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I currently have a 2001 LX coupe that I have had for about 2 years. The other evening it was damaged in a hail storm that has made it look pretty bad. I have called my insurance, they have agreed to repair it with my $250 deductible, but this has put me in a dilemma. Generally, the car history reports (i.e CARFAX, BB History) are about a month behind in reporting once the incident has been repaired. More and more car lots are beginning to pull these reports before accepting a trade. This has got me looking at trading it in right after I get the damaged fixed so they don't try to lower the value of my car. When I purchased the car, it was 4.9% APR for 60 mos, and I got it for invoice, so my monthly payments are only $260. Currently, Honda is offering 1.9% for 60 mos on new civics which means that if my trade washes (I owe $1000 less than what NADA trade shows, and $1200 less than KBB), my payment on the same model could be $50 less per month. Here are my other options and approximate payments per month:

03 Civic LX Coupe $230/mo for 60 mos at 1.9%
03 Civic EX Coupe $269/mo for 60 mos
03 Protege 5 $293/mo for 60 mos (they are offering 0%)
03 Altima 2.5s $320/mo for 60 mos


I don't really have any upgrades on the my current civic but wheels and tires.

Here are my questions:
1) Should I trade and if so which do you guys think is the best deal (I know I'm on a Civic Forum)?
2) Any other cars I should look at ?

 
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03 civics are quite nice, and worth your consideration.

 
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wouldn't u lose money if u trade...even if u would have lower monthly payment...since u payed for the car for two years...well..i dunno..

 
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hmm....i have a 01 LX sedan and i want to trade it in for a coupe 5speed as long as it's 01+. i work at a honda dealership and asked this used car salesman if it'd be possible to trade my car in for a coupe but he said i would be wasting money since i havent paid all of it off but i paid for almost half of it....i really want the coupe!!!! if what the first person said is true...i'd be really happy...hoho...but that's if my parents r willing to trade it....someone please clear this up for me....thanx...hehe

 
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id say finish paying it off then trade it in.

 
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Okay, 1st off don't ever listen to salesman. I work in the auto finance industry and salesman are the last people you want to listen to. Finance directors try to keep the salesman as oblivious as possible when it comes to actually knowing how to calculate anything. How would I lose money? The car books for $10k and I owe $8800 (put $500 down originally). Of course you would have more equity when you pay off the car because there is no balance on your loan, but I'd be in the car for another 4 years and make 4 years payments. The finance charge for the original loan is $1736 over the life of the loan at 4.9%, and only $588 for the 1.9% loan. Also, if you trade in a car you also get the tax credit on the value of the car. For example, if the car books for $10k and the tax rate is 6.25%, as it is here in Texas, you are actually getting $10625 for the vehicle because of the tax savings. Is there anyway I could post a spreadsheet that I made on EXCEL to help anyone out on how to figure interest and car payments? What about the cars, which ones do you think is the best deal for the money? By the way, I get invoice on every make as I work for a national chain auto > group, so if you look on Edmunds.com that is the price to check out.