Edmunds Answers



  • morin2 09/12/10 5:45 pm PST

    If your CRV is an EX with AWD, you owe about what its worth in trade. So its really nothing that any dealer doesn't see every day. You would get more in a private sale, but then the new buyer would have to be very patient (unlikely scenario) waiting to get a clear title. If you trade it in at a dealership, you'll only pay sales tax on the difference of about 5K. You would have a new loan backed by the Pilot & the dealer would pay off the CRV note. You're in good shape because you are probably not underwater on your present car debt. Don't forget - the trade-in value is negotiable. To keep from falling underwater, do the shortest term that you can - that minimizes the total of all payments.

    Good luck.

  • ricki65 09/12/10 9:11 pm PST

    Your 2007 CRV assuming its EX model should be worth about $17000 (Sept 2010) whole sell to the dealers. If you have a lien of $15000, that leaves you with equity of $2000. Buying the Pilot of 20500 - $2000 down payment, your monthly payment should be lower compare to your existing CRV.


  • isellhondas 09/13/10 4:42 pm PST

    A lot of assumptions here. If it's an LX it's going to be worth quite a bit less and if it's a 2WD in an area that gets snow, that part will kill it. We also don't know how many miles it has on it.

    That said, few cars hold their value like CRV's do so the owner may not be underwater that much.

    What worries me more is the Pilot! I'm wondering what it is for that little money?

  • MrShift@Edmunds 09/13/10 5:25 pm PST

    Well since your car is financed, you can't sell it until you, or someone, pays it off.

    If you trade in the car, the dealer will give you what he thinks it is worth to him, NOT the full amount of the loan you owe (unless you put a large down payment when you bought yours---most people are "upside down" in their loans---meaning they owe more than the car is worth, because they have to pay interest on the loan).

    Sure, a dealer will buy your car and pay off the loan, but the difference between what he gave you for the car and the payoff on the car---that difference--is going to be blended into the NEW loan, making you even more upside down on the "new" 2007 on up Pilot.

    So what you have to do before anything else is find out what your car is really worth...there are different "worths"----the value of a trade-in, and also a higher value, what the car would sell for in the regular private party marketplace.

    Depending on the condition of your 2007 CRV, and the model, whether 2WD or AWD, etc., maybe the dealer would give you $15K for it. It's possible you aren't very "upside down" on the loan, so check it out.

    The only thing I don't recommend is blending the deficit (should there be one) on your trade-in, into the new car loan. I'd rather see you wait and pay it down so that What You Owe =Current Retail Value or at least Dealer Trade-in Value.

    While you are researching prices, research the fair price for the "new" car you want, too.

    Edmunds True Market Value Pricing can help you a lot here!


Top Car Selling Experts View More

Rank Leader Points
1. MrShift@Edmunds 1280
2. Stever@Edmunds 905
3. texases 535
4. morin2 435
5. karjunkie 275
6. knowledgepower 235
7. isellhondas 205