16k for it as a trade in from the dealer when i was buying my 08 coupe... i wouldnt think you would be getting more than 15k...

 

well good news because i may be able to keep it..

 

Okay here's what I'm playing around with..since I owe $15k on the car let's say i luck out and they give me like 18k, would I have 3k to play with or if i was to get a car let's say for 13k would i have 5k to play with? Like would they pay off what i owe and then the rest i can use as a down payment, or would i be able to use the difference of my trade in value with the other car im getting?..i'm hoping it makes sense.. please just explain if you can i don't need to hear how I'll never get that much or whatever..i'm looking to go to UTI in chicago (but first I'm looking to get rid of my car payments) and take the toyota/lexus/scion specified training program (TPAT) so I was thinking about a scion tc..

ps you don't need to give me comments on the scion, just the trade in issue..

thanks i know i'm being annoying

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by 07SIcpe &raquo;</TD></TR><TR><TD CLASS="quote">Okay here's what I'm playing around with..since I owe $15k on the car let's say i luck out and they give me like 18k, would I have 3k to play with or if i was to get a car let's say for 13k would i have 5k to play with? Like would they pay off what i owe and then the rest i can use as a down payment, or would i be able to use the difference of my trade in value with the other car im getting?..i'm hoping it makes sense.. please just explain if you can i don't need to hear how I'll never get that much or whatever..i'm looking to go to UTI in chicago (but first I'm looking to get rid of my car payments) and take the toyota/lexus/scion specified training program (TPAT) so I was thinking about a scion tc..

ps you don't need to give me comments on the scion, just the trade in issue..

thanks i know i'm being annoying</TD></TR></TABLE>

I'd go back up to KIdNKorner's post and read it again. Follow his instructions. IF you are lucky enough to get offered more than you owe on your car, then yes that money is yours. If I were you (and happened to get offered more than I owed) and really wanted to save money for the reason you stated (and was adamant about getting rid of the car), I'd just buy a used car. Buy a small, efficient reliable car. You'll save tons of money on insurance and won't have payments.

 

youre going to lose a lot of money on the trade in.

usually you get kbb lowest value even if its brand spankin new!

usually value of POOR even though the car is new.

i traded in a lots of cars so i know

if they do give you more for your trade in they will not give you as good a deal on the car .. they have to make money somewhere.

also if you are going to buy an 08 by the time you pay tax/fees youll probably end up with the same loan even if it is a cheaper car if not more

 

Dealers will try to give you what you owe (if your in 1-2k) range of value vs what you owe.

Keep in mind that markup they will resell your car is 3k MORE then what they gave you.

Just so you know the market we are in i traded in my 06 in MINT condition, hfp kit etc etc with 23k on it for 16,500 in october of 07'

So if they offer you 20k for your car, get on your knees and thank the manager.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Type X &raquo;</TD></TR><TR><TD CLASS="quote">

So if they offer you 20k for your car, get on your knees and thank the manager.</TD></TR></TABLE>

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Type X &raquo;</TD></TR><TR><TD CLASS="quote">

Just so you know the market we are in i traded in my 06 in MINT condition, hfp kit etc etc with 23k on it for 16,500 in october of 07'

So if they offer you 20k for your car, get on your knees and thank the manager.</TD></TR></TABLE>

True...but cars that get good gas mileage are in high demand now, even more than they were in Oct '07. That's a large reason the MSRP of the '09 SI went up $3k.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by 2008fijibluesi &raquo;</TD></TR><TR><TD CLASS="quote">

True...but cars that get good gas mileage are in high demand now, even more than they were in Oct '07. That's a large reason the MSRP of the '09 SI went up $3k.</TD></TR></TABLE>

where does it show that it went up 3 grand? not on http://automobiles.honda.com/civic-si-sedan/

dealers may be charging more, but the msrp only increased a little from 08

$695 to be exact

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by cmdr430 &raquo;</TD></TR><TR><TD CLASS="quote">

where does it show that it went up 3 grand? not on http://automobiles.honda.com/civic-si-sedan/

dealers may be charging more, but the msrp only increased a little from 08

$695 to be exact</TD></TR></TABLE>

I'm sorry...you're correct. I must have gotten something mixed up. But...ONLY$695?