Monday, May 18, 2015
Should I trade in my car?
I financed a 2011 Honda Accord coupe ex-l with navi last year and I still owe about $20,000 on it with about 4 years left to pay it off. I love the car and all of its features, but my mistake was that I rushed into it and now I want the same car but manual transmission.
The dealer sent me a letter about a trade in offer (which I'm well aware of that it's a selling tactic) but I still became curious about the offer so I can see if it makes sense for me to do it in order to get the car I really want which is a manual transmission.
After getting the car praised, the dealer is offering me about 14k for the car. That means I'd be owing about 6k on the loan still. Would it make sense for me to finance a new 2015 Honda Accord ex-l coupe manual transmission car that goes for about 31k?
Also, would my credit score take a big hit?
Please advise,
Thanks
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