Quote:
Originally Posted by D-REW
.....so after reading some of your guys' posts... if i trade my car in to carmax, they'll just add what i owe from the Si, into the used car i just bought? correct?
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This is correct. Trade Price - Amount you owe + price of daily driver ( beater? ).
Quote:
Originally Posted by D-REW
.....so lets say i owe 6k on the my Si. and i trade it in for a car that costs about 8k. thats 14k in total. so i'll be paying about 233/month for 60 months. and what is usually the interest rate on used cars now a days?
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Ballpark at 14k would be around $280 ( $200/ ten thousand or $20/ thousand -- however you prefer to look at it ).... You WILL lose the rate. I am assuming .9% was a special through Honda. Most used car rates around here are close to 5% with decent credit ( 14k at 5% for 60 month ~ $264 ).
The OTHER problem is MOST lenders WILL NOT finance above 130% of the book value on the car. Meaning, a loan on your 8k car can only be financed out to 10.4k ( 130% of $8,000 = $10,400 ). And it all depends on the BOOK they use to value the car. I have seen more dealerships use Manheim Auto Auction records than the Kelly's books. So, even though they want to sell you the car at 8k, it may only book for 7k.....
But the only way you are going to find out for sure is to take your SI in and put some numbers together... but don't get your hopes up.
My $.02