Trading for a new car?

msdebi

I have a 2006 honda civic. I'm still undergoing car payments for this car but after a whole year of having it, I realize this really isn't the car for me. I want to trade it in for a different model car but how do I go about finding the best way of doing this? Will it hurt my credit since I still paying off the loan? And one of the car door had been dented which will be replaced, will that affect the value of the car?

motorguy

It took you a year to realise it wasnt for you? Or do you just fancy a change?

There is no problem trading the car in with finance owed. You must tell the dealer that, and they will get a settlement figure on the finance and clear that for you. Say you owe £4K and the car is worth £5K, then you'll have £1000 of a deposit against your next car.

Shop around as much as possible as prices will vary a lot both in the cost of the model you are looking to buy and the value of your trade in.

Get the dent fixed by a reputable repairer - if its small, try one of the dent removal companies, if its large then it will need a professional respray. A good repairer will need to spray / 'feather in' the panel either side, a cheap botch job will just spray the door and it will stand out like a sore thumb.

If you trade the car in with the door dented, the dealer will devalue your car accordingly. They will assume the worst price possible in that calculation.