Trading in a new car for a used one?

plain in simple, i got a 2010 honda civic because i wasnt too much into cars, shortly after purchasing my first car i wanted a better one, i drove an lexus is 350 and i have had a lot of thought in giving up my civic for it. heres the numbers. i paid 18000 for the car, i owe 14000 currently, i pay 0.9.% APR and pay around 350 a month, and the Kbb value is from 16000 and up. the car was brand new buying it and has 8000miles. the lexus i want is 20000 used with 62000 miles, and would be around 3.9% APR. any advice would be GREATLY appreciated! thank you!! :)|||I don't think I'm going to help your case....





First off, there is no such thing as trading in a new car. You're trading in a used car for a more used one.





Next off, you're probably overestimating your trade in value. Forget about dealer (or private party) retail, forget about "excellent" condition, forget about the book value of most of your options. The best you'll do from most dealers is about 90% of kbb trade (not dealer or private party) value for a car in "good" condition (even if it is indeed better) with only the standard options. Maybe $15K if you're very lucky, but probably less. You may have trouble even getting what you owe from a dealer.





Next, you're trading a practically new car that's still under warranty for one that isn't. You need to expect it to break on occasion. Since it's a luxury car, repairs won't be cheap.





Your new interest rate is also 4 times as much as your current one.





I tend to agree with your parents..........





My one suggestion - if you're not in a hurry and can take the time and trouble to sell your Honda on your own, you'll get more money for it. That will make the numbers a little better. Not great, but it would at least make it better than what you describe.





Good luck.|||ok|||sounds good bro





(what advice do you want)|||you need to find out what the dealer will offer. rough trade in is 13.000 add 925 dollars for the low miles (which no dealer unless he is honest will tell you about ) so 14.000 is the rough trade in. 16,000 is clean trade in. A crooked dealer will try to by cheap, he may offer 12,000 dollars and try to fast talk you into something. I got this information from the consumer section in nada.com which is similar to kbb. Dealers love to buy cheap ans sell high, so expect them to try to test you to see if you even know what your car is worth. you also need to check to see what your future car is worth, that may be over priced. So you have a car that is worth 14 to 16 as a trade in. what you get is up to you. BE the informed consumer I suggest you get a newer lower mileage lexus, and please, spend 100 to 150 bucks and get an independent mecanical inspection, dealers lie, thier mechanics will lie and no one may actually even check the car out anyway. free carfax from the dealer, and a good mechanical inspection is a negotiating point if minor problems exsist (safety issues like brakes , lights dealer has to fix for free. but make them do the work first. do not sign the papers until the repair work has been done because even in writing once you pay things happen and vanish. Its a tough world out there if some dealer tries to really screw you and low ball you LEAVE GO FIND A GOOD DEALER.