Trading in a 2008 Altima Coupe for a Base Civic SI?

Question

So I have my 2008 Altima Coupe that I got last August. This Altima Coupe is a Base 2.5S but has the extended warranty. The Coupe has roughly 7900 Miles on it. Now, I must say that I got ripped off back in August because I ended up paying 30k for the car after a 1k markup, financing, and of course the extended warranty. The car is in fairly good condition, some scratches here and there that make up a 1 year old car. I was thinking about Trading the car in for a New Civic SI Stock. The Civic Si Stock price they have is 21k. We probably owe 20k for the Altima by now. Its not really anything I have against my coupe, its just that I would like to drive a stick and I really like the SI's. Anyways, I was curious on roughly how hard I will be hit, and if I did end up doing this... what is the best way for me to do it.

Answer 1

Go to kbb.com or nadaguides.com and find out how much your Altima is worth. My guess is that it's not worth as much as you still owe -- you are upside down. If that is the case, a dealer will certainly arrange a new loan on a new car for you, but he'll add in the negative equity from your old loan. You would effectively be paying off two loans at once, which would make your new car more expensive than you might expect.

Answer 2

unless you can refinance at much better rate you will be upside down.

best bet is to keep what you have till it's paid off.