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Trading an almost new Civic - how much of $ hit will I take?

art_vandelayart_vandelay Posts: 45
edited March 15 in Honda
Bought a Civic EX-L Coupe at the end of January, which now has 3600 miles on it. I like it OK, but in thinking long term I don't think I will be thoroughly thrilled with it for many years, which was my goal in buying a car this time around (keeping it for several years). Was trying to keep costs down and talked myself out of the Accord Coupe. Have since changed jobs and increased salary and can better afford the car I really wanted. Thinking of trading the Civic back in for the Accord if it's at all realistic to do so.

What kind of a financial hit am I looking at?

Comments

  • shiposhipo Posts: 9,152
    I've heard lots of responses from folks who've done just this, and the basic rule of thumb is, figure on a twenty percent loss. If you get hit for less than that, you can be delightfully surprised. ;)

    Best Regards,
    Shipo
  • Ouch! Seriously? Maybe I'm liking that Civic better than I thought I was.
  • sandman46sandman46 Posts: 1,798
    Wait at least a year or two and bank the money you'd have spent to upgrade. Saw an EX-L coupe at the dealer on friday and it's a pretty nice car...the leather is very cool looking. Wish it was unlocked, as I'd have liked to feel the leather and how soft it is. The hit you'd take in trading it in isn't worth it especially with gas going up almost daily. Your mpg's are excellent with the Civic also.
    Chalk this up to one of life's lessons and just save the money for your next car down the road. In hind sight, you'll be glad you kept the Civic and saved the $!

    The Sandman :)
  • cz75cz75 Posts: 210
    I second the two year recommendation. You may find that gas prices will make you happy you didn't upgrade to worse mileage and two years will give you time to decide if the Accord mid-model change or some other vehicle do more for you. Maybe you'd rather have a TSX diesel by then to keep your commuting expenses down and still get more room and creature comforts.
  • blufz1blufz1 Posts: 2,045
    Here's what to do. Learn from your mistake in not buying (within reason) the car you really wanted. The secret to long term car ownership is buying a car you really like. Still Luv my 02 V6 EXL Accord w/89k. You said it first. You need to just continue ownership of the civic. It's not "hurting" you,is it? Wait several years till even more economical Diesel Accords are available then consider changing cars. Meantime, you are getting great MPG and have a high resale used car. So,be smart and keep the car
  • aspesisteveaspesisteve Posts: 833
    it depends entirely on how much you paid!

    of course you're going to lose tax and title expenses - that's a given.

    if you worked yourself one of those nice end of the month cash deals - you'll probably limit the damage.

    on the other hand, if your dealer has alot of Accords on the lot, and you hit him up for a trade at the end of the month, you might be able to come out OK. Don't limit yourself to just one dealer for the trade - shop around.

    but the civic, with it's high gas milege should be in high demand as a used car.
  • sr1945sr1945 Posts: 38
    Bought a Civic, had second thoughts two months later because I travel and needed a Nav ( Got the Civic without one ) and got a Accord EX-L Nav sedan. Very happy I did, so was the dealership if you know what I mean. Lost a bit over $ 2,500.00.

    Fast forward 8 months, still happy with the Accord, get about 34/37 miles per gallon on the highway but only about 18 mpg city, heavy traffic, short drive. Now looking for the new 09 civic again with Nav, or wait 12 months or so for the newer honda hybrid or Prius. We guys love our toys don't we.
  • cstilescstiles Posts: 465
    Agree that a 10 to 20% hit is inevitable, but there are many factors to consider here....

    Honda just set an all time sales record, having sold more Civics last month than EVER in its history. So, the Civic is selling very well. If you are willing to sell your car on your own to a private party, then you should be able to get more $$ for it. From there, it's a matter of negotiating your best cash price for a new Accord (without a trade). Are you willing to buy a slightly used Accord (like a demo?). May want to consider that to ease the hit. Also, check the classifieds for someone who is selling a 2008 Accord. Thanks to the economy, some people may be trying to get out of a car they can't afford. The reverse of your situation.

    Some states credit you for sales tax if you trade in your car. Look up what the laws are where you live, to see if trade in vs. selling privately can help or hurt you.

    Honda sales are hot right now (contrary to the overall car market), so that will work against you in terms of the deal on the Accord, but will help you in terms of selling your Civic.

    If you want to rely on a dealer, then your odds of losing money go up. If you're willing to buy/sell on your own, or buy a slightly used car, lots of things can work in your favor.

    Good luck.
  • gooddeal2gooddeal2 Posts: 749
    it depends entirely on how much you paid!

    I agree. I also don't see a 20% depreciation unless you got the car at sticker. If you got the car at invoice, I think the depreciation is about 2K or so.
  • sparklandsparkland Posts: 108
    You will probably be better off just trading in your Civic. That way you still get the benefit of a trade-to reduce the taxes on the new Accord.

    What I found when shopping for a used Civic was that if it was only a couple of years old, I could buy a brand new one, with great financing from Honda for only about $2000-2500 more than a used one with 15,000-30,000 miles on it.

    We went the new route. The way Civics are selling the dealer would give you a good price. We bought our Civic a few weeks ago for $1200 under sticker, not they are selling for sticker.

    Brad :shades:
  • sparklandsparkland Posts: 108
    Sorry for not checking the spelling on my last post - should have been "now they are selling for invoice"

    Many predictions about oil going to $200 a barrel. If that does happen the prices on these small cars will have surcharges attached.

    Make that price for used ones only about $1,000-1,500 difference from new. The margin is closing.

    Brad
  • sandman46sandman46 Posts: 1,798
    Really think the price per barrel will subside in the coming months...the world economy can not sustain such high prices without economic collapse in some countries, the powers that be will never let that happen. Eventually, we'll see government intervention so as to avoid a major depression. When push comes to shove, the world governments will have to act in conjunction with each other.
    Just a personal opinion and hopefully this will play out. The planet will have to tackle this energy situation as a world problem, not a localized one.

    The Sandman :)
This discussion has been closed.