I just recently got an '03 accord coupe EX.

Anyway, I want to trade it for a TC.

My car only has 14k miles on it, leather interior, fully loaded.

Anyway... Ive seen it go for 17,000 - 20,000.

So do dealers give cash back on trades like this or am I just kinda screwed? If they do, ill just turn around and give it to the bank for my loan payments and get my car paid off faster, and if not then ill just put a few accessories on it. Anybody know?

 

Congratulations on having a Honda Accord...Honda and TOyota have great resale value (more trade in compared to Hyundai's current lineup and the domestics). Now the skinny (applies if you owe money via financing through the dealer):

When going to any dealer always obtain a VALID Trade in Value offer. Dont accept the word of mouth or one that is written on a folder with no date, signature, initial, dealer name etcetera. Buying a car is totally different than buying a TV at Best Buy.

If there is a CarMax, go there and ONLY tell them you want it appraised. Dont tell them you want to trade it in for another vehicle as they may lower the trade in value. May want to check out KBB.com to know your trade in value (differs from dealer to dealer).

How much do you owe on the Accord? Check with Honda financial of how much you owe and compare that with KBB trade in, CarMax trade in value or at least 3-other dealer trade in values.

If you owe more than it is worth you can: a) instead of paying your typical monthly payments pay twice or three times as much (300/mo but start paying 600 or 900/month). b)keep the Accord.

Dealers will try to screw you on trade in. So now you have all the information. Let's you went with plan A. Your car is worth more than you owe (you owe 12000 but trade in is 14000). You start the tC paper work. You trade in the vehicle. The dealer pays off the remaining balance(12000). Since you have extra money from the trade (14000-12000=2000), the dealer will take the balance as a downpayment thus reducing the cost of the tC (17000-2000=15000) and also reducing your monthly payment.

If you trade it in and OWE more than it is worth. Lets say you owe 16000 but the trade in is 14000: You go the dealer. Dealer sees that you owe money more than the trade in. Dealer pays off the total remaining balance (16000) on the Accord. But the $2000 extra the dealer had to pay off on the Accord is transferred to the tC financing. Lets say your tC is 17000. Your price will be: 17000+2000=19000 for a tC.

Negative equity (owe more than its worth): 19000 for a tC
Positive equity (owe less that its worth): 15000 for a tC
Difference of $4000.

That's just a generic explanation. I would definitely got to CarMax and have them appraised it. I had a 2001 Camry with 48K valued by KBB as 10500. Other dealers were quoting me 7000 for it. But CarMax gave me a legit piece of paper value of 1000. Good within 300miles or 14 or seven days which ever comes first.

 

Looks like I lucked out, cause I paid $13,000 for the car.

So really, theres no way i can owe more than its worth... right?

Oh, and there is a carmax right up the street from me, actually.

 

Have your car appraised by various Toyota dealerships. Let's see what they write down. You can always sell it privately and sell it close or at KBB.com private value.

 

Yeah, I just got done signin loan papers on the honda.. which i dont mind if the loan carries over, but this car is a recovered theft with no warranty or anyting, dont get me wrong, the condition is perfect, i think theres 2 chips in the hood, and the H emblem is missing from the center of one of the wheels. So i'd much rather just trade straight up for a TC, 230 a month for 4 years isnt so bad.