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Thread: Trading in Micra

  1. #1
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    Question Trading in Micra

    Hi all,

    Currently have a 2015 Micra with 31,000KM and chose six years to finance the car. Come this August, we'll have had the car for 3 years since delivery. We're basically paying the same amount per month as if we were leasing the vehicle.

    I really do like the Micra but what's always bothering me in the back of my mind is the engine knocking issue (info can be found on this site). I've had my engine replaced sometime in my first year of ownership and the second engine does the same thing.

    I've been thinking of going back to the Nissan dealership in August and say - I'd like to give back the Micra with no equity and I owe nothing on the car and upgrade to the Sentra.

    I don't see why this wouldn't be possible since we're paying the same price compared to the lease monthly payment and I'm way below the 20,000KM per year which is typical of a lease.

    Think this is possible or would I be charged fees or something?

    Thank you!



  2. #2
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    The chances of a dealer not letting you owe anything on this Micra is pretty much 0. If your financing was over then that would be different because you owe nothing on the vehicle. There is no way they are going to take a wash on interest, negative equity of the vehicle. For them to sell your Micra takes time. To get another Customer in to buy your Micra takes time. Time is money sort of speak. Now, I have seen companies ask for your used vehicle back and then they get you into the same vehicle of the current, new year, with equal or lower payments. The thing is that your payments will start over again. But them doing it that way, they sell a new vehicle, sell your old one used and get a higher interest rate etc. The only way I could see a possibility of them doing it is if you bought a really expensive vehicle, not something that isn't much more cost wise then a Micra(Sentra).

  3. #3
    Senior Member dani3d's Avatar
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    I lease my Micra with the same mileage as you, and I got a phone call a few times from my dealer asking me if I wanted to trade in my car for a new one, so yes they do it.

    I was not interested so I declined the offer and so I did not ask about the terms, but I am pretty sure it implied ending this current lease contract and starting a new one without penalty except strating a new lease from day one and probably loosing the past 3 years of lease I have alreadty paid for... but in compensation, getting a brand new car.

        __________________________________________

        click to view fuel log View my fuel log 2015 Micra SR automatic: 7.0 L/100 km ... 40.4 mpg (Imp) ... 14.3 km/L ... 33.6 mpg (US) ...


  4. #4
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    You can trade in your vehicle at any time but there will be a penalty. 1. They look at balance owing on either the lease or finance. 2. They put your car up for auction to see what the market will pay for it. 3. Once determined what the market will pay (this is other dealers) then they use that as down payment for you next car and add in any residual owing from your loan or lease. So for me I was differed 7500 but the lease full payout of which is remaining payments plus residual value at end of lease. In my case a large deficit. Since you have paid 3 years on a loan for 6 years you might be in better shape with the variance. You might want to sell it yourself and pay out the loan with probably a surplus then get into your next car. Or if it is a lease go to lease busters to sell off the remaining lease. But you will need to provide an incentive to sell it like a grand in cash or winter tires or something.

        __________________________________________

        click to view fuel log View my fuel log 2015 Micra SR automatic: 8.0 L/100 km ... 35.4 mpg (Imp) ... 12.5 km/L ... 29.5 mpg (US) ...


  5. #5
    2015 base manual S $3000-$5000 trade in value

        __________________________________________

        click to view fuel log View my fuel log 2015 Micra S manual: 7.7 L/100 km ... 36.8 mpg (Imp) ... 13.0 km/L ... 30.6 mpg (US) ...


  6. #6
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    Thanks all.. I think I'll keep the Micra. It's a good car - just that I hope the engine won't fail! I guess its making a mountain out of a molehill considering that the Versa uses that same engine and nothing is happening - I don't see anything in the news...



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