Trade in car process.

[jorziie]

I'm not sure if this thread belongs somewhere else but it is a noob question.
How does the Trading In car process work?
I have a 2011 Honda Civic Vti Ltd Edition and now looking for an Evo from an Import Dealership. However, the car hasn't been paid off and I just want to know if there is any other way around this? Should I privately sell the car? etc etc.

Thanks.

[khanguskhan]

They will usually write a cheque out to the finance company to pay it off first and you will get the remainder as your credit. You will be losing lots of money on the trade in for sure.

And the amount that is paid out to finance is not apart of your initial payment, for e.g you get offered 20k
But you owe 15k
Minimum initial payment is say 10k
You gotta put in 5k to be able to make cover the first bulk payment?

Sorry if it's worded badly.

And highly recommended for you to sell it privately first it'll still find you a minimum of an extra 2-4 grand if not more.
Had a friend trade in his wrx recently they offered 11 when he easily had offers between 14-15 from all the people around him.

[IV73CI]

Depends on what type of finance you have with your lender.

Is it a personal loan - unsecured or secured (car loan)?

If Personal loan - unsecured = then you can sell the car to tom, dick or harry privately or trade in, you wont be breaking any laws or contract. - but at the end you will still need to pay your loan owing

+ the new EVO finance (not a good idea if you decided to put the money towards the evo - you will be doubling up in finance and debt)

if Car / Personal loan - SECURED = then by law and contractual agreements, your not suppose to sell your car privately without paying off the loan first with the amount you got from the buyer. theoretically you have 2 options

1) Sell your car privately and then have the check or cash made out to pay off your existing loan - then start new loan with the dealership.
2) Sell your car as a trade in, but as mentioned above, you will have to pay out the difference out of your own pocket. OR ask the dealership to add the shortfall figures towards your EVO.

E.g.

Evo = $30000

Civic trade in = $15000
Existing personal loan balance = $20000
Shortfall = $5000.

you can ask the dealership to ADD the shortfall towards the EVO ..so $30k + $5k = EVO new price tag is $35k.

At the end, your old finance will be paid out and your new EVo finance will be $35k+road costs etc etc.

But depending on the new finance lender, they can reject this due to the market value of the EVO is lower than the buy price.... get my drifto?

OR if you have the $5k handy, then you can add this towards your shoftfalls and your new finance for the EVO will still be $30k.

hope this clears it up for u bra... :)

[trism]

I wouldn't trade it in. It might seem easier, but you lose probably 5k compared to private sale

[jorziie]

"can sell the car to tom, dick or harry privately or trade in," hahahaha.
cool, that really clears it up for me. I was just confuse of how this whole thing works.

do you guys reckon people will still buy a 2011 Honda Civic Vti Ltd Edition say.. 24k? 23k? 30xxx Kms?

[IV73CI]

"can sell the car to tom, dick or harry privately or trade in," hahahaha.
cool, that really clears it up for me. I was just confuse of how this whole thing works.

do you guys reckon people will still buy a 2011 Honda Civic Vti Ltd Edition say.. 24k? 23k? 30xxx Kms?

depends on how much you want for it.

most probably they will try and rape you with the price (low baller) due to the fact that the civic SPORTS are getting cheaper nowadays - plus its more suited for a family car than some hoon wanting to buy it and rice it up where in fact you can get a Type R (DC5 or DC2).

just my two cents, but good luck with the sale!

[khanguskhan]

No offence dude carsales should have your answers right?http://www.carsales.com.au/all-cars/results.aspx?sort=default&N=1216%201246%201247+1252%201282%204294965322%2042 94965250%204294922165&distance=25&Range=Price:Min,Max~1|Mileage:Min,Max|Year:Min,Max |Seats:Min,Max|EngineSize:Min,Max&vertical=Car&silo=Stock&eapi=2

30xxx Ks, Post yours up for between 19.5-21G If its CLEAN, and yes you will still get much more than trade in. Civic's a commonly used car so it is not hard to sell.