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I just traded in my 2001 Civic Ex Sedan for a 2003 Civic Ex Sedan. My old car was Midnight Black Pearl. My new car is Eternal Blue Pearl. I made the swap so that I could finance this car on my own (without my parents cosigning) and so that I could lower my payments. I am very satisfied with the decision. The new car rocks.

 
Rep Power: 434

How does a trade in work? I want to do this too, but I don't think my parents are gonna like me doing this

BTW, I'm 16...........................

 
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If your car is paid off. you finance or pay difference between your trade in value and new car. is your car on your parents name? interest will be so high since you dont have any credit .

 
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The way mine worked was:

I owed $16,000 on my 2001.
It was worth ~$10,000 to the dealer.
They take how much it is worth and subtracted it from how much I still owed.
Now we have how much I still owe on my loan. ~$6,000.

They take the price of the new car and add on the ~$6,000. Then they work their finance magic and give me a monthly payment that is less than what I was paying before.

The only reason this worked for me is because I established excellent credit with Honda Financing over the past 2 years by paying my car payments on time. I was able to remove the cosigners from the picture and drop my interest rates on the loan.

The other key factor was going to a lease rather than buying it. With the lease, they were able to knock a few thousand dollars off of the price of the new vehicle and eliminate some of the negative equity I had established on my old car (~$6,000).

I don't know the specifics on how this works, but it worked for me. If you are seriously interested in trading in, ask your parents to go with you and see what the salesman can do. Being 16, you won't get very far on your own since the car is probably in your parent's name.

Best of luck to you.

 
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pictures pleaseeee

 
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maybe i should trade my 01 ex coup for 04 ex coup??

 
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Being 16, you will not be able to get a loan period. You have to be at least 18. Honda Finance is great with working with you. Hell I've financed 3 cars through Honda Finance.

 
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It will be next to impossible unless you are already wealthy. Im 22 and I got lucky. Honda wanted 20,000 for my Si Coupe plus 5 grand down AND a cosigner. I got it for 19,000 1 grand down and NO COSIGNER. So I think I did good. But I am 22, working fulltime in a trade. I only take home approx 20,000 Canadian a year since Im a young apprentice. Ive had a credit card since just early 2001 but have used it alot and payed it regularly.

Thats just to give you an idea of my financial situation and why they might have accepted me. I wish you luck though

 
Rep Power: 348

How the hell did you still owe 16K on your 2001?!?!

I've had my 02 since Dec 01 and I only owe 8.2K on it as of yesterday. I can't believe you owe that much, have you even made a payment? Damn!

BTW, you got a lower payment by adding more months to your loan term, so it's probably 72 months (6 years). I'm going to have my car paid off in less than 2 years.

 
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It's a long story behind my car. I have been paying $515.08 each month since September of 2001. And yes, I still owed $16,000 on it. I was raped when I bought that car. That was a 5 year loan.

The new car is a 4 year lease and the payments are much less than the previous payments. The negative equity hurt my payments on this car, but I am happy with my decision this time around.

 
Rep Power: 348

Lease? I hope you don't plan on doing lots of driving. My roommate has her car leased and she's already over her mileage, and she still has 1.5 years to go! She's going to have to end up buying it. As we all know, when you lease and then buy you get raped!

 
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congrats

 
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Leasing is very bad!!! You better buy a beater for the winter so you don't rack all the miles on your civic and get screwed when you turn it in.

 
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I am leaving for the Air Force at the end of November so it will be sitting for 8 months while I am at basic training and tech school. My mom and girlfriend will be driving it a little bit just so it doesn't feel neglected. The mileage will be fine.

On a seperate note...

Since I just leased this new vehicle, I had to finally get off of my parent's insurance policy and get my own. My insurance just went up $80 a month. And I have a perfect driving record. I feel sorry for all you folks that have speeding tickets and stuff. I bet your insurance is through the roof.

This smiley says what I feel right now the best:



or maybe this one:

 
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The gauges in the '03's are clean

 
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Oh yeah! They are beautiful.