Trading "down" from Acura - appreciate financing/purchase suggestions

Last post on Sep 05, 2008 at 3:30 AM

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#1 of 1 Trading "down" from Acura - appreciate financing/purchase suggestions by adamnj Sep 05, 2008 (3:30 am)
Hi gang, I would appreciate some comments as to my current situation. Having last year purchased an '07 Acura TL Type-S (which has approx. $14,000 payout remaining through Honda Finance ), I am in the situation now of wanting to cut my monthly total car expense from the current $650 to something more like $200-400. I realize the depreciation hit I take from considering selling/trading so soon, but it's really just a financial reality at play. I'm looking at a CR-V - something either after the '07 redesign or new (only because there don't seem to be great deals on low-mileage used CR-Vs in this time period). Because I already have an account/loan from Honda Auto Finance, I am curious how that would work with regard to paying that off and starting a new line, esp. with the current 1.9% deal that was recently discussed. Edmunds estimates that my Acura is worth $28,400 trade/$30,216 private/$31,575 dealer retail. With, hypothetically, an '08 LX CR-V at $21,000 (if that is realistic) it seems that I would have a monthly payment of around $215 for a total estimate monthly car expense of $460. Suddenly not looking like the great idea that it was a few days ago I have an acquaintance with a dealer who frequently shops at the NJ area auctions. Does anyone know what the 2007 CR-Vs are going for there? He's purchased cars for me in the past there and seems to pick clean cars.

#1 of 1: Trading "down" from Acura - appreciate financing/purchase suggestions by adamnj; Sep 05, 2008 (3:30 am)

Hi gang, I would appreciate some comments as to my current situation. Having last year purchased an '07 Acura TL Type-S (which has approx. $14,000 payout remaining through Honda Finance ), I am in the situation now of wanting to cut my monthly total car expense from the current $650 to something more like $200-400. I realize the depreciation hit I take from considering selling/trading so soon, but it's really just a financial reality at play.

I'm looking at a CR-V - something either after the '07 redesign or new (only because there don't seem to be great deals on low-mileage used CR-Vs in this time period). Because I already have an account/loan from Honda Auto Finance, I am curious how that would work with regard to paying that off and starting a new line, esp. with the current 1.9% deal that was recently discussed.

Edmunds estimates that my Acura is worth $28,400 trade/$30,216 private/$31,575 dealer retail. With, hypothetically, an '08 LX CR-V at $21,000 (if that is realistic) it seems that I would have a monthly payment of around $215 for a total estimate monthly car expense of $460. Suddenly not looking like the great idea that it was a few days ago

I have an acquaintance with a dealer who frequently shops at the NJ area auctions. Does anyone know what the 2007 CR-Vs are going for there? He's purchased cars for me in the past there and seems to pick clean cars.